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ABSD readjusted!!

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Old 05-07-2018, 07:36 PM   #1
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ABSD readjusted!!

Boomz....
https://www.todayonline.com/singapor...able?cid=TODAY
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Old 05-07-2018, 08:23 PM   #2
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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.
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Old 05-07-2018, 09:57 PM   #3
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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).
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Old 06-07-2018, 02:10 AM   #4
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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
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Old 06-07-2018, 08:17 AM   #5
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sinkie tio pwn as usual
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Old 06-07-2018, 08:23 AM   #6
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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.
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Old 06-07-2018, 09:21 AM   #7
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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
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Old 06-07-2018, 12:51 PM   #8
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Investors all run away liao!
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Old 06-07-2018, 12:53 PM   #9
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1st timers get less loan too.

Investors all run away liao!
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Old 06-07-2018, 03:35 PM   #10
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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....
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Old 06-07-2018, 03:49 PM   #11
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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.
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Old 06-07-2018, 04:13 PM   #12
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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.
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Old 06-07-2018, 04:16 PM   #13
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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.
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Old 06-07-2018, 04:44 PM   #14
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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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Last edited by kelvinangsw; 06-07-2018 at 04:46 PM..
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Old 06-07-2018, 04:58 PM   #15
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Talking

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.
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