Buying a New Condo in Singapore | Cooler Insights

Buying a New Condo in Singapore | Cooler Insights

To buy or not to buy a condo? That is the question for many Singaporeans looking for new homes.

Riding on one of the most buoyant property markets in the region, private apartments has become one of the most discussed topics here. To slow down white hot demand, the government announced a seventh round of cooling measures on 12 January. More recently, Minister Khaw Boon Wan has also spoken about bringing government-built HDB flats back to their original purpose as homes rather than investments.

Before signing on the dotted line, however, there are several things to note. Thanks to my sis-in-laws hubby Paul Lim, I was able to understand the intricacies involved in this.

Factors to Consider in Buying a New Property

The first thing you need to think about is the general neighbourhood of your future home. Singapore is divided into 5 areas known as planning regions, namely Central, West, North, East and North East. These regions are further broken down into 28 districts.

When assessing a condo and its vicinity, consider the following:

1) Neighbourhood which area do you like better and why? Some prefer mature estates with well-developed infrastructure while others prefer newer ones with more modern amenities suited to young families.

2) Amenities shopping malls, markets, clinics, sport facilities, parks, etc?

3) Transport Buses, LRT, MRT stations? (there is usually scope for capital appreciation near MRT stations)

4) Schools any elite or preferred schools within the vicinity?

5) Tenure freehold, 999 years or 99 years? Each comes with its benefits and drawbacks.

6) Facilities in Condo do you need a swimming pool, gym, karaoke room and clubhouse? Generally, BBQ pits and function rooms are useful for entertaining and hosting of parties. However, these come with a cost.

On the issue of defects , new condominiums normally allow owners to spot and demand rectification for them within 12 months of the date of notice of vacant possession. Developers must rectify these within one month, failing which the owner can claim for the cost of rectifications at his own expense from the developer or ask the developer to carry them out 14 days later.

Budgeting For a New Condominium Home

As private properties are probably the largest expense youll ever incur, you need to consider your finances carefully. Typically, existing condos will require bigger initial down payments while the payment for a new condo may be staggered over its construction period.

As an illustration, consider a $1 million new property where the buyer takes a $800,000 loan over 30 years with a 1.3% interest rate . Typically, these new condos would take about 3.5 years to build. The schedule of payments would be broken down in 3 stages: Sales, Construction and Completion, and look something like this:

1) Upon grant of option to Purchase ( Option Fee ): 5% ($50,000) in cash

2) Upon signing of Sales & Purchase (S) Agreement : 15% ($150,000) in cash/CPF/both within 8 weeks from option date (for 2nd property, CPF minimum sum of $139,000 per couple needed).

3) Completion of Foundation Work: 10% ($335.60/mth) estimated 6 to 9 months later

4) Completion of Reinforced Concrete Framework: 10% ($671.21/mth) estimated 6 to 9 months later

5) Completion of Brick Walls: 5% ($839.01/mth) estimated 3-6 months later

6) Completion of Electrical Wiring, Plumbing & Installation of Door & Window Frames: 5% ($1174.62/mth) estimated 3-6 months later

7) Completion of Car Park, Roads & Drains: 5% ($1342.42/mth) estimated 3-6 months later

8) Notice of Vacant Possession, ie Temporary Occupation Permit (TOP) : 25% ($2181.43/mth) estimated 12 months later

9) Legal Completion Date, ie Certificate of Statutory Completion (CSC) : 15% estimated 12 months later

10) Upon completion, remaining 5% and monthly installments would then need to be paid.

1) Stamp Duty : after exercising the S agreement,a Singaporean has to pay a Buyers Stamp Duty (BSD) for the 1st property within the next 14 days. This is calculated as follows:

$1 Million Property = $1M x 3% $5,400 = $24,600 (CPF)

If a Singaporean is buying a 2nd or 3rd property, Additional Buyer Stamp Duty will be incurred. This is calculated as follows:

$1 Million 2nd Property = $1M x 7% = $70,000 (CPF)

2) Legal Fees : these range from $2,500 to $4,500 and can be paid through CPF.

In general, an owner only needs to pay 5% cash for option fees only if he/she has sufficient CPF to cover the 15% balance, Buyer Stamp Duty, and legal fees for 1st property. Additional Buyer Stamp Duty will kick in for owners who purchase 2nd and 3rd properties, PRs and foreigners (see below). The balance 80% can be serviced by a bank loan (lowest interest rates estimated at 1.3% per annum).

4) Furniture and Fixtures :

Finally, ensure that youve worked out a budget for furnishings and additional fixtures for your new home. Do you need to hire movers to pack and shift your stuff? What about new cutlery and kitchen ware?

