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I am converted SC and my spouse is SPR. We have bought a resale flat during the time we are both SPR and the HDB is currently owned by both party's name. Since I have converted to SC, assuming my resale flat has been fully paid off, can I arrange the resale flat ownership to be under my spouse's name alone (SPR) and name me as the occupier? If the answer is yes, does it mean I can use my own name to purchase a condo without having to pay for ABSD? Appreciate all expert's opinion.

Thank you.
Jeff
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5 Answers

YT Tan (陈永达)
Good morning Jeff,

We can call such ownership transfer as decoupling or part share.

I am afraid to inform you that nowadays you wont be able to do so for HDB. In the past, yes not now anymore.

Thus if you wish to purchase a second property under your name, the ABSD is 12% while SPR spouse will be 15%.

What do you have in mind? Maybe we can work something out.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
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Hi Jeff,

The method you mentioned is called sale of part share or transfer of ownership, which is already disallowed by HDB unless for special circumstances such as divorce or financial hardship.

Even if you fully pay off the HDB, HDB will not permit this procedure without special circumstances reason. Alternatively, if the MOP is fulfilled, you may wish to consider selling and restructuring the portfolio. Happy to explore together the best way to build wealth through property.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Hi Jeff,

1) Unfortunately the rules can't work in this way.
2) Single SPR cannot own an HDB flat by herself. Only a single SC can own a flat by himself. Therefore your plan A cannot work.
3) What you intend to do on the next step is known as decoupling. This is prohibited in HDB.
4) Therefore either you will be buying 2nd property or your spouse buying 2nd property which both are subject to ABSD.
5) The good thing after you received your citizenship is that you are allowed to remit your ABSD if you intend to upgrade to a private condo under a matrimonial home.
6) To elaborate, when you buy a pte as an upgrade you will have to pay ABSD first. But once you sold your current HDB, you can put up for ABSD remission and get back your money.
7) You don't have to pay for this remission, just filling up a form provided by IRAS with all supporting documents will do.
8) Final note is this new purchase must be owned by both of you.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
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https://R056727F.propnex.net/
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Robbie Chen Chee Howe
Hi Jeff,

I regret to inform you that this method is not possible for HDB flat. Part share or decoupling is only applicable for private properties.

If you're looking to own 2 properties with minimal ABSD involved, there are some portfolio restructuring you could consider. Do WhatsApp for a more in-depth discussion.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Hi Jeff,

Congrats on getting the citizenship. For SPR, your wife is not able to hold a HDB under her sole name. HDB also does not allow the part sale of HDB to a spouse under the current rules and regulations.

You may want to

1. Sell the current HDB and purchase 2 private properties, each under 1 name

2. Sell this HDB and buy another HDB under 1 owner and 1 essential occupier. In this way, after fulfilling the 5 years MOP, the essential occupier will be able to purchase another property without incurring ABSD.

Please feel free to contact me if you need any further assistance!!

Please feel free to contact me so that I can share with you more about my track records and more importantly the marketing plan and strategies that have enabled me to deliver record-high prices for my clients consistently.
Regards,
Nick Tan
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