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When does IRAS consider that someone owns a second property and is therefore liable for ABSD - is it at taking up OTP or at completion of purchase? 
We wish to avoid ABSD of 15% during selling one HDB and buying another (we are both SPR and can’t claim back the additional 10% we would have to pay)
However we see that stamp duty is due within 14 days of taking up OTP, which implies IRAS see this as the milestone.
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6 Answers

Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, for HDB case for selling and buying, it will still be considered as the 1st property as no one can own 2 HDB flats at any time.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Robbie Chen Chee Howe
Hi,

It's actually upon the exercise date. For HDBs, it's advisable to wait till HDB approval (for your sale) before you commit to your purchase, just in case HDB disapproves the sale.

Timeline planning is also critical in your situation, as I believe you would need the funds (Cash and CPF) from your sale proceeds for your new flat, as well as to avoid the hassle of having to shift house more than once during this transition.

I will be able to handle both your sale and purchase together, so as to ensure you have a smooth transition to your new house, in terms of cashflow and logistics.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.

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
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Dear Sir/Mdm,

For HDB Flat, you do not have to worry about the ABSD even if you buy first before selling. This is because it is compulsory to dispose off the current HDB and therefore ABSD is not applicable.

However, you still need to time the sale and purchase carefully to minimise your cash outlay and to allow yourself to transit smoothly without the need for a interim housing solution.

Please feel free to contact me so that I can understand your situation better and provide you with more informed recommendations and assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

Visit my website to get to know me better:
www.nicktan.com.sg

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Hi Sir/Madam

I will be glad to assist

I won't be able to contact you first as I do not have your contact, appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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Hi,

IRAS consider exercise date of OTP to be the date where you no longer own the property for stamp duties computation purposes. For your scenario, it would be advisable to secure a buyer first so as to avoid this extra ABSD , and also to get approval from HDB for the resale process, before you commit to the next unit. I have worked on similar cases and would be happy to share the best approach.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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