Make ABSD less punitive for younger local singles and PR couples trading owner-occupied homes

SINGLE Singaporeans had something to cheer about from Budget 2024 on the housing front. Subject to meeting various conditions, a single Singapore citizen aged 55 and above can now claim a refund of Additional Buyer’s Stamp Duty (ABSD) paid on the second home they buy.

The ABSD refund represents a meaningful sum as a Singapore citizen buying a second home pays ABSD of 20 per cent. For example, the full ABSD refund for an eligible local totals S$300,000 for a S$1.5 million second home purchase.

Among the conditions to get a full refund, the local single must sell his first home within six months after the date of purchase of the second property for a completed property, or the issue date of the Temporary Occupation Permit / Certificate of Statutory Completion, whichever is earlier, if the property was uncompleted at the point of purchase. Also, the value of the second home must be less than that of the first home sold.