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Me and my spouse are Singapore permanent residents.

I am currently in the process of selling my HDB and buying private property jointly.

OTP for HDB has been issued to a perspective buyer and also we have received the option for a private property.

We need to exercise the option of the private property before 13th July and we are not sure whether our HDB buyer will exercise by this date.

In the event that he does not exercise then I am liable to 15% ABSD considering private property as my 2nd property

My question is will I be able to appeal for ABSD refund of 10% in the event that I managed to sell my HDB property within 6 months period.

Kindly help to review and advise.

Regards,
Sathish
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1 Answer

Robbie Chen Chee Howe
Hi Sathish,

If you exercised the OTP for your purchase before the Buyer exercises the OTP for your HDB flat, you will incur ABSD.

Do take note that you will not be able to get ABSD refund, as both of you are not Singapore Citizen.

Your agent representing you should be able to advise you on this, and work out a long-dated option period for your private purchase instead.

My advice to you is to exercise only after HDB approval has been granted, to be on the safer side. This is because the HDB deal may still fall through if the Buyer did not submit the case to HDB.

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 
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