ABSD readjusted!!

Weeli85

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"Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, as long as they sell their first residential property within 6 months after (a) the date of purchase of the second residential property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier (if the property was uncompleted at the time of purchase)."

Can I consider above statement include own 2 hdb? Example move to a new BTO flat first while old hdb flat cannot be sell due to lease or other issue.
 

henrylbh

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They should also rule that who those who own private property and a hdb flat as well must dispose one of them.

They should also rule that the proceed from disposal of a property must be wholly returned to CPF, if CPF money was used (in proportion to cash used).
 

kiatme

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"Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, as long as they sell their first residential property within 6 months after (a) the date of purchase of the second residential property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier (if the property was uncompleted at the time of purchase)."

Can I consider above statement include own 2 hdb? Example move to a new BTO flat first while old hdb flat cannot be sell due to lease or other issue.

The rule for absd remission is house under 2 names, usually absd remission is from one matrimonial home(2 names) to another matrimonial home(2 names), with other criteria like no 2nd property.

Don't think for BTO you are required to pay absd as the rule is you can only own 1 hdb? Better to check with HDB.

But take in mind absd remission is a bonus, government can take it away anytime just like the cooling measure earlier
 

cheongking888

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Not true. If you currently own a HDB and you got your BTO, you are still need to PAY ABSD. If you manage ti dispose off your old HDB within 6 months, you can ask for refund.
 

Weeli85

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Not true. If you currently own a HDB and you got your BTO, you are still need to PAY ABSD. If you manage ti dispose off your old HDB within 6 months, you can ask for refund.

Waaa meaning cannot dispose within 6 mths, than LL need to pay the ABSD :o
 

kelvinangsw

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HDB resale may kenna the brunt upon this announcement.. Upgrader to condo may dispose off their HDB instead of holding on 2 properties....
 

catlover24

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HDB resale may kenna the brunt upon this announcement.. Upgrader to condo may dispose off their HDB instead of holding on 2 properties....

Likely to be very small group. After all it's maybe only an extra year of rental income tio jiak. They can also rent out the condo instead for 1-2 year to make up for it before moving in. Easy peasy.

You nay argue the changes benefit HDB resale, as the LTV for resale is unchanged. Those borderline can afford condo will now buy HDB resale.
 

cheongking888

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The HDB resale market is very cold. My neighbour 5A put in the market for 1 year still hasn't been sold.

So to dispose within 6 months is an uphill task. 12% ABSD is the game changer and you need to pay first and seek refund later.

12% of $1m = $120k. That is a lot of money.
 

cheongking888

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Now for upgrader, the realistic plan is to sell first, then maybe rent a place and then buy later.

Contra is very risky.
 

kelvinangsw

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Yes, many residents in my EC have put up for more than 6 months le still cannot sell their resale HDB...this may just add salt to their wound.....Normally first timer will go for BTO now, and 2nd timers will want to go for condo...this additional of 5% will either encourage more upgrader to sell their HDB flat or you don't buy condo, just stay back your HDB....that is the intention of our government to deteriorate Singaporean to have a 2nd property as an investment...As you want to do that, you have to pay for additional cost..
 
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bojangle

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Now for upgrader, the realistic plan is to sell first, then maybe rent a place and then buy later.

Contra is very risky.

sell with extension option and buy a resale and reno swee swee to move in without needing to rent a place or pay ABSD.
renting a place is like throwing your proceeds into the drain not forgetting now more cash involved after new measures, and have to shift twice, shifting is no joke if many stuffs.
 

wwng16

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actually the new measure is gd, prevent ppl from flipping their HDB...

the HDB resale is crazily priced. In SK and punggol ppl are selling over 400k for 4rm.

They should impose new PR cannot buys HDB for 5 yrs not 3yrs...mop raise to 7yrs

The amount of HDB flipping is crazy
 

kiatme

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I feel what they should do is make the grants return back to government more reasonable, PR wait 5 years very long leh.. they wait don't know how many years just to get PR, the people who flip are mostly people in non-mature estate enjoying subsidized rate BTO + huge grants, cash out at more than 100k profit
 

Pokémon

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Now for upgrader, the realistic plan is to sell first, then maybe rent a place and then buy later.

Contra is very risky.

Yup. I see there might be more of such taking place in the future as well while sharing with my colleagues, but timing is very crucial, especially if they want to buy new launches...

Even more realistic will be to sell and buy a resale PC instead. Either rent or put up with parents or whoever willing to house them in the interim.
 

kelvinangsw

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sell with extension option and buy a resale and reno swee swee to move in without needing to rent a place or pay ABSD.
renting a place is like throwing your proceeds into the drain not forgetting now more cash involved after new measures, and have to shift twice, shifting is no joke if many stuffs.

Resale nowadays not much value as SER is not guaranteed...at least this is the perception of many people now...unless the resale is new bto just finishes 5 years MOP.
 
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