1) Who can buy a private condo in Singapore?

• Singapore Citizens (SCs) & PRs: Free to purchase private condos, subject to financing and stamp duties.
• Foreigners: Allowed to buy non-landed condos/apartments without prior approval. Landed properties usually require approval from the Singapore Land Authority (LDAU).
• Executive Condominiums (ECs): New ECs (first 10 years) have HDB eligibility conditions. Fully privatised ECs (10+ years old) can be sold to foreigners. If you’re considering alternatives, don’t forget about Executive Condominiums (ECs), Singapore’s hybrid housing model.”

2) Affordability rules (TDSR, MSR & LTV)

Total Debt Servicing Ratio (TDSR)

Under the MAS rules, your monthly debt repayments (including the new mortgage) must not exceed 55% of gross monthly income.

Mortgage Servicing Ratio (MSR)

MSR applies only to HDB flats and new ECs from developers (≤ 30% of gross monthly income). It does not apply to private condos.

Loan-to-Value (LTV) limits

Banks can lend up to certain percentages based on the number of housing loans you have and the loan tenure/age limit. Details are on MoneySense and CPF.

3) Stamp duties: BSD, ABSD & SSD

Buyer’s Stamp Duty (BSD)

BSD applies to all property purchases. See IRAS BSD calculator for official rates:

• 1% on first $180,000
• 2% on next $180,000
• 3% on next $640,000
• 4% on next $500,000
• 5% on next $1.5M
• 6% above $3M

Additional Buyer’s Stamp Duty (ABSD)

ABSD rates (as of Apr 2023, still valid in 2025) are published on IRAS ABSD page:

Seller’s Stamp Duty (SSD)

If you sell a condo within 4 years of purchase, SSD applies. Rates were revised from 4 Jul 2025 (see IRAS SSD page).

4) Buying timeline (resale vs new launch)

Resale condo

1. Get an In-Principle Approval (IPA) from a bank.
2. Negotiate price & issue an Option to Purchase (OTP).
3. Exercise OTP within 14 days, engage a lawyer.
4. Completion ~8–12 weeks after OTP exercise.

New launch condo

1. Ballot & booking day — pay booking fee (part of downpayment).
2. Sign Sale & Purchase Agreement within 3 weeks, pay remainder of 20% downpayment and stamp duties.
3. Make progressive payments as construction milestones are met (URA guide).
4. Collect keys at TOP; defects liability period usually 12 months.

5) Progressive payment for new launches

For uncompleted condos, payments follow a statutory schedule in the Sale & Purchase Agreement, tied to construction milestones (foundation, walls, completion, TOP). Official details are on the URA Home Buyers’ Guide.

6) Other costs to budget for

• Legal fees: Conveyancing lawyers handle completion (~$2–3k).
• Valuation/admin fees: Required by banks.
• Property tax: See IRAS property tax page.
• MCST maintenance fees: Paid quarterly to condo’s MCST (see BCA guide).Remember, beyond the obvious fees, there are many hidden costs of condo ownership that new buyers often overlook.”
• Location is king — especially if it’s near an MRT. See our full guide on condo living near MRT lines to understand how it affects value
• Insurance & renovation costs: Optional but recommended.