With the Singapore government’s official reopening, more and more people are coming to live in Singapore, and many with good financial standing are choosing to buy condominiums for long-term settlement. At the same time, many also wish to sell their current condominiums to upgrade to a larger home. We often encounter clients asking about the process of selling a resale condominium in Singapore. Therefore, we’ve decided to compile the entire process into an article to share with those who are interested. Let’s get right into it!
Step 1 in Selling a Resale Condominium in Singapore: Ensure You Have Owned the Property for at Least Three Years
Theoretically, you can sell your private condominium in Singapore at any time, but you may be subject to the Seller’s Stamp Duty (SSD). According to the Inland Revenue Authority of Singapore (IRAS), selling a private condominium within three years of purchase requires payment of the corresponding Seller’s Stamp Duty. Therefore, we recommend selling your private condominium only after owning it for three years. The specific tax rates can be found in the table below:
| Length of Ownership | Seller’s Stamp Duty (SSD) Rate |
| Less than one year | 12% |
| More than one year but less than two years | 8% |
| More than two years but less than three years | 4% |
| More than three years | No Seller’s Stamp Duty payable |
If you have any questions about the Seller’s Stamp Duty, feel free to contact us for a consultation. We will provide a complete and detailed answer based on your specific situation.
Step 2 in Selling a Resale Condominium in Singapore: Decide Whether to Engage a Real Estate Agent or Do It Yourself
Generally, the process of selling a resale condominium in Singapore is much more straightforward than selling an HDB flat, which is why many people consider handling it themselves. However, for those without experience in such transactions, many difficult issues can arise. For instance, a buyer might back out of the purchase because they haven’t obtained an Approval-in-Principle (AIP) from the bank before signing the Option to Purchase (OTP). Another example is a seller misjudging the value of their private condominium, leading to a selling price that is too low and results in a loss, or a price that is too high, attracting no interest. Therefore, when it comes to reselling a private condominium, we still recommend seeking professional help. It’s best to leave professional matters to the professionals to avoid a situation that is more trouble than it’s worth.
Of course, if you require such assistance, you are welcome to contact us, and we will provide you with professional support.
Step 3 in Selling a Resale Condominium in Singapore: Find a Buyer and Issue the Option to Purchase (OTP)
After listing your private condominium for sale on public platforms, it may take some time to find a buyer. Once you find a suitable buyer, they will pay a deposit, known as the Option Fee. The amount of the Option Fee is typically 1% of the property price. You can then issue the Option to Purchase (OTP) to the buyer.
Next, you will need to engage a lawyer to assist with the subsequent procedures.
Step 4 in Selling a Resale Condominium in Singapore: Wait for the Buyer to Exercise the Option to Purchase
After receiving the OTP, the buyer typically has 14 days to consider and decide whether they will proceed with purchasing your condominium unit. During this period, you cannot issue another OTP to other potential buyers. If they decide to purchase your unit, they will pay you an additional 4% as the Option Exercise Fee. If the buyer decides to back out, the 1% Option Fee you received will be forfeited to you, and you can put the property back on the market for sale.
Step 5 in Selling a Resale Condominium in Singapore: Pay Seller’s Stamp Duty (if applicable), Have the Buyer Inspect the Property, and Complete the Transaction
As mentioned above, if you sell the property within three years of purchase, you must pay the applicable Seller’s Stamp Duty to the Inland Revenue Authority of Singapore (IRAS) within 14 days of the buyer exercising the OTP. Concurrently, you need to vacate the property before the completion of the sale and invite the buyer for an inspection. After that, you can complete the remaining transaction steps with your lawyer. Finally, your lawyer will handle all matters related to the transfer of title.
We believe the steps above have provided a clear understanding of the process for selling a resale condominium in Singapore. If you have any questions related to buying or selling property, feel free to contact us. We will provide suitable advice based on your individual circumstances.
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