ABSD Concession for Single Singapore Citizen (SC) Seniors

[New!] During Budget 2024, the Government announced that for purchases of a second residential property on or after 16 Feb 2024, ABSD refund may be applicable to single Singapore Citizen (SC) seniors aged 55 and above, if conditions are met.

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Purchase of second residential property by single SC seniors

For purchases of second residential property on or after 16 Feb 2024, single SC seniors aged 55 and above can claim a refund of ABSD paid on the second residential property, subject to the following conditions:

a. ABSD has to be paid on the second residential property;

b. Each first residential property is solely owned by a single SC aged 55 and above, or with single SCs aged 55 and above who are immediate family members¹;

c. The owners of each first residential property need to be the owners of the second residential property. Any additional owners purchasing the second residential property with the owners of each first residential property must also be single SCs aged 55 and above who are immediate family members;

d. The buyer(s) do not own more than one residential property each at the point of purchasing the second residential property, and have not purchased or acquired any other residential property since the purchase of the second residential property;

e. The buyer(s) disposes the first residential property(s) (whether co-owned or separately owned) within six months after

the date of purchase² of the second property for completed property, or
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 should be no change of ownership in the second residential property at the time of the sale of each first residential property;

g. The value of the second residential property is less than the value of each of the first residential property(s) sold³; and

h. The application for refund of ABSD is made within six months after the date of sale⁴ of the first residential property(s).

¹_{Immediate family members refer to one’s parent, child, or sibling.}

²_{Date of Sale and Purchase / Acquisition refers to:}
_{a) Date of Acceptance of the Option to Purchase or}
_{b) Date of Sale and Purchase Agreement only where (a) is not available nor applicable or}
_{c) Date of Transfer only where (a) and (b) are not available nor applicable.}

³_{The value refers to the higher of the purchase price or market value of the residential purchased/sold. The value of the second residential property is that as at the date of purchase of the second residential property, while the value of the first residential property is that as at the date of sale of the first residential property.}

⁴_{Date of Sale / Disposal refers to:}
_{a) Date of Acceptance of the Option to Purchase by the buyer or}
_{b) Date of Sale and Purchase Agreement signed by the buyer only where (a) is not available nor applicable or}
_{c) Date of Transfer only where (a) and (b) are not available nor applicable.}

How to apply

You can apply for the ABSD refund of the second residential property via the e-Stamping Portal using the following steps:

Select “Request”
Select “Apply for Assessment / Appeal”
Select “Assessment (including remission and penalty)”
Please indicate that the document has been stamped by selecting “Yes” and enter the Document Ref No. Click "Continue" to fill in the rest of the details and submit the online form thereafter.
If the document has not been stamped, please stamp the document and make payment of 20% ABSD before applying for refund. To stamp the document, select “Stamping” > “Sale & Purchase – Purchase/Acquisition” > Select the relevant form:
- For purchase of residential property, select the relevant document description (e.g. "Sale and Purchase Agreement” or “Acceptance to Option to Purchase”) and fill in the details.
At the “Supporting Documents” page, under “Additional Information”, please key in:
“ABSD Concession for Single SC Seniors”.

Please also submit the following supporting documents with your application:

1. Copy of the exercised Option to Purchase / Sale and Purchase Agreement (if applicable) for the purchase of the second residential property; and
2. Copy of the exercised Option to Purchase / Sale and Purchase Agreement (if applicable) for the sale of the first residential property(s).

For successful applicants, the refund will be made to the party liable for payment of stamp duty.

FAQs

The Government had previously publicly communicated that ABSD for SCs is applicable on the purchase of a second and subsequent residential property. This applies, regardless of whether the purchaser disposes of their first residential property subsequently.

Is the Government changing its stance, with the introduction of the new ABSD concession for single SC seniors?

No. The new ABSD refund is a concession provided to better support single SC seniors aged 55 and above who are right-sizing their residential property.

Why is the new ABSD concession for single SC seniors not extended to single SC seniors purchasing a second residential property with another individual who is either married or aged below 55 (e.g. a single child) OR married SC seniors who are purchasing a second residential property with another individual who is a single SC senior?

The new ABSD refund is a concession provided for single SC seniors aged 55 and above who are right-sizing their residential property. To qualify for the refund, all buyers must be SC seniors aged 55 and above who are single.

Cases with extenuating circumstances will be considered on a case-by-case basis.

