Buying a Condo in Singapore: The Process, Costs and Stamp Duties

Buying a private condominium in Singapore is a different process from an HDB flat: there is no HDB, no eligibility ballot and no income ceiling, but the financing is stricter, the cash outlay larger, and the paperwork runs through your own lawyer. This guide walks the full process and the real costs — for both a completed resale unit and a new launch bought off the plan. For the HDB side and how the two compare, see the complete first-home workflow and HDB vs condo.

Who can buy, and the ABSD question

Citizens and permanent residents can buy private condominiums (foreigners face restrictions and higher stamp duty; landed property is far more restricted). Everyone pays Buyer’s Stamp Duty; Additional Buyer’s Stamp Duty (ABSD) is zero for a citizen’s first residential property and applies to additional properties, PRs, foreigners and entities — the definitive rates are on the stamp-duty guide and IRAS.

Financing: bank loans only

Condos cannot use an HDB loan — you borrow from a bank, capped by the loan-to-value limit and your Total Debt Servicing Ratio. Get an In-Principle Approval before you commit an option fee so you know your ceiling. Your CPF Ordinary Account can still fund the downpayment and instalments within limits (how CPF works); confirm current LTV and TDSR figures with MAS and your bank.

The process — resale (completed unit)

1. Shortlist and view; agree a price.
2. Pay a 1% option fee for the Option to Purchase (OTP).
3. Exercise the OTP within the option period (typically 14 days) with a further deposit.
4. Your conveyancing lawyer handles the Sale & Purchase Agreement, title and mortgage.
5. Completion in about 8–12 weeks — balance and loan paid out, keys handed over.

The process — new launch (building under construction)

1. Register interest and, at booking, place a cheque for the chosen unit.
2. The developer issues an OTP; you exercise it and sign the S&P within a few weeks.
3. Pay in progressive stages tied to construction milestones, until the project receives its Temporary Occupation Permit and you collect keys.

The full cost stack

• Downpayment (larger than an HDB flat; part must be cash).
• Buyer’s Stamp Duty (and ABSD only if it applies to you).
• Legal/conveyancing fees, valuation, and mortgage-related costs.
• Agent commission (if you engage one), and renovation.
• Ongoing monthly maintenance fees for the development’s facilities.

Location still does the heavy lifting

A condo’s facilities are inside the gate, but everything else — MRT access, the commute, hawker food, schools, parks — is the neighbourhood, and that is what shapes daily life and resale demand. Screen a condo’s location the same way you would a flat: compare towns on the estate rankings, check door-to-door commute times, and read the screening checklist. If an HDB-priced hybrid appeals, look at an Executive Condominium.

Figures on this page are computed from the current snapshot and update each rebuild. Contains information from data.gov.sg (Singapore Open Data Licence) and OneMap, Singapore Land Authority. This is general information for research, not financial or professional advice.