Once the latest cooling measures was announced on 2018, there was a mad rush of last minute scramble as thousands of prospective home buyers rushed down to the showflats to beat the dateline. To say it was a chaotic scene would be an understatement. And it showed in the aftermath, as about 1,000 units across three projects, Stirling Residences, Riverfront Residence and Park Colonial were sold in 5 hours. So now as the dust settles after the busy period, let us take a look at the most commonly asked questions on ABSD remission in Singapore.
Is there ABSD remission for a married couple?
In most cases, yes. Full ABSD remission may be applicable to a married couple who purchases a residential property under both names. There are a couple of things that have to be fulfilled:
- Must have one Singapore Citizen (SC) spouse
- Property must be purchased under both names of the couple only
- Both spouses must not own any residential property
Is there ABSD remission for a joint purchase of a 2nd residential property for a married couple?
Unfortunately, you would not be able to apply for any form of extension as ABSD remission is a special concession given to only Singaporean married couples. So please note here that the 6 month sale timeline must be met so please do not take this lightly and start marketing your unit early as there will be no extension granted.
As a foreigner buying a property in Singapore, is there ABSD remission?
Thanks to the Free Trade Agreement, Nationals or Permanent Residents of a selected few countries will have the same Stamp Duty treatment as Singapore Citizens. The following listed countries as follow:
5. United States of America
What’s worse than immediate remorse of buying the property? Homeowner’s remorse that lasts for a very long time – and property ownership is a medium to long-term objective. This can be avoided by understanding your objectives clearly, doing diligent research and not subject to showflat hype and pressure.
LittleReddotProperty team have been making effort to visit every showflat and provide in-depth analysis like this.
So instead of reaching project agents who present the aesthetic factors to you, why not take a step back and receive a one-to-one consultation with littlereddotproperty.sg?