The new ABSD concession for SC seniors is provided on a refund basis. Can the Government consider granting an upfront remission of ABSD for single SC seniors who are purchasing a replacement private residential property, similar to the purchase of a HDB flat or a new EC unit from property developers by such SC seniors?

The new ABSD refund is a concession provided for single SC seniors aged 55 and above who are right-sizing their residential property, to allow them to claim a refund of the ABSD paid on their second residential property, provided that they sell their first residential property within 6 months after the date of purchase of a completed residential property, or the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) date of an uncompleted residential property, whichever is earlier. This is to support SC seniors who are right-sizing their residential property.

SCs purchasing a HDB flat or new EC unit are granted an upfront ABSD remission. The key reason for this is because these buyers are subjected to HDB regulations which require them to not own other residential property, or to dispose of their existing residential property within HDB’s stipulated timeframe. As there are no such regulations for private residential property, ABSD remission is only granted upon the sale of the first residential property within the required timeline.

The 6-month timeline for owners to sell their first residential property, in order to meet the conditions for the ABSD concession for the purchase of their second residential property, is too short. Are there plans to lengthen it?

The new ABSD refund is a concession provided for single SC seniors aged 55 and above who are right-sizing their residential property.

Given the intent, such owners should sell off their first residential property expeditiously and not hold on to 2 residential properties for an undue period. This is why one of the conditions for the ABSD refund is that the first residential property must be sold within 6 months after the date of purchase of a completed residential property, or the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of an uncompleted residential property, whichever is earlier.

To be fair and transparent to all SC seniors, the refund conditions will be consistently applied.

If SC seniors wish to qualify for an ABSD refund, they should take into account the conditions of the market and of their first residential property, and ensure that the 6-month criterion can be met. In this regard, they are strongly encouraged to start the process to sell their first residential property as early as possible. They could also sell their first residential property first before buying the second residential property.

Can the Government provide an upfront ABSD remission or an ABSD refund for all SCs who buy a replacement residential property?

The intent of ABSD is to moderate demand for residential property. Generally, for SCs, ABSD is applicable on the purchase of a second and subsequent residential property, regardless of whether they dispose of their first residential property subsequently. This is because even if the first residential property is eventually disposed of, the purchase of the second residential property adds to the demand for residential property at the time of purchase.

The Government will continue to keep a close watch on the property market and adjust our policies as necessary, to promote a stable and sustainable property market.

I am a single Singapore citizen above 55 years old. My sibling is also a single Singapore citizen above 55 years old. Both of us own a residential property in our sole names separately.

We decide to purchase a second residential property as joint owners and pay 20% ABSD on the purchase of the second residential property. We dispose of our respective first residential property within 6 months from the date of purchase of the completed second residential property. Are we eligible for the ABSD refund?

Yes, you and your sibling will be eligible for the ABSD Concession for Single Singapore Citizen (SC) Seniors, if the other concession conditions are met, such as the value of the second residential property is lower than the value of each of you and your sibling’s first residential property.

I am a single Singapore citizen above 55 years old. My sibling is also a single Singapore citizen above 55 years old. I own a residential property in my sole name. My sibling does not own any residential property.

We decide to purchase a second residential property as joint owners and pay 20% ABSD on the purchase of the second residential property. I dispose my first residential property within 6 months from the date of purchase of the completed second residential property. Are we eligible for the ABSD refund?

I am a single Singapore citizen above 55 years old. My sibling is also a single Singapore citizen above 55 years old. Both of us own a residential property in our sole names separately.

We decide to purchase a second residential property for $1,400,000 as joint owners and pay 20% ABSD on the purchase of the second residential property. We dispose of our respective first residential property within 6 months from the date of purchase of the completed second residential property.

We sold our first properties at $1,100,000 and $2,500,000 respectively. Are we eligible for the ABSD refund?

No, you and your sibling are not eligible for the ABSD Concession for Single Singapore Citizen (SC) Seniors as the value of the second residential property is higher than the value of one of the first residential properties.

I am a single Singapore citizen above 55 years old. My sibling is also a single Singapore citizen above 55 years old. Both of us own a residential property in joint names.

I decide to purchase a second residential property in my sole name and pay 20% ABSD on the purchase of the second residential property. I dispose my interest in the first residential property within 6 months from the date of purchase of the second residential property. Am I eligible for the ABSD refund?

No, you will not be eligible for the ABSD Concession for Single Singapore Citizen (SC) Seniors as your sibling (who is an owner of the first residential property) is not an owner of the second residential property.