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Hi,

Assuming you are purchasing the next condo as a jointly owned basis matrimonial property, the ABSD upfront would be 12% of the next property purchase price. This on top of the 25% downpayment and 3% BSD, (assume hdb fully paid no loan, so next loan 75% max loan is possible), will be the relevant upfront costs. Assuming some of the IRAS eligibility conditions are fulfilled, you can then get the 12% ABSD refund when the hdb is sold off within 6 months of the condo key collection.

However, the sums involved can be quite a significant sum, which has triggered some of my clients to decide to sell off first and rent in the interim. This reduces the upfront ABSD outlay, and also allows the 75% max loan to be feasible.

I be happy to share the best approach and pros & cons of doing either approach and would be happy to tailor a plan according to your requirements. Please get in touch at 9743 2395  so I could have more info to make better recommendations!

Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

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.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.

-- 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 procedu Read More

Hi, I would be most glad to assist you further and pls feel free to let me know if you need any banker’s contact or any other assistance. Hope to hear from you soon and have a great week ahead.

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

Hi,

The LTV now is at 75%, which means 25% is needed for downpayment. Out of this downpayment, 5% needs to be in Cash, with the balance 20% can be from your CPF.

You will also need to set aside CPF half minimum sum (in OA+SA) before you can utilize the balance from your CPF-OA if this purchase is your second property. ABSD (12% for Singaporean's second property) is also payable, on top of the normal BSD.

If your current HDB flat is still under loan, the max LTV will drop to 45%. Which means that you will need to fork out 55% as downpayment. Out of this 55% downpayment, 25% needs to be in Cash, with the balance 30% from your CPF.

ABSD is imposed based on the purchase price or valuation price, whichever is higher. So, for a $1m property, ABSD payable is $120k (12% for Singapore's second property).

BSD will be approximately 3-4% (on purchase or valuation price, whichever is higher). There will be legal conveyancing fee of approximate $2-3k too.

If you're concerned about the huge initial outlay, you may wish to explore the option of doing both the selling and purchase concurrently. This way, you may avoid paying the ABSD altogether, and you will be able to secure 75% loan too.

If you're doing so, Timeline planning will be crucial, as I believe you would want to avoid having to shift house more than once for your upgrading?

I am experienced and well-versed in both HDB and private transactions, and had assisted many clients upgrade from their HDB flats to a private residential. I will be able to assist you in your property plans too.

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 Sir/Madam

I will need more information to be able to advise you
I won't be able to contact you first as I do not have your contact, appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com with details of your unit
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

Dear Sir/Mdm,

The ABSD is based on 12% of the purchase price of the condo you are buying. You are required to pay this amount to IRAS first before reimbursement if you are able to sell your current HDB within a 6 months period. This arrangement is also subjected to certain conditions such as this house have to be a matrimonial property that is to say both you and spouse must both be the owner of the condo.

There are certain risks that are involved under such an arrangement and therefore I usually assist my clients to time the purchase and sale back to back so that ABSD is not required to be paid upfront and they can minimise the cash outlay.

Besides ABSD, your loan amount may also be affected if you currently have an outstanding loan for the HDB. Instead of the maximum 75%, you will only be eligble for 45% of the loan.

Please feel free to contact me so that I can understand your objectives better before drawing 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

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients

“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

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.
Weilun & Benita (Property Seller)

“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.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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 compl Read More

Hi

Usually for these type of transaction, we would try to time the sales and purchase back to back to avoid incurring ABSD and allows sellers to reduce their cash outlays. I have assisted some HDB upgraders like yourself where they did not have to pay the ABSD amount but still be able to transition to their new condominium unit smoothly without putting up with an interim place of stay. I do provide free and on obligatory consultation in regards to property transactions in Singapore. Do contact me at 93375051  for a free and non obligatory discussion on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More