When foreigners buy a resale condo in Singapore, they can only choose private condominiums. However, the options for resale private condos in Singapore are diverse, and prices are influenced by factors such as the condition of the project itself, its geographical location, and transportation convenience. Nevertheless, there are some mandatory fees involved whenever you purchase a resale condo in Singapore. Let’s take a look at what these fees are!
1. Option Fee Included in the Price of a Resale Condo in Singapore
This is a deposit paid by the buyer to the seller to ensure that the buyer will purchase the seller’s condo at a certain price within a certain period. For those looking to buy a resale condo in Singapore, the option fee is typically 1% of the resale condo’s price, but this can change in special circumstances, which needs to be confirmed with the seller. It’s important to note that the option fee is part of the resale condo’s price and not an additional payment. If you have any questions about the amount of the option fee, you can consult with a senior local housing agent, Guo Yaoyang (Leo Kwek), who can provide a more detailed explanation for different situations.
2. Exercise Fee Included in the Price of a Resale Condo in Singapore
The exercise fee for buying a resale condo in Singapore is generally 4% of the property price, usually paid to the seller or the seller’s appointed lawyer. It is worth noting that the exercise fee is also included in the price of the resale condo and does not require additional payment.
3. Buyer’s Stamp Duty Not Included in the Resale Condo Price
In Singapore, whether you are buying a brand new private condominium or a resale private condo, you must pay the corresponding Buyer’s Stamp Duty. You can refer to the table below for the specific calculation method for Buyer’s Stamp Duty:
| Purchase Price or Market Value | Buyer’s Stamp Duty (Residential) |
| First S$180,000 | 1% |
| S$180,000 to S$360,000 | 2% |
| S$360,000 to S$1 million | 3% |
| Exceeding S$1 million | 4% |
*Data source: Inland Revenue Authority of Singapore (IRAS)
If you have any questions about the specific calculation of stamp duty for buyers and sellers, you can ask Guo Yaoyang (Leo Kwek), and he will help you with the calculation.
The three fees mentioned above are mandatory for anyone looking to buy a resale condo in Singapore. As for the price of resale condos in Singapore, property prices will vary in different regions. If you are interested in purchasing a resale condo in Singapore, you are welcome to contact us. We will provide you with suitable advice and help you calculate the corresponding fees.
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