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I intend to sell my current private property (of which I am the sole owner) and buy another private property under my sole name. If the buyer exercises the option to purchase, is there a grace period before I can purchase another residential property without incurring Additional Buyer's Stamp Duty (ABSD)?
iras
If a contract or an agreement to purchase the property has been signed, that property is considered to be acquired by the buyer and sold by the seller.
Hence, if a Singapore Citizen purchases a residential property after the contract or agreement for sale of his/her current property is executed, and he/she does not own any other residential property, ABSD is not payable.
For non-Singapore Citizens, they will be considered as purchasing their first property, and the relevant ABSD rate is applicable.
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