How Much Does It Cost to Buy a Condo in Singapore?


Many of us desire to own a private property, whether condominiums or landed housing. Before purchasing one, it is important to do your financials properly to make sure you have sufficient funds. If you are unsure, do approach an agent who can help you calculate.

In the illustration below, we assume that the buyer has zero property loans and is buying his first property with a 75% Loan To Value (LTV) loan tenure up to age 65. For other loan tenures, do check with our consultants HERE.



(cash or CPF)



This is the purchase price less mortgage loan granted. 5% of the purchase price is mandatory in cash, while the 20% can be a mix of cash/CPF.



Your 5% would be paid as Option Fee or Option Exercise Fee.


Option Fee



When a seller grants an Option to Purchase (OTP) to a buyer, he will be bound to sell his property to the buyer. The buyer may change his mind and forfeit the option fee.



Developer’s units at new launches will require 5%. Resale/completed properties will typically be 1%


Option Exercise Fee for Resale Properties



When the buyer has made up his mind and has arranged for financing, he can exercise the option.




Typically for resale/completed properties, the cost is 5% minus the 1% paid option fee.


Buyer’s Stamp Duty (cash or CPF)





For properties above $360,000, you can use the formula 3% minus $5,400 to count the amount you have to pay.

For properties above $1,000,000, , you can use the formula 4% minus $15,400 to count the amount you have to pay.



Permanent Residents, foreigners and buyers of second properties may be subjected to Additional Buyer’s Stamp Duty (ABSD).


Mortgage Stamp Duty (cash or CPF)



This usually costs $500. It is a tax paid on the mortgage loan amount.



The actual rate is 0.4% of the loan amount, up to $500.


Legal Fees (cash or CPF)


Conveyancing work done for the transaction costs about $2000-$3000.



Many buyers engage their own lawyers although certain banks use their own panel of lawyers.

Valuation Fee (cash or CPF)


Banks use valuation reports to determine the loan amount granted. $350-$500.


Some banks absorb this fee.


Agent Fee (cash)






For new launch units from developers, there is no fee paid to the agents. However, in some condos which are of lower quantum eg $500k - $600k, a buyer’s agent may charge a fee for his/her services.





If you are buying a lower quantum private property, and do not need to engage an agent’s services, you may go directly to the seller’s agent. However, bear in mind that their agent will represent the seller’s interest and not yours.


Mortgage Interest Policy



If your property is mortgaged, the bank may require you to take up a fire insurance policy on the outstanding loan. Some banks offer it free for the first year. An insurance, MSIG has premiums starting at $118.77 (with GST) per year for a standard plan.


This policy protects the interest of the bank should the mortgagee be unable to service the loan in case of property damages.


Apart from the various costs at the point of purchase, do set aside a budget for Maintenance Fee, applicable to completed/TOP properties. The payment mode may be every quarterly.

Do factor in more renovation costs for completed units as some fittings may require refurbishment. Read our article about Resale versus New Homes.

On 31 Jan of every year, you will be required to pay a property tax on the Annual Value of the property. Rates for owner-occupied units and rental units vary. You may read up more about property tax here


Disclaimer : This article serves as a guide only, and you should not make your decision based solely on this article. You are advised to seek professional advice from a licensed real estate salesperson to assist you in planning your real estate portfolio.