How to avoid SSD - by Proper-T

[Ringo33]

I have just learn something new in this forum.

According to proper-T, he mentioned that if you buy landed property as housing developer, you can actually buy and sell landed property without having to pay SSD.

Does anyone here know how to qualify as a "housing developers"?

Proper-T, can tell us more about this loophole? You mentioned quite a few, may we know which few you talking about?

Do you know that there are housing developers specialising in landed, especially detached houses. Quite a few were buying up detached in the past few years for re-sell. Looks like you are not even aware that housing developers don't need to pay SSD which means your 12% SSD or $1.68m may not be valid.

[hopeful]

go read
http://forums.condosingapore.com/sho...postcount=1125

[bullman]

I have just learn something new in this forum.

According to proper-T, he mentioned that if you buy landed property as housing developer, you can actually buy and sell landed property without having to pay SSD.

Does anyone here know how to qualify as a "housing developers"?

Proper-T, can tell us more about this loophole? You mentioned quite a few, may we know which few you talking about?

Proper-T is correct. I am not surprised that you are ignorant on this, as like other aspects of landed save for the fact that landed prices will be CRASHING soon.

All the necessary information are clearly stated in IRAS website(kindly have some dignity and not ask me to provide the link here).

Landed developers are especially active in D15 lately. When you come across a brand-new landed for sale, didn't it cross your pea-sized brain that its a developer and not the home owner who is selling it?

To feed you some bone, 1 criterion to qualify is a complete demolition of the existing landed house before the new erection.

[Ringo33]

Proper-T is correct. I am not surprised that you are ignorant on this, as like other aspects of landed save for the fact that landed prices will be CRASHING soon.

All the necessary information are clearly stated in IRAS website(kindly have some dignity and not ask me to provide the link here).

Landed developers are especially active in D15 lately. When you come across a brand-new landed for sale, didn't it cross your pea-sized brain that its a developer and not the home owner who is selling it?

To feed you some bone, 1 criterion to qualify is a complete demolition of the existing landed house before the new erection.

Wah, another very defensive landed property owner here.

Since when did I ever say that proper-t was wrong. I was merely trying to find out more about the "loophole"

Since you are an expert in this area.

Based on the criteria you just siad, does it mean that any tom and dick can just register a company to buy a single plot landed property, demolish the entire structure, rebuild and resell, you will be automatically escape SSD? Is this correct?

[proper-t]

Thank you for giving me the credit but this is old news already as pointed out by bullman. You can refer to hopeful's post if you are so interested to find out. I am surprised you didn't credit him for all his hard work and research. That's not very nice.

[Ringo33]

Thank you for giving me the credit but this is old news already as pointed out by bullman. You can refer to hopeful's post if you are so interested to find out. I am surprised you didn't credit him for all his hard work and research. That's not very nice.

Please focus on the subject of this thread, not bullman.

Is it true that any tom and dick can just register a company to buy a single plot landed property, demolish the entire structure, rebuild, resell, and you will be automatically escape SSD? Is this correct?

As for the transaction which you are doubting, do you happen to know who is the developer who bought the site for 12.8m, rebuild the entire site and sold it for 14m.

[lajia]

Surprise that u would waste ppl time here since u say u not interested in landed...those interested will then seek help and be helped.

[proper-t]

Please focus on the subject of this thread, not bullman.

Is it true that any tom and dick can just register a company to buy a single plot landed property, demolish the entire structure, rebuild, resell, and you will be automatically escape SSD? Is this correct?

As for the transaction which you are doubting, do you happen to know who is the developer who bought the site for 12.8m, rebuild the entire site and sold it for 14m.

Its all in hopeful's post which he has kindly referred to this thread. Why should I spoon feed you? Are you mentally incapacitated?

[princess_morbucks]

Sigh...... here is poor Ringo trying to ask for help only to get sarcastic replies.
Anyway thanks to those who answered, sincere or sarcastic, you have been helpful and I learned something new today. Thanks!

[equalizer]

Nothing wrong with asking rude and mean people to go search for info for themselves. Its obvious what R33's intentions were when starting this thread. If you see the treatment and comments that R33 has dished out to others, I don't blame them. It would be a much more constructive and nicer forum without him around.

[Ringo33]

Its all in hopeful's post which he has kindly referred to this thread. Why should I spoon feed you? Are you mentally incapacitated?

How convenient it is to just divert my question to someone else.


