Do you have to pay Additional Buyer Stamp Duties for Altura EC by Qingjian Realty at Bukit Batok West ?
The answer is No. There you are done. Now contact me for more information on how to buy a EC unit in Altura Executive Condo. Else read on if you are keen :)
The latest ABSD rates as at 27th April 2023
As you might have heard, the latest ABSD rates were revised on 27th April 2023. A Singaporean Citizen who purchase a first property will incur 0% ABSD. If he/she purchases a second property, he or she will incur 20% ABSD. That is 20% more on top of the property value (and the Buyer Stamp Duty). And if he/she purchases a third property, he or she will incur 30% ABSD.
Here's a summary of the ABSD rates as at 27th April 2023.
Who Can Buy New Launch Executive Condos
Altura EC at Bukit Batok West Avenue 8 is considered a new launch EC. That means it is sold by HDB (through a renowned developer like Qingjian Realty and Santarli construction) and hence all applicants need to fulfill the basic eligibility of buying an Executive Condo.
The eligibilty for Altura EC is stated in the HDB web site as follow
Now you will notice that for a EC, the most basic eligibility (besides finding a partner) is that at least one of the applicant has to be a Singapore Citizen.
So if you are buying the EC as a Singapore Citizen couple, then no issue. Skip next section. If you are buying the EC as a SC with a PR, then read next section. If you are buying the EC as a SC with a foreigner, then stop here and look for us to buy private condos instead :)
ABSD for Singapore Citizen and PR
Technically, if a Singapore Citizen and a PR buys their first property, the ABSD incurred is the higher of the two. That means it will be 5% ABSD as a PR incurred 5% ABSD.
However, that does not apply for a EC.
This is stated here in IRAS (https://www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Property/Claiming-Refunds-Remissions-Reliefs/Remissions/Acquisition-of-HDB-Flats-and-new-Executive-Condominium--EC--Units/)
So there is no ABSD as long as you buy the Altura EC by Qingjian Realty at Bukit Batok West with at least one Singapore Citizen.
But wait.. what if you already have a HDB flat
Do I have to pay ABSD for Altura EC if I have an existing HDB flat
The answer is NO again.
If your current property is an HDB flat or EC bought from a developer, you don’t have to dispose of it before buying a new EC. Even though this means that you technically own two properties (one HDB, one EC at Bukit Batok West that is yet to reach TOP), you won’t be subjected to ABSD. You might incur resale levy but that's a separate topic.
Just like buying another HDB flat, the ABSD remission for Altura Bukit Batok EC will be automatic upon HDB’s approval of the EC purchase. That means, if HDB approves your purchase of Altura EC at Bukit Batok Ave 8, you will be eligible for ABSD remission. Remission means NO NEED PAY upfront at all. Hence, it is important to know that when you purchase a EC, the eligibilty checks are very important. Talk to us to find out more.
You will have to dispose of your HDB flat within six months after collecting the keys to your new EC at Bukit Batok West by Qingjian Realty.
After all, everyone can only stay at one HDB property at anyone time.
Hopefully this article helps you to know that as long as you meet HDB eligibility criteria to buy the beautiful Altura EC with smart home designs, you will NOT have to pay ABSD.