ABSD for all residential properties – Home for sale in Singapore

ABSD for all residential properties – Home for sale in Singapore

Home for sale in Singapore – The new Additional Buyer’s Stamp Duty (ABSD) rates take effect from 12/01/2013 based on date of OTP. If the OTP is dated on or before 11/1/2013 and the exercise date is on or before 1/2/2013, the new ABSD rates are not applicable. The new ABSD rates are as follows:

Source: MAS.

• Generally, for purchases made jointly by two or more parties, the higher applicable ABSD rate will be imposed. Home for sale in Singapore
• However, ABSD remission will be provided for joint purchases by married couples with at least one Singaporean spouse (i.e. a married couple with a Singaporean spouse and PR / foreigner spouse) on their purchase of first residential property.
• Singaporean first-time buyers are not affected
• For purchase of HDB flats (buyers must sell existing property within 6 months)

  – All Singaporean buyers are not affected

  – Singaporean + PR buyers are not affected

  – All PRs buyers must pay 5% ABSD
• ABSD refund will also be provided to eligible married couples with at least one Singaporean spouse, who have purchased a second private residential property and will dispose their existing residential property.

  – The ABSD paid will be refunded if these Singaporean married couples dispose their first property within six months of the purchase of the second property, if the latter property is a completed unit.

  – If the second property is an uncompleted unit, the refund will be given if the first property is disposed within six months of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) date of the second property, whichever is earlier. Must not acquire any other residential property before the disposal of the first residential property.
• The property is to be included in the count of properties owned by a person if there is already a Contract or Agreement to purchase the property even though the property has not been legally transferred to him yet.
• This would include the purchase of an uncompleted unit from the developer whereby the Sale & Purchase Agreement has been signed.
• Similarly, the property is to be excluded from the count of properties owned by a person if there is already a Contract or Agreement to sell his property. Home for sale in Singapore.
• If a SC only owns a partial interest in one property, his acquisition of additional share in the same property would not be subject to ABSD. If he already owns partial interests in both property A and B, his acquisition of additional share in property A or B or both would be subject to ABSD rate of 7% as he owns 2 properties at the time of the acquisition of additional interest.

• * Corporate Entity means a person who is not an individual, and includes an unincorporated association, a trustee for a collective investment scheme when acting in that capacity, a trustee-manager for a business trust when acting in that capacity and, in a case where the property conveyed, transferred or assigned is to be held as partnership property, the partners of the partnership whether or not any of them is an individual. Home for sale in Singapore.