Last updated: 1 Sep 2025 • by CondoListing.sg
Buying a condo in Singapore isn’t just about the purchase price. You’ll need to prepare cash for downpayment, stamp duties, legal fees, and more. This guide breaks down exactly how much cash is required, based on current 2025 regulations. There are many great condos for sale in Singapore. Check out our Condolisting.sg condos.
Contents
- Minimum cash downpayment
- Stamp duties (BSD, ABSD)
- Legal & conveyancing fees
- Other upfront cash costs
- Worked example: $1.5M condo purchase
- FAQ
1) Minimum cash downpayment
Under MAS Loan-to-Value (LTV) rules, buyers must pay part of the property price in cash only. The rest can come from CPF or loan financing.
- First housing loan: 5% cash minimum
- Second housing loan: 25% cash minimum
- Third housing loan or more: 25% cash minimum
Example: For a $1.5M condo with your first loan, you’ll need at least $75,000 in cash upfront.
See our complete condo buying guide for a step-by-step process.
2) Stamp duties (BSD, ABSD)
Stamp duties are payable in cash or CPF but require upfront funds within 14 days of signing the Sale & Purchase Agreement (IRAS).
- Buyer’s Stamp Duty (BSD): Up to 6% of purchase price/market value.
- Additional Buyer’s Stamp Duty (ABSD):
- Singapore Citizens (1st property): 0%
- SC (2nd property): 20%
- SC (3rd+ property): 30%
- Permanent Residents: 5–30%
- Foreigners: 60% flat (foreigners guide)
Use IRAS’s stamp duty calculator for your exact amount.
3) Legal & conveyancing fees
Legal fees for conveyancing typically range from $2,500 – $4,000 depending on law firm and property type. This is paid in cash.
Tip: Always engage a conveyancing lawyer approved by your bank if you’re taking a mortgage.
4) Other upfront cash costs
- Option fee / booking fee: 1–5% of purchase price, depending on new launch vs resale.
- Renovation deposit: Many condos require a refundable renovation deposit with the MCST before works begin.
- Home insurance: Fire/mortgage insurance may be compulsory (varies by bank).
- Property tax: Based on Annual Value (AV). Estimate using IRAS property tax guide.
See our article on condo maintenance fees for ongoing monthly costs.
5) Worked example: $1.5M condo purchase
Here’s an illustration for a first-time buyer (Singapore Citizen, first housing loan):
- Purchase price: $1,500,000
- Cash downpayment (5%): $75,000
- BSD (~$64,600): Payable via cash/CPF
- ABSD (0% for SC first property): $0
- Legal fees: ~$3,000
- Option/booking fee (part of downpayment): included
Total minimum cash needed upfront: ~$78,000 (excluding renovation, insurance, and tax adjustments).
Upfront cash is one thing, but don’t forget the hidden ownership costs that continue after you collect your keys. Also you might want to compare buying upgrading from a HDB to a condo.
6) FAQ
How much cash do I need for a first condo?
At least 5% of the purchase price in cash, plus legal fees and upfront stamp duties.
Can I pay stamp duty using CPF?
Yes, but you must have enough CPF OA funds. Otherwise, cash is required within 14 days.
Do foreigners need more cash?
Yes — foreigners pay 60% ABSD upfront in addition to BSD and downpayment. See our foreigners guide.
What about renovation costs?
Renovation is separate and usually ranges from $30,000–$80,000 for condos. Some MCSTs require deposits before works (see renovation rules).