Additional Buyer’s Stamp Duty (ABSD) is an acronym that most of us have probably seen in the news as of late, but few of us actually know the intricacies of it. Meant to act as a cooling measure, the ABSD is a kind of tax homeowners have to pay on top of their existing Buyer’s Stamp Duty if they purchase more than one property.
What is the Additional Buyer’s Stamp Duty (ABSD) deadline?
Developers, on the other hand, are taxed a standard 40% of the price of the purchased plot. To prevent them from hoarding land, they are given 5 years from the date of completion to sell off all units. If successful, developers will be able to claim a hefty 35% of the cost of land back, creating a clear incentive for them to offload their units before the deadline.
While this may be a stressful gamble for developers, it’s a golden opportunity for buyers – as projects approach the deadline, developers typically discount the remaining units, in a last bid to “clear stock”.
Here, we’ve compiled 8 of the best projects to look out for this 2023:
1. Sky Everton
Image credit: Sky Everton
ABSD deadline: Q4-2023
Remaining units: 1
District: 2
With only 1 out of 262 units left for sale, Sky Everton in the heart of Bukit Merah is one of the most popular developments nearing its ABSD deadline. The freehold project offers an extensive list of 19 amenities, the most impressive of which are an infinity pool, study room, jet pool, gourmet kitchen, and a part deck.
The unit in question is a 5-bedroom penthouse. At 1,819sqft, the home is nothing short of spacious. Though the unit is listed at $5.86M, interested buyers can negotiate are almost confirmed a developer discount.
Image credit: Sky Everton
More than what there is to do within the condo, there’s plenty to do nearby. There are 4 parks within 1km, while the nearest MRT station, Cantonment, is a mere 422m away. For parents, sending children to school in the mornings will be a breeze, with Cantonment Primary School just 205m away.
2. Neu at Novena
Image credit: Neu at Novena
ABSD deadline: Q4-2023
Remaining units: 5
District: 11
Neu at Novena made news recently when the developers announced massive discounts of up to $395K on the final 5 units. The small, 87-unit development proved massively popular with buyers since its launch in late 2019, with a 94% uptake rate. It’s easy to see why the development is so sought after – located in prime district 11, the condo is freehold, foreboding future appreciation.
Image credit: Neu at Novena
Convenience is no question here; Novena MRT station is just a 3-minute walk away, and malls such as United Square, Square 2, and Velocity aren’t much further. In addition to common amenities, the condo boasts an underwater fitness station and relaxing hammocks to lounge around in.
3. Ki Residences at Brookvale
Image credit: PropertyGuru
ABSD deadline: Q3-2023
Remaining units: 18
District: 21
Located in Clementi Park, Ki Residences at Brookvale is ideal for families with kids. With Bukit Timah Primary School, Ngee Ann Polytechnic, and the Singapore University of Social Sciences all within 1km of the development, residents of the condo won’t have to travel more than a few minutes throughout the course of their education.
At the time of writing, there are 18 units left for grabs. 14 are 3-bedders with a yard, while 4 are 3-bedders with a yard and utility area. The smaller configuration ranges from 936sqft to 1,195sqft, while the larger units range from 1,109sqft to 1,140sqft. Depending on the exact unit you have in mind, you’re looking at anywhere from $2.08M-$2.82M.
Image credit: esingaporeproperty.sg
In addition to families, the condo is also sought after among those who value easy commutes and accessibility. The condo boasts 3 MRT stations within 2km, and has plenty of food and shopping options even closer. Just an 8-minute drive away is the famed Beauty World food stretch, including the West’s very own Korea town.
4. Amber Park
ABSD deadline: Q2-2023
Remaining units: 6
District: 15
Though Amber Park has a sizable 592 units, only 6 are left for purchase. A good way to understand its popularity is by looking at the units themselves. With 10 different unit configurations, the condo is suitable for practically anybody, from first-time homebuyers looking for a 1-bedder, to families that want to go all out with a penthouse.
The freehold Marine Parade condo is just a 3-minute walk from Tanjong Pagar MRT station, and near several reputable schools including Tanjong Katong Primary School and Tanjong Katong Girls’ School. The development also boasts numerous amenities, including a pavilion, outdoor dining area, spa pool, and steam room.
