How HDB dwellers upgrade to condo without selling flat first ?

[bluerhino]

You all know I study RES course, so I have this question in mind.
Now the ABSD has increased to 17% for 2nd property for Singapore citizens.

So, when you all HDB dwellers want to upgrade to EC, condo or landed, you guys will charged with ABSD. But ABSD for a condo let say on average is 1.5mil will be 255k onwards.

My question is how you HDB dwellers manage to cough out so much money for ABSD and seeking remission or you guys have to sell first then look for condo huh? How is this ABSD influence your decision and approach in upgrading your home?

When but hdb don’t put joint owner. Put 1 owner 1 occupier. Then when the occupier buy condo no absd

 

[Broadwalk]

Hear say from Youtube weedios - no need to pay ABSD, just need to declare during purchase. Need to ask property agents to confirm

Oh really? You mean declare you only hold one unit so no need pay ABSD? Please share youtube link.

 

[Broadwalk]

When but hdb don’t put joint owner. Put 1 owner 1 occupier. Then when the occupier buy condo no absd

BBFA me how?
If those couple buy HDB, their salary joint income then can afford how?

 

[bluerhino]

BBFA me how?
If those couple buy HDB, their salary joint income then can afford how?

Hdb I think 1 person loan is ok one. I remember 5k salary can buy a 500k hdb. If you don’t earn 10k then don’t aim 1m hdb la. If single then cannot play loophole already. When buy condo no need to pay absd as long as you sell off the hdb before the condo completes. Otherwise have to pay, no choice.
Your lawyer will advise you on the actual dates you need to meet to avoid absd.

 

[Broadwalk]

Hdb I think 1 person loan is ok one. I remember 5k salary can buy a 500k hdb. If you don’t earn 10k then don’t aim 1m hdb la. If single then cannot play loophole already. When buy condo no need to pay absd as long as you sell off the hdb before the condo completes. Otherwise have to pay, no choice.

That's the dilemma. Sell off hdb then cannot find suitable condo buy how?

 

[myopenid]

That's the dilemma. Sell off hdb then cannot find suitable condo buy how?

Usually owners will ask for extension, I.e. rent from you for 3 to 6 months to facilitate this.

only in Singapore have this kind of stunt. In jiuhu pay cash I can live inside immediately.

 

[PortaPumper]

Oh really? You mean declare you only hold one unit so no need pay ABSD? Please share youtube link.

declare you sold the current property before U purchase the condo - see 3:46sec part onwards

 

[Broadwalk]

declare you sold the current property before U purchase the condo - see 3:46sec part onwards

Will use this PLB video to ask RES course instructor. If violate I will report to CEA.

 

[bluerhino]

That's the dilemma. Sell off hdb then cannot find suitable condo buy how?

Haha yeah but seriously bro I think hdb is ok one. I stay in hdb last time and now in condo. If I’m single no kids I feel I prefer hdb. The money saved can invest for passive income and I can retire at 40 if I want. Condo is more for kids. They can go swimming lessons in the pool and I can invite friends and relatives over for bbq. The environment also better for family, eg no one shouting vulgarities in the middle of the night.

 

[luxerio]

When but hdb don’t put joint owner. Put 1 owner 1 occupier. Then when the occupier buy condo no absd

This balant loop hole should have been closed if govt is seriously looking at building homeownership and stopping any form of housing investments.

All couples be it seperate ownership or combined ownership, so long owning a second home, should be dealt with ABSD.

 

[bluerhino]

Will use this PLB video to ask RES course instructor. If violate I will report to CEA.

I think is can you just need to make sure that you really sell when the condo transaction complete. This kind of thing IRAS super easy to check one. If they can tell your cpf amount and whether your kids are fully vax or not in your SingPass app I don’t believe they won’t know if you sold your property or not.

 

[Broadwalk]

I just watch PLB no lah he says buyer needs to exercise OTP that HDB I sell. Else cannot.

 

[bluerhino]

This balant loop hole should have been closed if govt is seriously looking at building homeownership and stopping any form of housing investments.

All couples be it seperate ownership or combined ownership, so long owning a second home, should be dealt with ABSD.

Well if they do that for hdb they need to be consistent and make sure couples that buy 1 condo each should also be charged absd on the 2nd.

 

[CCCustom]

I got neighbours here at my BTO after MOP sell and then rent waiting for their condo to complete building. E.g. 1 of them the condo another 2 years then complete, he rent for the 2 years also cheaper than paying ABSD.

 

[fandango]

hefty? I got 1x indo colleague last time bought 1x condo at Redhill MRT area at $800K, after 3 months sold for 1.2 million. She has never seen so much $ in so short time....

Don't talk cock lar.

 

[fandango]

Paging for ricky01

 

[blahblahsheep]

usually by their smart aleck materialistic wife.

 

[Broadwalk]

Don't talk cock lar.

It will not be cock if the transaction was done during 2007-2010 period. Having said, I assume it's a cock talk.

 

[Broadwalk]

I got neighbours here at my BTO after MOP sell and then rent waiting for their condo to complete building. E.g. 1 of them the condo another 2 years then complete, he rent for the 2 years also cheaper than paying ABSD.

Nowadays condo rental not cheap. I checked the rental minimally charging 3k and above now per month.

 

[GBC]

Where to find ABSD money cashflow? That's my question and curiosity. 17% of 1.5mil is already 225k. It is almost a flat price.

Sinkies are cash rich, no such problems..