It depends on the manner of holding, and ABSD remission is only for married couples with at least 1 SC and that the to-be-disposed property is your matrimonial home. With the limited info shared, its difficult to ascertain if ABSD remission is possible. But you are right in saying that for an SC's 3rd property purchase, ABSD of 10% will be levied.
Also, I would not recommend purchasing first before selling, as you be somewhat pressured to sell within a set time frame, which could end up compromising the price. And we are talking about 2 properties in this scenario.
I have worked on similar cases about portfolio reorganization and will be glad to share more on the optimal approach in terms of financial and timeline planning. 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.
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Yes, ABSD of 10% is still applicable in your case. The remission of ABSD is only applicable for married couples (Singaporean household) where they are purchasing their 2nd property under both their names first before selling the 1st property within the 6 months period which are also under both names.
In cases where you will wish to purchase first before offloading both existing properties, we will need to work with your seller closely on a special arrangement. We need to talk further on this arrangement. Hope the above helps.
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You are correct about the 10% ABSD payable if you are singaporean , ABSD even higher if you are not singaporean .
Please note , Very important , you are NOT able to claim back your ABSD when buying a 3rd property .
Claiming back ABSD is possible for Singaporean married couple buying a matrimonial home together , AND disposing the one and only previous matrimonial home , latest within 6months from collecting key to the latest home . Meaning , In total owning ONLY 1 matrimonial home eventually .
Kindly contact me joanne chia 8333 3327 for a no obligations chat for your property needs .
My charges are 1% commission for exclusive selling rights ( sole agent ) to your property , or 2% for open listing (many agent) .
No commission chargeable when i serve private property buyers .
Hp 8333 3327
As explained by my colleagues, ABSD refund is only applicable for married owners and for the property purchased as a matrimonial home.
In your case, it will not be possible to get a refund unless you sell off 1 of your property and after which purchase another property and sell off your remaining one within 6 months. In this case, you will be eligible for the refund. DO take note that since it is a refund, you will need to pay the ABSD first and subsequently apply for refund if you have met all the conditions.
I personally would not advise you to adopt this method as I have seen people who were unable to get a refund after failing to offload their property within the 6 months period.
If you are open to selling, may I suggest that you secure buyers first before buying because in today's market conditions, it is much easier to buy as compared to selling.
Please feel free to contact me so that I can plan the timeline for you such that you are able to minimize the stamp duty which is payable!
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I regret to inform you that you are liable to pay the full 10% ABSD should you proceed to purchase first. The only way not to pay ABSD is to sell off all your properties first, then proceed with the purchase.
However, if you're looking to save on ABSD while still holding to your existing properties, there may be some strategies which you can explore. Do get in touch with me, so that I can better understand your current situation, and provide you with the most appropriate advice.
Should you need any 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 and your partner in the current market.
Unfortunately, no remission of ABSD for the case mentioned. To save the ABSD, you may consider some project with discount or star buy unit. Please drop me an email for me to share some of the star buy projects.
To assist and advise you more in details, kindly drop me an email for me to share.
I am contactable at my mobile or email.
I am afraid to inform you that the full 10% ABSD is not applicable for remission if you sell 1/2 properties within 6 months from exercise of OTP or sales and purchase agreement and the purchase must be your matrimonial home (only property left and under both you and spouse's ownership).
Unless you sell one of the properties first or both at the same time then you are able to apply for ABSD remission or wont be subject to ABSD respectively.
But do take note that there will be a risk that you wont be able to apply for ABSD remission if you fail to sell your unit off within 6 months (buyer must exercise the OTP).
My team and I have assisted numerous clients to enhance and grow their property portfolio in terms of tax savings as well.
Perhaps we can meet up over a cup of drink so we can discuss and explore what are the options that are available to you.
Hear from you soon!
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YT TAN 陈永达 | ACCA Graduate, RES
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