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What ABSD will apply for following scenario for buying a condo property.
I am Employment pass holder workingin Singapore. My brother holds valid Singapore PR, but staying and working in US. We want to buy the property with joint ownership. Which ABSD rate apply in this case - The foreigners ABSD(30%) or PR ABSD(5%) ?
Thanks.
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7 Answers

Hi,

IRAS will take the higher ABSD rate of the two, in this case, the foreigner ABSD. Which is at 60% as of latest regulation. Will be better to purchase when you get SPR or under his own name only.

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.

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Hi Sir/Mdm,

The higher ABSD rate will apply which is 30%. In this case, it is better to buy under your brother's sole name so as to minimise the ABSD that is payable if it is financially comfortable.

Please contact me so that I can understand your intentions and give you an overview of the purchase process.

Regards,
Nick Tan
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“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.”
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If both of you are joining in terms of ownership, the higher of ABSD will apply.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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Hi,

1) The higher ABSD rate shall apply when there is a difference in the residential status. So it is 60% for foreigners.
2) I would suggest taking advantage of your brother's status to buy, which only incurs 5% ABSD.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer 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 
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https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, it would be better that your brother purchase under his sole name as he is a PR cos for foreigner ABSD is now at 60%.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi, appreciate your sharing. What is the matter of holding ?
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Hi there

ABSD Rates have changed for some time back and now it is 60% for foreigners.

What that being said, IRAS will take whichever ABSD rate that is higher and in this case, 60%. It is advisable to make a purchase under your brother who is a SPR which will incur a lower ABSD rate.

May I have more information and requirements about your plan to understand your situation better? You may contact me at 90300391  https://wa.me/6590300391

I strongly believe in putting my best effort and fighting for every opportunity. Afterall, we won't know what's possible until we try.

Looking forward to connect with you!

Ng Chung Sze
PropNex
ChungRealtor智 Read More
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