Earlier when I question you about how much the developer might have put in to redevelope the property and you were saying that it could just be minor renovation because the property might still be in good.

But then someone say that the 1 criteria is that the property must be fully demolished and rebuild. So does that mean that you are just smoking your way around in this forum and bragging about things which you don't have a clue?


Interestingly there are others in this forum who believe you and start questioning me about the transaction I posted.

So you mention quite a few developers are using this to escape SSD. So can you name us one?

[Ringo33]

Let's not waste our tIme talking about proper-t or ringo33. We should focus on the subject of how to buy landed property and escape SSD.

[buttercarp]

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

See Question no 15

Q: If I have bought 4 old houses, demolished them and erected new housing units for sale, would I be exempted from SSD if I sell them within the 4 years holding period?

A: Licensed developers are exempted from SSD. Therefore, there is no requirement for them to apply for exemption. Non-licensed housing developers may apply for SSD remission only if they are registered companies or businesses, and lawfully carrying on the business of housing development. But if you are an individual redeveloping the residential properties, the exemption or remission from SSD does not apply to you.

Housing development refers to the building of new housing accommodation or total demolition of existing buildings and rebuilding of new housing accommodation. Developers who alter, repair, do additions to existing buildings or partially demolish and rebuild the residential properties will be liable to pay SSD when they sell these properties within the 4 years holding period.

[MLP]

Haha, Ringo.....Ringo.....I thought you are not interested in landed houses. Why suddenly wake up and ask so many questions? As you tend to ignore other people's questions, why shall people answer your questions? Go and search for the answers yourself. It is not that hard....

Let's not waste our tIme talking about proper-t or ringo33. We should focus on the subject of how to buy landed property and escape SSD.

[princess_morbucks]

https://spring.ura.gov.sg/lad/ecoh/eservices/faqs.cfm

The above tells you how to go about applying for the licence.

Looks like our Ringo is going big time!
FTW, Ringo!

[Ringo33]

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

See Question no 15

Q: If I have bought 4 old houses, demolished them and erected new housing units for sale, would I be exempted from SSD if I sell them within the 4 years holding period?

A: Licensed developers are exempted from SSD. Therefore, there is no requirement for them to apply for exemption. Non-licensed housing developers may apply for SSD remission only if they are registered companies or businesses, and lawfully carrying on the business of housing development. But if you are an individual redeveloping the residential properties, the exemption or remission from SSD does not apply to you.

Housing development refers to the building of new housing accommodation or total demolition of existing buildings and rebuilding of new housing accommodation. Developers who alter, repair, do additions to existing buildings or partially demolish and rebuild the residential properties will be liable to pay SSD when they sell these properties within the 4 years holding period.

If you buy just one house, will that qualify as housing development?

[equalizer]

If you buy just one house, will that qualify as housing development?

Yah lor...suddenly so interested. Be nice and apologize to all the old birds in the landed forum. Maybe, they may take pity on you and tell you.

[Ringo33]

Yah lor...suddenly so interested. Be nice and apologize to all the old birds in the landed forum. Maybe, they may take pity on you and tell you.

Do you agree that for this transaction the seller might still make a profit?

Originally Posted by Ringo33
Jalan Sejarah Detached 7,352sqft

Bought : 2011-05-23 $1,741psf $12.8m
Sold : 2013-05-06 $1,904psf $14.0m

Less than 2 years, 12% SSD = $1.68m + stamp duty $378.6K + 1% agent commission $140K
Total : $2.20m

Lost : ($1,000,000)

[equalizer]

Do you agree that for this transaction the seller might still make a profit?

Stop changing subject lah, you want your answers, go kowtow to the landed experts.

So wat does 1 loss making txn prove? The entire landed segment going to crash? I can show you many condo txn in the red as well.

[ahkongkid]

Stop changing subject lah, you want your answers, go kowtow to the landed experts.

So wat does 1 loss making txn prove? The entire landed segment going to crash? I can show you many condo txn in the red as well.

got many meh in the red meh? Office boy say only a few so don't anyhow say

[princess_morbucks]

Jalan Sejarah Detached 7,352sqft

Bought : 2011-05-23 $1,741psf $12.8m
Sold : 2013-05-06 $1,904psf $14.0m

Less than 2 years, 12% SSD = $1.68m + stamp duty $378.6K + 1% agent commission $140K
Total : $2.20m

Lost : ($1,000,000)

How do you know it is the same unit?

