BSD is payable for all property purchases in Singapore and it is calculated based on the purchase price or the valuation amount, whichever is higher.
|Purchase price or valuation of property, whichever is higher||BSD Rates|
|Remaining amount above $360,000||3%|
ABSD is payable by the affected buyers for property purchases in Singapore and it is calculated based on the purchase price or valuation amount, whichever is higher.
ABSD is payable in addition to the BSD.
|Profile of the buyer||Old ABSD rates from 8 Dec 2011 to 11 Jan 2013||Current ABSD rates from 12 Jan 2013|
|Singapore Citizens buying 1st residential property||Nil||Nil|
|Singapore Citizens buying 2nd residential property||Nil||7%|
|Singapore Citizens buying 3rd & subsequent residential property||3%||10%|
|Singapore Permanent Residents buying 1st residential property||Nil||5%|
|Singapore Permanent Residents buying 2nd & subsequent residential property||3%||10%|
|Foreigners & Entities buying any residential property||10%||15%|
For completed private property, an option fee of 1% of the property’s purchase price is payable for the issuance of the Option to Purchase.
For Building Under Construction (BUC), an option fee of 5% of the property’s purchase price is payable to the developer for the issuance of the Option to Purchase.
For completed property, the buyer will be given 2 weeks to exercise the option and the remaining deposit of 4% is payable.
For BUC, the developer will deliver the Sales & Purchase Agreement either to the buyer or the law firm within 14 days of issuing the Option to Purchase and after which, the buyer will have 3 weeks to exercise the option.
You can use the CPF for your second or subsequent property but you must set aside the current Basic Retirement Sum ($80,500 as of 1 Aug 2016) in your Ordinary Account and Special Account (it includes the amount used for investments from the Special Account) first. After the Basic Retirement Sum is set aside, the excess savings in the Ordinary Account can then be used for the purchase of your second or subsequent property.
Please visit CPF Board’s website at www.cpf.gov.sg for further information.
The legal fee depends on the type of property being purchased or refinanced. For quotations on the legal fee, please drop us an email to find out more.
There are 2 stages in a divorce. The first stage of the divorce, which culminates in an Interim Judgment being obtained, is to deal with the ground for divorce i.e. the fact relied upon for the dissolution of marriage.
In Singapore, there 5 facts which a party may rely upon to obtain a divorce pursuant to Section 95(3) of the Women’s Charter (CAP 353), namely:
- 1) That the other party has committed adultery;
- 2) Unreasonable behaviour;
- 3) 2 years’ desertion by the other party;
- 4) 3 or 4 years separation depending on whether the other party’s consent to a divorce is obtained.
We will advise you further on the threshold requirements for satisfying each fact of divorce at our legal consultations.
The 2nd stage of a divorce culminates in the Final Judgment being obtained. The 2nd stage of the divorce is to deal with the other issues in a divorce (Ancillary Matters), such as the child care arrangements, maintenance for the Wife and Children and the division of the matrimonial assets.