Decision Guide

Buying a Private Condo: The Process & Costs

Two very different paths — a resale unit that completes in weeks, and a new launch paid in stages over the years it is built. The steps, the deadlines and the cash.

Resale — from viewing to keys

1
View & negotiate
Agree a price with the seller.
2
Option to Purchase (OTP)
Pay the option fee — usually 1% of the price.
14 days to exercise (typical)
3
Exercise the OTP
Sign and pay a further 4% (5% deposit in total), within the option period.
4
Stamp duty
BSD, plus ABSD if it applies, within 14 days.
5
Sign the Sale & Purchase Agreement
Your solicitor prepares it, usually within ~3 weeks.
~8–10 weeks to completion
6
Completion
Pay the balance (95%) via cash, CPF and loan; legal transfer; keys.

Size the stamp duty and the cash / CPF split with the purchase-cost calculator.

New launch — buying from the developer

1
Book a unit
Pay a 5% booking fee (cash) for the OTP.
2
Sign the S&P Agreement
The developer issues it; you sign within ~3 weeks.
3
Pay up to 20%
Within 8 weeks of the S&P — the balance of the 20% via cash / CPF.
Over the 3–4 year build
4
Progressive payments
Instalments as construction hits milestones (foundation, framework, walls, TOP…).
5
TOP & keys
A large instalment on Temporary Occupation Permit; the final slice on the Certificate of Statutory Completion.

Your mortgage is also drawn down in stages, so interest starts small and grows as the project is built.

New launch — the Progressive Payment Scheme

The statutory schedule under the Housing Developers Rules. Percentages are of the purchase price.

Stage	This stage	Cumulative	Funded by
Booking fee (on the OTP)	5%	5%	Cash
Sign the S&P Agreement (within 8 weeks)	15%	20%	Cash / CPF (min 5% of price in cash overall)
Foundation works	10%	30%	Cash / CPF, then loan
Reinforced concrete framework	10%	40%	Loan
Partition walls	5%	45%	Loan
Roofing / ceiling	5%	50%	Loan
Door & window frames, wiring, plumbing	5%	55%	Loan
Car parks, roads, drains	5%	60%	Loan
Temporary Occupation Permit (TOP) — keys	25%	85%	Loan
Certificate of Statutory Completion + legal completion	15%	100%	Loan

Booking fee (on the OTP)

This stage: 5%
Cumulative: 5%
Funded by: Cash

Sign the S&P Agreement (within 8 weeks)

This stage: 15%
Cumulative: 20%
Funded by: Cash / CPF (min 5% of price in cash overall)

Foundation works

This stage: 10%
Cumulative: 30%
Funded by: Cash / CPF, then loan

Reinforced concrete framework

This stage: 10%
Cumulative: 40%
Funded by: Loan

Partition walls

This stage: 5%
Cumulative: 45%
Funded by: Loan

Roofing / ceiling

This stage: 5%
Cumulative: 50%
Funded by: Loan

Door & window frames, wiring, plumbing

This stage: 5%
Cumulative: 55%
Funded by: Loan

Car parks, roads, drains

This stage: 5%
Cumulative: 60%
Funded by: Loan

Temporary Occupation Permit (TOP) — keys

This stage: 25%
Cumulative: 85%
Funded by: Loan

Certificate of Statutory Completion + legal completion

This stage: 15%
Cumulative: 100%
Funded by: Loan

On top of this: Buyer's Stamp Duty (and ABSD) within 14 days of signing the S&P, and legal fees of about S$3,000. With a 75% loan you fund the first ~25% yourself; the bank disburses the rest as the stages are certified.

The cash you need — resale

Item	Amount	When
Option fee	~1% of price	On the OTP
Exercise payment	~4% of price (5% deposit total)	On exercising, within the option period
Buyer's Stamp Duty (+ ABSD if it applies)	IRAS rates on price or valuation, whichever is higher	Within 14 days of exercising
Down payment balance	Up to 25% of price; with a bank loan at least 5% must be cash	By completion
Legal / conveyancing	~S$2,500–3,500	By completion
Valuation (bank loan)	~S$300–500	Before the loan is granted
Agent's commission	Usually paid by the seller for a resale; agree it in writing if you engage a buyer's agent	On completion

Option fee

Amount: ~1% of price
When: On the OTP

Exercise payment

Amount: ~4% of price (5% deposit total)
When: On exercising, within the option period

Buyer's Stamp Duty (+ ABSD if it applies)

Amount: IRAS rates on price or valuation, whichever is higher
When: Within 14 days of exercising

Down payment balance

Amount: Up to 25% of price; with a bank loan at least 5% must be cash
When: By completion

Legal / conveyancing

Amount: ~S$2,500–3,500
When: By completion

Valuation (bank loan)

Amount: ~S$300–500
When: Before the loan is granted

Agent's commission

Amount: Usually paid by the seller for a resale; agree it in writing if you engage a buyer's agent
When: On completion

A new launch replaces the 1% + 4% with a 5% booking fee, then a schedule of progressive instalments — ask the developer for the exact payment schedule before you book.

Before you sign anything

Loan Approval-in-Principle in hand — an OTP is a financial commitment, and ABSD is due within 14 days of exercising.
Eligibility for your residency status — see what foreigners and PRs can buy.
Tenure and remaining lease — a short remaining lease limits CPF use and the future buyer pool.
For a new launch, model the progressive-payment cashflow, not just the 20% upfront.

Published 2026-09-01