It would be ideal to plan your financial and timelines such that when you purchase the landed, its considered your 1st property and you are not liable for ABSD. That will involve an earlier disposal of the condo. In current subdued market it is also better to secure a buyer first before making the next move as it will take some time. Thanks and may I understand your plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans.
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To sell condo before buying landed or to do both concurrently will depend on :
1. Is your condo fully paid or still on loan .
2. Do you qualify to claim back the ABSD payable , for example , if you and wife a sporean couple household buying your landed property as matrimonial home together .
3. How much cash / cpf you have on hand .
4. How much do you qualify to loan .
Kindly contact me for a no-obligations chat and enquiries for your property needs .
My charges are 1% commission for exclusive selling rights to your condo or 2% for open listing .
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If you exercise your OTP for your purchase before your buyer for the condo exercises the OTP to buy your condo, it will be considered 2nd property. If you exercise after, that will be considered 1st property. It is safer to go for the latter scenario although you maybe eligible to claim the ABSD paid for purchase as your sale is within 6 months after you purchase, but certain conditions apply before the claim can be successful.
Let me know what are the landed home requirements you have perhaps as we have a huge database of landed homes for sale islandwide. Concurrently these landed home sellers may also be downgrading and can consider to purchase your place too.
Hope to hear from you soon.
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If you sell your condo (ie your buyer exercised the option) before you exercised the option for your purchase of a landed property, then it is considered as a 1st property and you will NOT need to pay the Additional Buyer Stamp Duty.
Alternatively, if you and your wife will be buying the landed property together, you will be able to apply for a remission of your Additional Buyer Stamp Duty as long as you sell your condo within the 6 months of purchase of the landed property. Do refer to the link for more info:
Please feel free to contact me if you have further queries!
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“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
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“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
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“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
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Are you Singaporean? Cause only Singaporean is eligible to purchase landed property in mainland Singapore.
In regards to stamp duty, if you are able to issue OTP for your condo sale before the purchase of landed, you wont be subject to ABSD as the purchase will be considered as first property.
But if you dont, you can apply for ABSD remission if you dispose of your condo within 6 months from purchase completion provided you purchase the landed with your Singaporean wife as IRAS will treat it as your matrimonial home.
Hope my explanation helps!
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YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
Propnex Realty Pte Ltd
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