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Hi Ashesh,

Yes your understanding is correct, new projects under construction work better for your objectives, except for the potential space concerns. You could consider a bigger size than the number of rooms you originally intend to get, for example a 3 bedroom instead of a 2 bedroom, and hack down the wall between the outer most room and living room to create a bigger living space. Might that work out for you?

For resale condos, to meet all your objectives, the conveyancing period is typically 8 to 10 weeks to completion so all the funds have to be ready and funded via your wife's sole name and income, which is why its close to impossible. Care to share more on your preferred budget and size of condo you are looking at? Happy to brainstorm the solutions together. I am contactable at wa.me/6597432395

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

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Mr Wang & Ms Ng : We want to convey our thanks to Ivan, who helped us find our first home. Ivan was very responsive when we first met, and took time to understand our needs and requirements for our first home. He helped us narrow down our criteria and gave us good advice on how to structure our mortgage as well. He also made a great recommendation of an area we never thought of, and it was where we eventually bought our home. We appreciate Ivan's thoroughness in pros and cons of all our options that we viewed. We never felt pressured or rushed to make a decision. In fact, Ivan gave honest and useful inputs on the considerations of acting immediately or waiting. All in all, it was a very smooth experience and we ate very happy with the unit we bought. Thank you very much, Ivan!

- EC Seller Mr. & Mrs Siah - We have had a positive experience with Ivan throughout the sale of our EC. He is a very responsible and helpful agent. He managed to sell our EC within a month, which exceeded our expectations. He has gone the extra mile to ensure there are interested buyers viewing our flat every weekend, and has provided frequent updates on the progress. On top, he has provided valuable advice in our property planning journey. He is someone who listens to the needs of his clients, but at the same time value add by adding his own perspective and insights to what works the best. We are very grateful to have him through this sale, especially since this was our first time selling our EC Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, if you priority is the size and living space of the unit, then you could go for those older development and there are plenty of such condo in Singapore.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Good afternoon Ashesh,

Your situation is about the same as per my long time client Varun asked me last week.

Yes you are absolutely right that both of you are eligible to purchase new or resale condo or even landed in Sentosa.

If you wish to purchase a spacious resale unit, it will be advisable to purchase under your SPR spouse only (SPR 5% vs EP 30% vs combined SPR/ EP 30%). You will save up to 25% ABSD but issue as you know that your spouse might not be able to obtain higher loan amount as compared to your income or combined income.

Your understanding for new units is correct as well.

Alternatively have you consider to convert to a SPR so your options will be open up.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

Contact:
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Hi Ashesh,

I have heard of this transaction of a resale property that was transacted where wife purchased a resale condo, but ran into some loan issue therefore had no choice but to sell 1% to her husband after exercising the OTP such that husband can come in to support in getting a home loan in order to complete the resale transaction. There were some implications involved but yes, ABSD payable by the husband who is purchasing his 2nd property was on the 1% value that he bought over from his wife. I think it is advisable to check with lawyer if this is possible. If you are comfortable, perhaps I can get my regular lawyer who has been assisting my clients in conveyancing to get in touch with you to understand more about the situation.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Hi Rocky,

Your understanding is correct. In order for you to get a significant amount of loan, you will definitely need to include your income as part of the loan calculation. For your case, it is more financially savvy to purchase a new launch condo instead because of the tax savings and the future upside potential. Buying a resale will incur a hefty amount of ABSD which will in turn cap your financial gains in the future.

There are still projects with good layouts and enclosed kitchen. Please feel free to contact me so that I can understand your intentions better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
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We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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