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Hi,

Yes if the OTP of your current property is exercised, the property is considered sold and you no longer have any property count which means the next purchase of the condo will be considered your 1st residential property. (Ie. Meaning no ABSD will be applicable for citizens purchase). I have worked on similar cases and would be able to advise the best way to structure this so that the transition and timeline can be smooth.

May I have more info and requirements about your plans so 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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I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

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-- HDB Jurong West 5-RM Sellers, Exec Apartment Purchasers, Lenz & Michelle --

We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.

We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.

We would never expect such a smooth sailing experience of selling and buying of property. Your professionalism in work will definitely be remembered and rewarded. All the best in your property venture! Read More

Good afternoon Wai Foong,

Yes you are right that ABSD has to be paid within 2 weeks from exercise of resale OTP. IRAS will usually take into consideration at the point you exercise and when you exercise, your existing unit is not sold yet (not exercised) thus ABSD is payable.

Can I check with law firm whether is it possible not to pay ABSD within the required 2 weeks if we manage to find a qualified buyer to exercise in that same 2 weeks?

But just curious, how about your loan? Cause if you still have outstanding loan in existing unit, your loan will be 45% instead of 75% when you exercise. Therefore you have to prepare more downpayment upfront.

Lets say you have enough funds for ABSD but not for the difference of loan, it will be better to request for a longer option period in your purchase so you can get a buyer to exercise your sale otp before you exercise your purchase otp.

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

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Hi Mr Foong,

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, yes you are right.

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

Hi Mr. Foong,

1) It is true that once you produced an exercised OTP of the current property before exercising the new purchase. You are excused for paying ABSD.
2) However, you also need to note that your loan is limited to 45% if your current property is not fully paid.
3) If you are buying a resale usually the exercise is within 14 days upon OTP issued. Thus you have to ensure you already obtained an exercise OTP by then.
4) If you are buying a new launch, you will have 7 weeks to ensure your exercised OTP is on hand.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi Mr Kok,

In order to avoid the ABSD, the Buyer of your current property has to exercise the OTP before you exercise the OTP for your next purchase. If this is not in order, you will have to pay ABSD upfront, and then apply for ABSD refund.

As you're looking to sell and buy another private property, it will be good if you can draft the OTP agreement to your advantage. For example, for your private purchase, you may wish to request for a longer option period, so that you have ample time for you to sell your current property. You may also wish to request for late completion or "rent back" agreement if you wish to avoid the hassle of having to shift house more than once during this transition.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi Mr Kok,

As long as the exercised date of the sale of your current property is before the exercised date of the purchase property, you will not need to pay any ABSD.

It is recommend that we plan the sale and purchase process concurrently and back to back so as to avoid paying any ABSD. I have assisted my clients who are in the same situation to avoid ABSD and transit seamlessly. Please feel free to contact me so that I can understand your situation better and draw up a transition plan for you.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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Mr & Mrs Tan (Seller of Inter-Terrace House)

“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.”
Susana (Buyer)
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Hi Mr Foong

If your buyer has exercised Option To Purchase (OTP) of your current property, then the property count reverts to zero so there is no Additional Buyer's Stamp Duty (ABSD) payable
It can happen concurrently as well with very careful timeline planning.

I will be glad to assist
Appreciate if you can contact me at (65) 96608508 
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More