For first-time buyers, purchasing a home in Singapore can be a daunting task. Before making an official purchase, it’s necessary to have a preliminary understanding of the Singapore real estate market. In Singapore, there are three types of housing: HDB flats, condominiums, and landed private properties. Considering both price and purchasing requirements, condominiums often have a lower barrier to entry. So today, let’s explore a series of questions and answers related to buying a condominium in Singapore.
Table of Contents
1. Who can buy a condominium in Singapore?
First, in Singapore, anyone—whether a Singapore Citizen, Permanent Resident (PR), foreigner, or a company—can purchase a condominium developed by a private developer. If you would like to know about Singapore condominium prices, you can contact us for further inquiries.
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2. How much does it cost to buy a condominium in Singapore?
New condominiums in Singapore start from S$1 million. A one-bedroom small condo typically costs between S$1 million and S$1.7 million, a two-bedroom condo is generally between S$1.4 million and S$2.5 million, and a three-bedroom condo is between S$1.8 million and S$3 million. However, prices can vary significantly depending on the location, luxury level, and tenure of the condominium.
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Latest & Popular Residential Units
Price from $2,802 psf
District 09 (Orchard / River Valley)
Freehold
1 to 3 Bedroom units from $1.356M
- Location and Convenience: Located in a prime area of Singapore’s core central region, adjacent to Dhoby Ghaut MRT station, providing quick and easy connections across the island. The site, formerly Sophia Ville and Fairhaven, was acquired through a collective sale worth S$62 million.
- Project Information: This development offers 78 exclusive residential units distributed across two 5-story buildings. Residents can enjoy a variety of condominium facilities, such as a swimming pool, spa pool, social and reading lounges, outdoor BBQ area, rooftop bar, and dining areas.
- Unit Mix and Pricing: Offers a variety of floor plans to suit different lifestyle needs, from 1-bedroom units (441 sq ft) to 3-bedroom dual-key units (829 sq ft). Prices are highly attractive, offering an excellent investment opportunity for buyers.
- Educational Institutions: The project is near several renowned schools, including St. Margaret’s Primary School, Anglo-Chinese School (Junior), and Chatsworth International School, ensuring residents’ children have access to quality education.
- URA Transformation Plan: It will benefit from the upcoming URA transformation plan for Orchard Road, which aims to turn the Orchard area into a vibrant lifestyle destination, thereby increasing the project’s appeal.
Price from $2,041 psf
District 15 (East Coast / Marine Parade)
99-Year Leasehold
1 to 5 Bedroom units and Penthouses from $1.390M
- Prime Location: Situated in Tanjong Katong in District 15, just a one-minute walk from Dakota MRT station, offering convenient transport links to key locations in Singapore.
- Abundant Shopping and Dining Options: Surrounded by multiple shopping malls like City Plaza, Katong Shopping Centre, and PLQ Mall, as well as a diverse range of dining choices, including local and international cuisine.
- Rich Leisure and Entertainment Facilities: Close to East Coast Park, where residents can enjoy seaside activities. The Circle Line MRT provides easy access to leisure spots like the Marina Bay Waterfront Promenade and Gardens by the Bay.
- Educational Institutions: Near several prestigious schools, including Kong Hwa School, Haig Girls’ School, and Tanjong Katong Primary, providing convenience for families with school-aged children.
- Diverse Residential Choices: Offers a variety of unit types from 1-bedroom to 5-bedroom units, as well as penthouses, catering to the needs of different families and investors.
- Excellent Connectivity: In addition to being near an MRT station, multiple bus routes and expressways provide convenient city connections.
3. For first-time buyers, what is the down payment for a Singapore condominium?
Many factors can affect the down payment for a Singapore condominium, including Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), Loan-to-Value (LTV) ratio, and the minimum cash down payment.
For a first property purchase, the down payment cannot be less than 25% of the total property price.
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Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty
Whether you are a Singapore Citizen, Permanent Resident, or foreigner, you must pay Buyer’s Stamp Duty when purchasing property in Singapore. The BSD is calculated based on the purchase price or the market value of the property as stated in the document to be stamped, whichever is higher. The current BSD rates can be found in the table below:
| Property Price | Stamp Duty Rate |
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Amount exceeding $3,000,000 | 6% |
*Source: Inland Revenue Authority of Singapore (IRAS)
If you have any questions regarding the calculation of Buyer’s Stamp Duty, feel free to consult with senior local real estate agent Leo Kwek, who will provide you with professional and detailed answers.
It is important to note that starting from December 16, 2021, the Additional Buyer’s Stamp Duty (ABSD) for property purchases in Singapore has been adjusted. The specific figures are as follows:
| Singapore Citizens | Additional Buyer’s Stamp Duty (ABSD) |
| Buying first residential property | 0% |
| Buying second residential property | 17% |
| Buying third and subsequent residential property | 25% |
| Singapore Permanent Residents (PRs) | Additional Buyer’s Stamp Duty |
| Buying first residential property | 5% |
| Buying second residential property | 25% |
| Buying third and subsequent residential property | 30% |
| Foreigners | Additional Buyer’s Stamp Duty |
| Buying any residential property | 30% |
| Entities | Additional Buyer’s Stamp Duty |
| Buying any residential property | 35% |
*Source: Inland Revenue Authority of Singapore
The Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty must be paid in cash by the buyer (Singapore Citizens or PRs may opt to apply for reimbursement of this amount using their Central Provident Fund (CPF)).
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Loan-to-Value Ratio and Minimum Cash Down Payment
Let’s briefly explain the Loan-to-Value (LTV) ratio. It is essentially the housing loan amount that a bank will grant to the buyer. The minimum down payment for a condominium is also related to the LTV ratio. At the same time, the LTV ratio varies depending on the number of outstanding housing loans the buyer currently has. The specific LTV ratios and down payment percentages are shown in the table below:
| Housing Loan Limit | Minimum Cash Down Payment | |
| First Housing Loan | 75% | 5%* |
| Second Housing Loan | 45% | 25% |
| Third Housing Loan | 35% | 25% |
*⚠️Note: The minimum cash down payment percentages above apply only to Singapore Citizens and PRs. Foreigners are required to pay a minimum cash down payment of 25%.
If the loan tenure exceeds 30 years, or if the applicant will be over 65 years old at the end of the loan period, the loan limit and down payment percentages will be as follows;
| Housing Loan Limit | Minimum Cash Down Payment | |
| First Housing Loan | 55% | 10% |
| Second Housing Loan | 25% | 25% |
| Third Housing Loan | 15% | 25% |
*Source: Monetary Authority of Singapore (MAS)
Based on the explanations above, we can clearly understand that the down payment for a Singapore condominium is the sum of the Buyer’s Stamp Duty, Additional Buyer’s Stamp Duty, and the minimum cash down payment based on the LTV, not just a simple initial payment.
If you are already considering buying a condominium in Singapore, feel free to contact us for the latest property information. Anjia SG is a designated sales partner for developers island-wide.
For further enquiries, please get in touch:
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