I see, so the rules have changed
Im staying in a condo now. original intention is just to sell current and buy another condo. But a friend said y not buy a HDB & a condo at the same time so that's y I search around if possible. Some ppl say can some cannot.
So for my case, if I want to buy 2 properties and avoid any additional fees/taxes, is to buy 2 private properties?
and if I buy HDB, I need to stay for 5 years before buying a condo even if I pay full for the HDB?
OK.. if private property will be very much easier...
in order to have 2 properties and without paying ABSD... there are ways...
first... your current condo under whose name... under your name or your wife name (in another word, only one name in the property) then it easy, the other parties name not in the property, go buy another one... no ABSD involve. This is very straight forward.
If the current condo under both name... the question will ask is, is the condo fully paid already?
If it is fully paid, then either party can give the private property as gift to the other party. (normal stamp duty and gift deed tax need to paid). So the party without name, can go buy properties without paying ABSD.
If the current condo under both name and it is not fully paid:
2 of you can do part-purchase for de-coupling the property. Meaning either one party buy over the other party property share. So the property become only having one name. (normal stamp duty still apply, but this method pay lesser)
So after removing the party name, he or she can buy property without paying ABSD.
Do remember, the normal tax is based on the current property market value. Banker needs to do valuation. For part-purchase, the tax paid is based on the portion, not the full amount. Do remember, if the property payment (down-payment, progressive payment, installation and etc,) involve the CPF, then it is require to return the amount back to the CPF.
If you are serious, find a law firm and check it out. we can only given general advice.
my 2 cents worth.