ABSD - seeking advice

[kskong2000]

Dear expert,

I need your all advice on ABSB. I am singapore and my wife is PR and applying citizenship now. We have a jointly owned property. If I buy a second property under my personal name. Under iras ruling, it only mention ABSD can be refunded for couple buying second property and sell first property within 6 months. What about I buy my personal and sell my portion in my first property to my wife who should get her citizenship by then within 6 month. Can she get her ABSD refunded. It see to be is a no but just want to hear from expert here.

Thanks

[Kelonguni]

ABSD remission is only for couples who buy new together and sell existing property together. Transfer cannot.

The only possibility is transfer first then buy as first time owner. Wife must return you any cpf used for first property.

[kskong2000]

Thanks for your advise. The issue is that my wife yet to be Singaporean yet. I think the whole process might take another 9 months. We are thinking to get a second property ASAP.

Thanks




QUOTE=Kelonguni;512107]ABSD remission is only for couples who buy new together and sell existing property together. Transfer cannot.

The only possibility is transfer first then buy as first time owner. Wife must return you any cpf used for first property.[/QUOTE]

[Kelonguni]

No need to rush in your case. Build more cash buffer first. Market looks like unable to lift off that soon with abundant supply, unless you are fixated on a particular unit in a specific development. Slow and steady wins the race. Best of luck!

Thanks for your advise. The issue is that my wife yet to be Singaporean yet. I think the whole process might take another 9 months. We are thinking to get a second property ASAP.

Thanks

ABSD remission is only for couples who buy new together and sell existing property together. Transfer cannot.

The only possibility is transfer first then buy as first time owner. Wife must return you any cpf used for first property.

[Forest ang]

ASAP? Why the rush?

[kskong2000]

I need to get it ASAP due to the expansion of the family and children due for P1 registration very soon...I have been searching for the property for 2 years and hoping the price to drop... after a long period of waiting, I finally decided to do decoupling and just committed another property despite I think that the property price is high now.. sometime, for the family, need to bite the bullet. ..and always family come first. as long as can hold, I still hve trust in Singapore property in long run.. anyway, thanks for your advise. Appreciate it.. maybe can stop looking at property for 1 or 2 years. hahaha

[Kelonguni]

I need to get it ASAP due to the expansion of the family and children due for P1 registration very soon...I have been searching for the property for 2 years and hoping the price to drop... after a long period of waiting, I finally decided to do decoupling and just committed another property despite I think that the property price is high now.. sometime, for the family, need to bite the bullet. ..and always family come first. as long as can hold, I still hve trust in Singapore property in long run.. anyway, thanks for your advise. Appreciate it.. maybe can stop looking at property for 1 or 2 years. hahaha

Ok then it might turn out to be the best decision as well if you can afford. 8-9% off the peak is a huge incentive, as some localities and developments there are units going off for more discounts than that. If can qualify as first time buyer even more amazing discounts without ABSD. Best of luck!

[ggmount]

Just curious , which property are you looking at?

[yowetan]

I am also interested to know.

[kskong2000]

70 saint Patrick .. After a long search. Finally settle down with this project. Mainly for school reason

[kskong2000]

I must say that I will wait for another year if I can wait. I feel there is room for the price to come down. After consider the education and children living environment, I got to bite the bullet and do the de coupling. I actually don't hope this property to make money. As long as don't lose money, that's good enough for me.

[yowetan]

I must say that I will wait for another year if I can wait. I feel there is room for the price to come down. After consider the education and children living environment, I got to bite the bullet and do the de coupling. I actually don't hope this property to make money. As long as don't lose money, that's good enough for me.

Could you share more information, if possible through PM if you do not wish to divulge more.

[JuzMe]

No need to rush in your case. Build more cash buffer first. Market looks like unable to lift off that soon with abundant supply, unless you are fixated on a particular unit in a specific development. Slow and steady wins the race. Best of luck!

Agree. Market is really bad now and will drop more. Don't wush

[kskong2000]

Mr Tan, what u want to know. U can pm me. Must tell you first. I am an accountant with family. I can't take much risk. I do proper stress testing and consider all situation which must take in the situation where there is no rental income and yet to pay both property installment, household expenses and etc. u must know one thing is that u can have beautiful long term dream but this dream can only fulfill if you can overcome short term crisis...