Here’s the best part: interested buyers who book appointments to purchase online will be eligible to purchase at the Direct Developer Price and therefore not need to pay any commission. With commissions in Singapore averaging 2%, you’ll be saving a pretty penny.
5. The Hyde
Image credit: The Hyde Singapore
ABSD deadline: Q2-2023
Remaining units: 2
District: 10
Those who caught the popular Netflix original Wednesday may know The Hyde as the shape-shifting monster that terrorized the town of Jericho, but in Singapore, The Hyde takes a very different form.
The 117-unit freehold development in Tanglin may be small, but it comes with all the amenities you would expect from a much larger project, including a pool, jacuzzi, gym, playground, and barbecue area. In addition to all the common amenities, the condo also has a concierge, so you can be sure that your every need will be taken care of.
Image credit: PropertyGuru
Located within walking distance to Newton and Stevens MRT stations, and in close proximity to schools such as ACS Barker and Eton House International School, the condo is popular among commuters and families with children.
6. Dalvey Haus
Image credit: Dalvey Haus
ABSD deadline: Q4-2023
Remaining units: 19
District: 10
With just 27 units, Dalvey Haus is by no means a large project. Still, in terms of amenities, it’s every bit as developed. In addition to a fitness corner and barbecue area, the luxury condo also houses a gym, pavilion and full size pool with pool deck. With only 26 other groups of residents to share it with, chances are it’ll feel like a private pool most of the time.
Image credit: Dalvey Haus
In stark contrast to the resort-like interior, visually, the condo resembles a futuristic, brutalist bunker. The units vary in terms of layout – the smallest units are 2-bedders, and the largest, penthouses. Uniquely, all units are accessed through private lifts, adding to the luxurious feel. If you ever decide to leave, Stevens MRT station is just a 5-minute walk away.
7. Kent Ridge Hill Residences
Image credit: Kent Ridge Hill Residences
ABSD deadline: Q2-2023
Remaining units: 4
District: 5
Located a mere 4-minute drive from the National University of Singapore, Kent Ridge Hill Residences is especially popular among parents of current and prospective students. Of the 548 units in the development, 99.4% of them have sold, leaving just 4 units left.
Image credit: Kent Ridge Hill Residences
The 99-year leasehold condo hosts a slew of amenities – the function room is perfect for hosting gatherings, while the pool, fitness corner, gym, and tennis court are great for exercise. If you prefer to get your exercise out in nature, Kent Ridge Park is just a 1-minute drive away.
8. Wilshire Residences
Image credit: Wilshire Residences
ABSD deadline: Q3-2023
Remaining units: 8
District: 10
Wilshire Residences is a condo designed with nature in mind. The freehold condo in Tanglin features garden-theming throughout the development, in the form of spice gardens, lily ponds, and flower terraces. A sky terrace allows residents to marvel from up high.
Image credit: Wilshire Residences
You don’t have to leave your home to enjoy the view though – the condo’s sleek glass design allows unobstructed viewing regardless of which room you’re in. The condo is just 600m from Farrer Road MRT station, and in close proximity to top schools such as Hwa Chong Institution and Raffles Girls’ Primary School.
At the moment, there are 8 units left for sale. 7 of the 8 are 2-bedders with a guest room, while the exclusive 8th unit is a 4-bedder with a guest room.
Unsold condo units with ABSD deadlines approaching
And there you have it, 8 of the best condos approaching their ABSD deadlines. While most haven’t openly announced discounts yet, we suspect that it’s only a matter of time before the price cuts start to roll in.
Until then, you’ve got plenty to choose from. Whether you’re looking for a studio in a small development, or a penthouse in a massive compound, chances are you’ll find your match on this list.
Read more of our articles here:
- The Reserve Residences – new condo on top of Beauty World
- Buying a condo at 32
- Terra Hill condo review
Cover image adapted from: Kent Ridge Hill Residences, The Hyde Singapore, Dalvey Haus, esingaporeproperty.sg
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