SINGLE Singaporeans aged 55 and above will now be able to claim a refund of Additional Buyer’s Stamp Duty (ABSD) when they purchase a lower-value private property to replace their existing residential property.

This will better support seniors who wish to right-size, said Finance Minister Lawrence Wong in his Budget speech on Friday (Feb 16).

Currently, married couples with an existing residential property can enjoy an ABSD refund on their replacement private property, under the ABSD concession for Singaporean married couples.

The concession will be extended to singles if they sell their first property within six months after purchasing a lower-value replacement private property. This will take effect from Feb 16.

The claims can be made if ABSD has been paid on the replacement property.

Each first residential property should be solely owned by a single Singaporean aged 55 and above, or with single Singaporeans aged 55 and above who are immediate family members.

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The buyers must also not own more than one property each at the point of purchasing the replacement property; they must also have not purchased or acquired other residential properties since.

ABSD of 20 per cent applies on the purchase of a second residential property by all Singapore citizens, regardless of whether they dispose of their first property subsequently.

For more of BT’s Budget 2024 coverage, go to bt.sg/budget24