Can I buy a private condo under tenancy in common with my wife if I already own 1% of my parents' house and my wife does not have any properties? What will my ABSD be?

Yes, you can buy a private condo under tenancy in common with your wife, even if you already own a 1% share of your parents' house and your wife does not own any properties.

Additional Buyer's Stamp Duty (ABSD)

For Singapore Citizens, the Additional Buyer's Stamp Duty (ABSD) applies on the second and subsequent properties. Here’s how it affects you:

- Since you already own 1% of your parents' house, this is considered your first property.
- When you purchase the new condo, it will be treated as your second property.
- Your wife, who does not own any properties, will be buying her first property.

For a Singapore Citizen buying a second property, the ABSD rate is 17% of the purchase price. However, since your wife is buying her first property, she will not incur ABSD.

Calculation

• You will need to pay 17% ABSD on the entire purchase price of the condo because it is your second property.
• Your wife, as a first-time buyer, will not incur any ABSD.

Example

If the purchase price of the condo is $1 million, you would need to pay 17% of $1 million as ABSD, which is $170,000. Your wife would not have to pay any ABSD.

Tenancy in Common

Under tenancy in common, you and your wife can hold the property in defined and separate shares, which can be unequal. This arrangement allows for greater flexibility in terms of ownership, inheritance, and the ability to sell or mortgage your respective shares independently.