Singapore Budget 2024, ABSD concession to support single Singapore Citizen (SC) seniors who wish to right-size their residential property.
In the Budget 2024 announcement, the Government revealed an extension of the ABSD (Additional Buyer’s Stamp Duty) concession to include single Singaporean citizens (SC) aged 55 and above.
(a) Answer is, Yes. ABSD has to be paid on the second residential property first;
(b) Each first residential property is solely owned by a single SC aged 55 and above, or shares ownership with immediate family members who are also single Singaporean citizens aged 55 and above;
(c) The owners of the first residential property must also be the owners of the second residential property. Any additional individuals joining in the purchase of the second residential property with the owners of the first residential property must also be single Singaporean citizens aged 55 and above, and immediate family members;
(d) Answer is No. To eligible, the buyer(s) does not possess more than one residential property each at the time of acquiring the second residential property and has not bought or obtained any additional residential property since the acquisition of the second residential property;
(e) The buyer(s) disposes the first residential property(s) (whether co-owned or separately owned) within six months:
(i) after the date of purchase of the second property for completed property, or
(ii) the issue date of the Temporary Occupation Permit (TOP) / Certificate of Statutory Completion (CSC), whichever is earlier, if the property was uncompleted at the point of purchase;
(f) There must be no alteration in ownership of the second residential property during the sale of each first residential property;
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