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I am a Singapore Citizen currently owning only one private apartment. I am considering selling it and buying a terrace house. Do I have to pay Additional Buyer's Stamp Duty (ABSD) when I buy the terrace house?
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ABSD is determined based on the buyer's profile and the number of residential properties owned at the time of purchase.
As a Singapore Citizen, if you have already signed the contract to sell your current private apartment before accepting the Option to Purchase for the terrace house, you will not need to pay ABSD.
However, if you have not signed the contract for the sale of your private apartment prior to accepting the Option to Purchase for the terrace house, your purchase of the terrace house will be considered your second residential property. In this case, you will be required to pay ABSD at the applicable rate.
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