Hi Mr Foo,
- Basic Stamp Duty of approximately 3% is payable when you purchase a property. For a 1.3mil property, the stamp duty will be $33,600.
- For Additional Buyer Stamp Duty (ABSD) of 7%, you can avoid by timing your sales and purchase carefully or if you are purchasing the condo together with your wife, you may apply for an ABSD remission. Please refer to the link for more details:
https://www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Property/Claiming-Refunds-Remissions-Reliefs/Remissions/Remission-of-ABSD-for-A-Married-Couple/
- If you are buying the condo alone, make sure you secure a buyer for your HDB flat before you exercise the option for the purchase of the condo. However, in this scenario, there may be instances where you will need a temporary place to stay while waiting for the condo to be ready. Careful planning of the timeline is required.
- Stamp Duty can be payable by CPF. But if CPF is not sufficient, you will need to pay CASH.
I have assisted many of my clients during their transition from HDB to condo. Please feel free to contact me so that I can assist you further!
Regards,
Nick Tan
(M)
+65 9644 4854
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com
Testimonial from Satisfied Clients (2015/2016)
“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!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)
“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.”
Mr & Mrs Wong (Property Seller)
“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.”
Ms Chia (Buyer of HDB)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)
“Nick from Property Avenue 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.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
Read More
Selling off current HDB (single pty) to buy condo for staying.
My intention is to complete all transaction for the HDB first before committing to the condo. Will this avoid the ABSD.
Would like to know more about timing the sales