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I recently bought a private property and was subjected to the latest cooling measure where I need to pay ABSD. I still own a HDB with no intention to sell. Is it possible to change my ownership of the HDB to occupier so that I'm considered 1st time buyer and hence recover the ABSD?
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1 Answer

Mike Lim
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Morning,

Since you owner HDB, you will definitely be considered as second property owner with the purchase of the private property. Hence ABSD is definitely applicable. The issue now would depend on your status, whether you are SC or PR. SC can keep the HDB and paid 7% ABSD, within 14 days from exercising the Option. If you are PR, you are required to sell your HDB within 6 months from key collection. I would believe the agents at the show room would have explain such terms to you prior you signing the Option.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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  • RO
    Replied
    Hi Mike/Keith,

    Thanks for the swift responses!

    Both myself and my wife are SC. We bought the private property in Jan 2013, after the latest cooling measure. Option already exercised and loan secured (under my name).

    Just last week a friend told me casually that I can change my ownership in my current HDB to that of a essential occupier and hence means I got no property ownership i.e. the private property that I just bought can be considered my first property. That said I can apply for remission/refund of the ABSD that I paid.

    My qns posed was asking whether the above is true i.e. if I can go to HDB and ask to change my status.

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