Single Permanent Resident Buying First Property (Top 3 Questions by PR)
Buying a property as a single Singaporean is tough in Singapore, let alone single permanent resident buying first property. Below are answers to the top 3 most commonly asked questions by Permanent Residents buying their first property in Singapore.
Table of Content
- Will the 5% ABSD be Removed?
- Can Single PR buy HDB?
- What Property can a Single PR Buy?
📌1. Will the 5% ABSD be Removed
- Will the 5% additional buyer stamp duty (ABSD) be removed?
- My view is that ABSD is here to stay and will remain intact for many years.
- In the past few rounds of cooling measures, the government has abstained from raising the ABSD rate many times for first time PR buyers
- This is to encourage PRs to buy their first home and put down their roots in Singapore.
- This 5% charge is unavoidable. There is no way around.
- If this ABSD is removed, it will likely create a buying surge among PRs and result in home owners raising their price expectations.
- At the end of the day, you are either going to pay “this 5%” to the government or to the sellers
📌2. Can Single PR buy HDB?
- Single PR cannot buy any HDB in Singapore.
- However, 2 PRs can buy a resale HDB flat only after obtaining PR status for 3 years.
- They must form a family nucleus or buy under the fiancé/fiancée scheme
📌3. What Property can Single PR Buy?
- Single PR can buy 3 types of properties in Singapore.
- Single PR can buy a resale Executive Condo (EC) but not new EC from developers
- New EC owners can sell their units to PR after meeting the 5 years Minimum Occupation Period.
- Single PR can also buy private condos in Singapore.
- Lastly, they are also eligible to buy strata landed housing in approved condo projects
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