Until last year they were staying comfortably in their EA flat with huge savings in their bank accounts. But the money wasn’t working hard for them, earning paltry interest.
They also recognised the downward trend of HDB prices and that their flat was not meant to be kept long term. For quite sometime now they had wanted to invest in a private property but were deterred by the Additional Buyer Stamp Duty (ABSD) which is an additional 12% for their second property.
We discussed and did 𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬 𝗪𝗘𝗔𝗟𝗧𝗛 𝗣𝗟𝗔𝗡𝗡𝗜𝗡𝗚.
THE PROCESS OF PROPERTY WEALTH PLANNING
First, they sold their EA flat last year and bought a condo near their parents’ home. It was bought under the sole name of the husband.
Now they just purchased their 2nd condo with a rental yield of more than 3%. This time it was under the wife’s name.
By selling their HDB flat which was under joint-ownership, they had purchased two condos under separate names. In this way they have made a substantial saving on Additional Buyer Stamp Duty (ABSD).
And they still have enough resources to buy another small brand new condo in their daughter’s name who is only 3 year old.
𝙉𝙤𝙬 𝙩𝙝𝙚𝙞𝙧 𝙢𝙤𝙣𝙚𝙮 𝙞𝙨 𝙬𝙤𝙧𝙠𝙞𝙣𝙜 𝙝𝙖𝙧𝙙 𝙛𝙤𝙧 𝙩𝙝𝙚𝙢!
Interested to know how they do it? Give me a call for a no-obligatory discussion on Property Wealth Planning!
Associate Deputy Group Director
OrangeTee & Tie Pte Ltd
Danny has been a licensed real estate agent since 2005 and has helped many in Property Wealth Planning.
Do drop him a Whatsapp message or send him an email for a discussion if you are planning to grow your property wealth.
Project Name: Van Holland
Developer: Koh Brothers
Address: 198 Holland Road
Number of Tower: 3
Number of Units: 69
Unit Type: 1BR/2BR/2+S/3BR/4BR
Expected T.O.P: TBA
Status: 8 Nov 2019
Project Name: Wilshire Residences
Developer: Tong Eng & Roxy-Pacific
Address: 30 Farrer Road
Number of Tower: 1 12-storey block
Number of Units: 85
Unit Type: 1BR/2BR/3BR/4BR
Expected T.O.P: July 2026
Status: open for viewing by appointment