[equalizer]

got many meh in the red meh? Office boy say only a few so don't anyhow say

No offence to condo owners but I went to the CCR txn thread and from Apr post until now, I already counted more than 10 and that is only for CCR.

[Ringo33]

No offence to condo owners but I went to the CCR txn thread and from Apr post until now, I already counted more than 10 and that is only for CCR.

dont change subject. This thread is about how to avoid SSD.

[Ringo33]

Stop changing subject lah, you want your answers, go kowtow to the landed experts.

So wat does 1 loss making txn prove? The entire landed segment going to crash? I can show you many condo txn in the red as well.

Do you think reno & minor A&A can qualify for SSD exemption?

3. It all depends on the condition they bought it in. Given the price psf of $1,741 they paid in 2011, its a good indication that the house was probably done up quite well. They may have only carried out some renovation or minor A&A which would not be much.

.

[equalizer]

dont change subject. This thread is about how to avoid SSD.

Ahkongkid ask I must answer mah...

Have you kowtowed to the landed experts yet? Mebbe you can tell us whether you have got the answer to yr question.

[proper-t]

Do you think reno & minor A&A can qualify for SSD exemption?

3. It all depends on the condition they bought it in. Given the price psf of $1,741 they paid in 2011, its a good indication that the house was probably done up quite well. They may have only carried out some renovation or minor A&A which would not be much.

Still gloating over that one transaction?

Since it pleases you so much, I will give you the point and even state that my statement was in contradiction to the SSD remission which incidentally was discovered by hopeful and not you. I am human after all and make mistakes.

It is quite hilarious seeing you even start a thread in my nick just to publicise that one incident, You must really want to win so bad.

It really doesn't matter to me if I am ridiculed because of that one slip-up. I readily admit my mistake and am ready to move on.

So what does this single victory earn you? One landed transaction which recorded a loss and that is going to prove that a land storm is coming?

[Ringo33]

Still gloating over that one transaction?

Since it pleases you so much, I will give you the point and even state that my statement was in contradiction to the SSD remission which incidentally was discovered by hopeful and not you. I am human after all and make mistakes.

It is quite hilarious seeing you even start a thread in my nick just to publicise that one incident, You must really want to win so bad.

It really doesn't matter to me if I am ridiculed because of that one slip-up. I readily admit my mistake and am ready to move on.

So what does this single victory earn you? One landed transaction which recorded a loss and that is going to prove that a land storm is coming?

aiyo, told you so many time dont anyhow post things which you dont understand, or act like you know so much. never listen. Still want to KPKB and talk like you know so much.

Check out your own post.

Lost? Yep, certainly describes you.

($1,000,000)? Are you sure?

Do you know that there are housing developers specialising in landed, especially detached houses. Quite a few were buying up detached in the past few years for re-sell. Looks like you are not even aware that housing developers don't need to pay SSD which means your 12% SSD or $1.68m may not be valid.

Do I know? heheh.


So, do you still think that the seller is making a profit from this deal? No wingtai dinner for super rich story please. Got enough of that already.

[princess_morbucks]

Do you think reno & minor A&A can qualify for SSD exemption?

According to the link provided by buttercarp, the answer is NO.

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

Housing development refers to the building of new housing accommodation or total demolition of existing buildings and rebuilding of new housing accommodation. Developers who alter, repair, do additions to existing buildings or partially demolish and rebuild the residential properties will be liable to pay SSD when they sell these properties within the 4 years holding period.

[Ringo33]

According to the link provided by buttercarp, the answer is NO.

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

Housing development refers to the building of new housing accommodation or total demolition of existing buildings and rebuilding of new housing accommodation. Developers who alter, repair, do additions to existing buildings or partially demolish and rebuild the residential properties will be liable to pay SSD when they sell these properties within the 4 years holding period.

does anyone know if rebuilding a semi-D can be qualified as housing development?

So say a company manage to escape SSD, does "developer" needs to pay GST when they buy or sell?

[princess_morbucks]

does anyone know if rebuilding a semi-D can be qualified as housing development?

So say a company manage to escape SSD, does "developer" needs to pay GST when they buy or sell?

Hi Ringo, remember a forummer called Secretariat who buys old house to rebuild and then sell?
He said he quit this forum but can be found in the renotalk.com forum under the name Lauer.
Perhaps you can pm him and let us know the outcome.