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Hi Jess,

Based on the limited info shared, I can only share inputs based on assumptions. If they are cash rich, they can consider to buy under a trust under your daughter's name. Such an approach needs to be in full cash, and there are pros & cons in doing so and a law firm will be in a better position to advise.

Removing one of the names from one of the private condos may help but it also depends on whether the remaining owner can finance the property on his or her sole name. In the event the unfortunate event happens, it is likely the authorities will require you to choose one of the properties to keep since its still within MOP period.

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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Hi Jess,

Based on the information given, I suppose your parents wish to avoid paying ABSD totally?

If that's the case, they may wish to consider selling off the HDB flat, and then "decouple" from their private condo. The outgoing party will then be able to purchase a 2nd private property without paying any ABSD.

Alternatively, if your Daughter is under age 21, they could also consider the option of purchasing the property under a Trustee. They could set up the Trust under your Daughter. If your Daughter is above 21 years old, they can purchase it using her name without paying ABSD too.

As for the unfortunate scenario where your Father Will the condo to you, if it happens before you get your BTO flat, I am afraid that you will have to forfeit the flat. However, if it happens after you had gotten the BTO flat, you will likely be able to hold onto both the HDB flat and the condo.

I am experienced and well-versed in both private and HDB resale transactions. I will be able to share with you some options which your parents may consider. Please get in touch with me for a more in-depth discussiont.

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 Jess,

Whichever way we look into the situation based on what you have shared, should your parents not consider in liquidating any of their existing property, the only option where they can do the additional purchase is to do so without any loan and CPF and purchase under their grandchildren's name in trust.

A more practical approach is to look into liquidating the existing fully paid HDB, and part sell the existing condo into 1 owner, freeing up the other name to purchase the next private apartment, since HDB price trend is showing signs of not gaining in general over the past couple of years. It will be good and advisable to really consider the financial aspects given that the existing economic situation is quite unpredictable and I do not encourage over leveraging in terms of taking up substantial loan amount.

I have been in the real estate business since 2009, with more than 10years 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 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ 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.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565  .

I look very much to hear from you soon.

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Regards,

Geryl LIM
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www.geryllim.com
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Hi Jess,

There are a coupe of options to go about doing this while incurring minimum expenses. Drop me a message @ 8118 4108  and with your additional input, I can then suggest the possible options.

Regards,
Nicholas Read More

Hi Sir, pls kindly contact me at 98216829  to discuss further , my name is Shoan Siew from OrangeTee&Tie. Thanks Read More

Hi Jess, pls kindly contact me at 98216829  to discuss further , my name is Shoan Siew from OrangeTee&Tie. Thanks Read More

Hi Jess,

There are 2 possible options to enable your parents to save on the additional buyer stamp duty (ABSD).

1) They will have to sell the HDB and also remove one of their names from the condo by part sale. In this way, one of their names will be freed up to purchase a property without the stamp duty.

2) They can set up a trust and purchase the property under a trust. The beneficiary can be your daughter. However, they will not be able to take a loan under this arrangement. However, they can make use of their current condo to get a loan to finance the purchase.

Please feel free to contact me so that I can understand your situation better and offer you more informed recommendations.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
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Dear Jess,

Based on your description, your parent will be acquiring 3rd properties which mean an ABSD of 15%.

May I know if the 2nd property still under property? Under the LTV limit, 2nd housing loan will be 45%; or 25% if the loan tenure is more than 30 years* or extends past age 65.

This will mean your parent will need to fork out a lot of cash to finance the property.

Assuming your parent do not wish to sell off the HDB flat (I believe that the reason why you post this question here), then they can consider the following:

1) As what other mentioned earlier, buy under trustee for your daughter. But this will mean full cash payment to finance the property

2) May I check if your brother is getting the condo under his own name? If that not the case, then I might have some option for you.

3) The existing Condo can do a part purchase and either your father or mother can take the full ownership of the property. Thereafter, the other party can proceed to purchase a new condo. Do take note that the process will involve both SSD and BSD.

In summary, it best to plan prudently especially on the finance part as you need to have cash to finance all these. In addition, I wouldn't want the investment income to be a negative when come to repaying the monthly instalment.

Feel free to contact me via call/text/email to discuss further!

Alan Sng
Propnex
 9270 7548 
alan.sng@propnex.com Read More