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Good evening June,

Yes ABSD of 17% is applicable as you own 1 property count at point of purchase and I assume you are Singaporean purchasing a 2nd residential property. IRAS looks at property count ownership at point of purchase, and it is not important whether the property is completed or not, it will still be considered 1 property count.

The ABSD refund is only possible with certain eligibility conditions such as married couple jointly purchasing the next property, and currently only own one matrimonial property, and with 1 SC at least involved. The ABSD is still required upfront and can only be refunded when the property is sold within 6 months of the TOP key collection.

Alternatively if you have other family names that can purchase on the sole name or with you, we can also try to plan that way. Look forward to structure the optimal approach for you.

Hope the above clarifies. May I have more info and requirements about your plans so as 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 June,

Yes, you'll be liable for ABSD for second property (17% if you're a Singapore Citizen).

On top of that, your LTV will also be capped if your current property is still under loan.

If the new launch condo you're looking to purchase is a matrimonial home, you can get a ABSD refund when you sell off your current condo within 6 months of the new condo's TOP.

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

Hi June, yes you will be subjected to ABSD. Do contact me at 97970200  to discuss on your options.

Mark, your RIGHT choice
Propnex Read More

Good morning June,

17% of purchase price will be payable as ABSD for a Singaporean.

Do take note there will be cooling measures restrictions on housing loan if you still have an outstanding loan and CPF usage if you have utilised CPF OA funds on your condo.

You can apply for ABSD remission if your existing condo is under your spouse (if any) and the purchase is under both names too. IRAS will treat it as matrimonial home and refund ABSD if you manage to sell off existing condo within 6 months from purchase's TOP.

Care to share more about your situation so I will be in a better position to advise and assist further.

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
Property Kaki
You dream. I create. We make it happen!
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Hi Ms Tay,

If you current condo is a matrimonial property, ie you own the property with your husband and the new launch condo is also purchased under both your names. you will be eligible for remission. You will need to pay the 17% ABSD first to IRAS and IRAS will refund you if you were to sell your current condo within 6 months from the key collection date of your new condo.

I have assisted my clients who are in the same situation before to get back their ABSD. Feel free to contact me so that I can give you an overview of the process and explain to you in greater details.

Regards,
Nick Tan
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Hi June,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, yes you would need to pay the ABSD upfront first and if this condo is going to be your matrimonial home, you would be able to get a refund of the ABSD back from IRAS upon selling of the existing condo.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More