AskGuru Q&A Community

Hi,

Since you are SC, and your spouse is American citizen. Your first matrimonial home is free from ABSD.
Please see response over your queries below:

(a) Is ABSD applicable whether it's a matrimonial home or an investment (rental)?
ABSD is not applicable only for matrimonial home. You will have to stay in there in order to enjoy the matrimonial home property tax.

(b) He will be involved unless we intend to finance the purchase for a larger $. We don't want to burden ourselves financially in this uncertain/slow rental market. Any suggestions on investment? Below $1M without finance, max $1.2M.
If you are going to registered as the sole owner, there are no concern over ABSD upon dispose off your HDB.
There are quite a lot of properties to choose with your budget of 1~1.2M, even under $1M. The size would largely dependent on your area of choice. There are quite good ROI in the east less than 10 yrs 2 to 3 bedrooms available.

(c) Any restrictions on our investment in SG if we have overseas properties?
The only constraints curently is the higher property tax scheme; ABSD, which is the main deter investors interest in investing more property. Other than SSD to deter them from flipping property.

(d) Can I buy new EC or BTO?
Both new EC and BTO have the same condition of 30 months waiting period upon dispose off of local/foreign properties before eligible to purchase.

Hope the above answer to your main concerns, but if there are more queries, 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 
ling.ck7@gmail.com

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Good morning,

Since your spouse owns private property overseas, you will not be eligible for BTO or HDB unit unless he is ready to relinquish the owner of those units.
As your spouse is Amercian, ABSD is not payable even if it's meant for investment purposes, under the FTA that were signed between Singapore and USA.
If your comfortable budget is around $1.2 mil, we can work on one or two bedder unit which may fetch good rental yield or capital appreciation.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for an experienced agent with knowledge on sales and purchase of residential property in Singapore?
With more than 10 years experience on cases related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Esate Planning and Distirbution
4) Divorce
5) Bankruptcy
6) Purchase of HDB after Retirement Age

You can be sure that your concern and doubt will be cleared. This would allow you to move forward in one of your life's most expensive and rewarding decision with ease of mind. Read More

Hi Sir/Madam

a) no ABSD if you purchase on your own or with your hubby

b) you should be able to purchase a decent 2 bedder from $1-1.2m depending on location

c) & (d) once you touch BTo, and new EC, have to disposed your overseas properties..

Thanks.

Raymond lim
CCN Realty pte ltd
 91388805 
Email: raymondshaq@hotmail.com
Website: ray91388805.blogspot.com Read More

Hi Do contact me at 97970200  or ngsiewwhye@gmail.com to discuss more

Mark, your RIGHT choice
MCG Read More

Hi.

For your scenario. You can have alot of options.

1st. ABSD is applicable only for 2nd property. As your spouse is american. Under FTA he is also treated as normal singaporean rates.

So you will not incurr 15% absd. But as stamdard rate of singapore citizen.

Generally 3% stamp duty (minus 5400)
Legal fees 3to4k

As long you are not staying in the property, you wont be able to rent it out due to (minimum occupation period) for hdb and ec. So the feasible option is private condo.

Your current overseas property will only affect if you are still servcing a loan. This will affect your loan quantum.

Other than that you are free to choose to invest according to your budget.

There is many existing projects that can immediately rent out for higher roi.

If you need assistance. Do drop me a mail so i can send you more info.

Br
Shawn
 90294371 
Shawnchewproperties@gmail.com
ERA Read More