Buy Condo in Singapore
Understanding Condo
A condominium, or condo, is a type of private housing in Singapore that offers exclusive amenities such as swimming pools, gyms, and security services. Condos provide a higher level of privacy and lifestyle benefits compared to public housing like HDB flats. They come in different categories, including mass-market, mid-tier, and luxury developments, catering to various budget levels and lifestyle preferences.
Upcoming
NEW CONDOS 2025
New condo launches in Singapore for 2025 will feature modern designs, prime locations, and top-tier amenities. With smart technology, sustainable features, and excellent connectivity, these developments offer luxury and convenience. Stay updated on launch dates and pricing to secure your ideal home.
The Elta
The Parktown Residences
The Collective One at Sophia
Eligibility Criteria
Before purchasing a condo in Singapore, it is essential to understand the eligibility requirements:
Singapore Citizens & Permanent Residents (PRs): Both can purchase new or resale condos without restrictions.
Foreigners: Allowed to buy condos without special approval but restricted from purchasing landed properties unless they receive approval from the Singapore Land Authority (SLA).
Age Requirement: Buyers must be at least 21 years old.
Additional Buyer’s Stamp Duty (ABSD): Foreigners and PRs are subject to ABSD, which varies based on residency status and the number of properties owned.
Financial Planning
Purchasing a condo is a significant financial commitment. Consider the following factors:
Down Payment: A minimum of 25% (5% in cash, 20% in cash or CPF) is required for bank loans.
Loan-to-Value (LTV) Limit: The maximum loan amount varies based on existing loans and financial standing.
Mortgage Servicing Ratio (MSR) & Total Debt Servicing Ratio (TDSR): Limits on how much of your income can go towards loan repayments.
Stamp Duties: Includes Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD), which depend on your residency status.
Legal Fees & Miscellaneous Costs: Includes lawyer fees, maintenance fees, and property taxes.
Do you need help to buy Condo in Singapore?
At Haohaoguo Realty, we specialize in assisting homebuyers with purchasing condos in Singapore, ensuring a seamless and stress-free experience. Whether you’re a first-time buyer looking for a new launch, a young couple exploring resale options, or an investor seeking a high-value property, our dedicated team is here to guide you through every step of the process.
Expert Guidance
Personalized Assistance
Seamless Process
Comprehensive Support
The Buying Process
Determine Your Budget – Assess affordability based on your income, savings, and available financing.
Shortlist Properties – Research different condo projects and visit showflats or resale units.
Secure Financing – Obtain an In-Principle Approval (IPA) from a bank to determine your loan eligibility.
Make an Offer & Pay the Option Fee – Secure the property by paying 1% of the purchase price as an Option to Purchase (OTP).
Exercise the Option & Pay Stamp Duty – Pay the remaining deposit (4%) and settle stamp duty within 14 days.
Legal Conveyancing & Loan Finalization – Engage a lawyer to handle the legal paperwork and finalize the mortgage.
Completion & Key Collection – The transaction is completed within 8-10 weeks, and you receive your keys.
Guidance related to Condo Purchase in Singapore
How to Buy Condo in Singapore for Foreigners?
Foreigners can buy condominiums in Singapore without restrictions, but they must pay an Additional Buyer’s Stamp Duty (ABSD) of 60%, unless exempted by a free trade agreement. Financing options are available, though the maximum Loan-to-Value (LTV) ratio is lower, requiring at least a 25% down payment.
How to Chose Perfect Condo in Singapore?
Choosing the perfect condo in Singapore requires considering factors like location, budget, and amenities. Prioritize areas with good connectivity, proximity to work, schools, and public transport. Set a realistic budget, factoring in the purchase price, maintenance fees, and additional taxes. Check condo facilities such as security, parking, gyms, and pools to match your lifestyle needs. Research the developer’s reputation, resale value, and future developments in the area. Lastly, visit the condo in person to assess the unit’s layout, view, and overall condition before making a decision.
FAQ
Yes, foreigners can purchase condominiums without special approval. However, they are subject to Additional Buyer’s Stamp Duty (ABSD).
The minimum down payment is 25% of the purchase price (5% in cash and 20% in cash or CPF for bank loans).
Buyers can take a bank loan with an LTV of up to 75% or use CPF savings for partial payments.
You will need to pay Buyer’s Stamp Duty (BSD) and, if applicable, Additional Buyer’s Stamp Duty (ABSD), depending on your residency status and the number of properties owned.
The entire process typically takes 8-10 weeks from signing the Option to Purchase to collecting the keys.