SSD in en bloc cases

[CCR]

Hey guys.... Just a question.... Let say you buy a condo then within two years it goes enbloc.... But you never sign for the enbloc and you are one of the minority owners...

The question is.....do you still need to pay SSD? forced to sell by law the forced to pay SSD?

[radha08]

Hey guys.... Just a question.... Let say you buy a condo then within two years it goes enbloc.... But you never sign for the enbloc and you are one of the minority owners...

The question is.....do you still need to pay SSD? forced to sell by law the forced to pay SSD?

yes must pay

[kane]

No wonder old resale not moving.

[chestnut]

Read this

http://www.iras.gov.sg/irasHome/page04.aspx?id=10208

[Super]

This is bad.

[kane]

Clause 8 states it very clearly. Unambiguous.

[Vincegoh]

Clause 8 states it very clearly. Unambiguous.

this rule aint very sensible especially if the party involved purchased the unit for self stay.

garmen shld allow for appeal based on whether the owner is using it for investment or for own stay (ppty tax declaration could be relevant here for instance)... at least if one bought for investment sake they can't complain too much when it really goes enbloc but for those who bought to retire really unfair.. penalize them for what..

[kane]

this rule aint very sensible especially if the party involved purchased the unit for self stay.

garmen shld allow for appeal based on whether the owner is using it for investment or for own stay (ppty tax declaration could be relevant here for instance)... at least if one bought for investment sake they can't complain too much when it really goes enbloc but for those who bought to retire really unfair.. penalize them for what..

it becomes a bit grey if the buyers bought it for own stay but don't mind the outside chance of a jackpot en bloc.

it basically shrinks the target buyers pool for these en bloc potentials. they'll just have to shoot for en bloc and don't expect some buyers to come along and deliver them their jackpot before the en bloc.

[fclim]

this rule aint very sensible especially if the party involved purchased the unit for self stay.

garmen shld allow for appeal based on whether the owner is using it for investment or for own stay (ppty tax declaration could be relevant here for instance)... at least if one bought for investment sake they can't complain too much when it really goes enbloc but for those who bought to retire really unfair.. penalize them for what..

Aiyoh..SSD = Suck Seller Dry.

[DKSG]

I think this rule is super fair !

If a person buys for own stay, chances are wont buy those super old and can be enbloc-ed kind right ?

And anyway, if en bloc, means buyer already made a lot during the enbloc, then tax 16% is nothing to them la!

Remember : Tax money belongs to the all of us!

DKSG

[Kanarazu]

I think this rule is super fair !

If a person buys for own stay, chances are wont buy those super old and can be enbloc-ed kind right ?

And anyway, if en bloc, means buyer already made a lot during the enbloc, then tax 16% is nothing to them la!

Remember : Tax money belongs to the all of us!

DKSG

In the case of pearl centre acquired for TSL, will SSD apply for the owners? Newspaper features this young chap who recently bought a unit there for investment (and his first investment) only to hear the TSL announcement shortly. Wonder will SSD apply to him?

[Leeds]

In the case of pearl centre acquired for TSL, will SSD apply for the owners? Newspaper features this young chap who recently bought a unit there for investment (and his first investment) only to hear the TSL announcement shortly. Wonder will SSD apply to him?

The law allows the person to raise objection to the en bloc sale provided he/she suffers financial losses; ie when the sale proceed is less than the price the buyer paid for including stamp duties and other duties but not renovation cost.

Either the developer and/or the rest of the owners can compensate the new owner and the new owner will have to agree to the sale if 80% or 90% of all owners have agreed to the collective sale.

[chestnut]

So include absd 3% and SSD 16% SSD? Does not include first stamp duty is it?
I cannot find any article on it... Is confirmed? Can point to the article.

The law allows the person to raise objection to the en bloc sale provided he/she suffers financial losses; ie when the sale proceed is less than the price the buyer paid for including stamp duties and other duties but not renovation cost.

Either the developer and/or the rest of the owners can compensate the new owner and the new owner will have to agree to the sale if 80% or 90% of all owners have agreed to the collective sale.

[Leeds]

So include absd 3% and SSD 16% SSD? Does not include first stamp duty is it?
I cannot find any article on it... Is confirmed? Can point to the article.

1. Where objections are filed against the application

The Board will consider all the factors in paragraph 1 above and the objection and may call for mediation. The Board will not approve an application if it is satisfied that:



(i) the unit owner who objects to the sale will suffer a financial loss; or


(ii) the sale proceeds to be received by a unit owner, his mortgagee or chargee, are insufficient to redeem any mortgage or charge against the flat.

Note 1: A unit owner will be considered to suffer financial loss if the sale proceeds for his unit, after any deduction (such as stamp duty and legal fees paid on purchase of the unit, privatization costs and costs incurred in the collective sale) allowed by the Board, are less than what he paid for the unit.


Note 2: A unit owner will not be considered to suffer financial loss because his net gain from the sale will be less than the other unit owners.

[Sections 84A(8), 84D(5), 84E(7) and 84FA(6)]

[Fourth Schedule]

Note 3 : A unit owner will not be considered to suffer financial loss because the proceeds of sale for his unit, after such deductions as the Board may allow is less than the price he paid for his unit if he had purchased his unit after the collective sale committee had already signed an agreement to sell all the units and common property in the development to a purchaser



[Sections 84A(8)]

Hope this help.

[chestnut]

Thanks... Need to check if 16% SSD included? No mention of it.