Recent Property Cooling Measures in Singapore

Now that you understand how payments are made for new condos, consider the impact of the recent cooling measures. These create an Additional Buyers Stamp Duty (ABSD) over the Buyers Stamp Duty (BSD). Using the same illustration above ($1 million property)…

BSD: 3% (Price) $5,400 = $24,600.
ABSD: as outlined below:

1) 1st Property Purchase
Singapore citizens 0%, ie $0 + $24,600 (BSD) = $24,600
PRs 5%, ie $50,000 + $24,600 = $74,600
Foreigners & Corporates 15%, ie $150,000 + $24,600 = $174,600

2) 2nd Property Purchase
Singapore citizens 7%, ie $70,000 + $24,600 = $94,600
PRs 10%, ie $100,000 + $24,600 = $124,600
Foreigners & Corporates 15%, ie $150,000 + $24,600 = $174,600

3) 3rd Property Purchase
Singapore citizens 10%, ie $100,000 + $24,600 = $124,600
PRs 10%, ie $100,000 + $24,600 = $124,600
Foreigners & Corporates 15%, ie $150,000 + $24,600 = $174,600

To curb flipping in the market, sellers also have to pay a Sellers Stamp Duty (SSD) if they sell within the first four years of purchase. The duty to be paid is 16%, 12%, 8% and 4% respectively for properties sold within the 1st, 2nd, 3rd and 4th year of purchase.

UPDATE: Beyond the above, various new cooling measures were implemented in 2013 and 2014. You can get a good summary of these measures in this website on Cooling Measures in Singapore property.

Closing Thoughts On Buying a New Condominium

Once youve determined the different costs, you ought to create your own spreadsheet to determine what your initial, monthly and annual financial commitments are like. Ensure that youre clear on what proportion needs to be paid in cash versus CPF.

Hopefully, the article above helps you to better understand what is involved in purchasing a new condo. It certainly isnt a decision to be taken lightly!

Keen to know more about buying a new condo? Contact Paul Lim at Good Buy Property, or email him here.

If you find this article useful, do also check out my other property and investment related blog posts here:

  • Tips on Investing in Penang Properties
  • Retiring in Singapore How Much Do You Really Need

Bartley Ridge at Mount Vernon Road (courtesy of Bartley Ridge)


By Walter


Thanks a lot for sharing your ideas about luxury condo Singapore. Many individuals are actually looking for such investments for their loved ones.

I guess I have selected a mind blowing and interesting blog.
condo @ bartley ridge new launch

You completely match our expectation and the variety of our information.

Hi there, awesome site. I thought the topics you posted on were very interesting. I tried to add your RSS to my feed reader and it a few. take a look at it, hopefully I can add you and follow

I just like the valuable information you provide for your articles. Ill bookmark your blog and check once more right here regularly. I am reasonably sure I will be told plenty of new stuff right right here! Best of luck for the following!

Thanks a lot for sharing your ideas. It got a lot of substance.

This is a awesome site. a lot of valuable info can be found here.
Buangkok Condo | Jewel at Buangkok | Jewel @ Buangkok | Jewel @ Buangkok Floor Plan

Thanks for this article. It do contain a lot of substances.

I am planning on buying a luxury property in Singapore and this is a nice overview of what I would be expecting there. Thank you so much for this information.

Very informative. Thanks for sharing

Awesome things here. Im very satisfied to look your article. Thank you so much and Im having a look forward to contact you. Will you please drop me a e-mail?


Amazing submit admin thank you. I located what i used to be in search of here. Ill review entire of posts on this evening

This comment has been removed by the author.

This is the reason why Singapore is very popular when it comes to real estate. Im actually expecting that on year 2020 Singapore will be known not only because of its clean environment but also because of its awesome fast growing economy.

Every consumers must be careful the factors to consider while buying a new condo.In this blog,all factors are briefly explained.Its really good.
Website Designing in Bangalore

The information of this blog is really nice.
Outsource Web Design Company

This is an interesting post and many information includes it. Thanks
Please visit to new launch singapore. you can learn about this to visit this.

The very heart of your writing shilst sounding agreeable at first, did not settle very well with me personally after some time. Someplace within the paragraphs you were able to make me a believer but just for a while. I nevertheless have a problem with your leaps in assumptions and one would do well to fill in those breaks. In the event you actually can accomplish that, I will definitely end up being fascinated.
Its such as you learn my thoughts! You seem to grasp so much approximately this, such as you wrote the ebook in it or something. I think that you simply can do with some% to force the massage house a bit, however other than that this is magnificent blog. An excellent read. I will certainly be back.
executive condominium singapore

Nice post on new condos for sale. Check out the featured list of your dream home in Toronto. You will get every information of various condos and residential homes suitable to your choices.


We are a Government Approved/Registered Financial Company. Are you in any financial crisis? Do you need a LOAN to refinance your home, or expand your business? Do you need LOAN to settle urgent debts and stay with one lender? Do you need LOAN to pay off your bills etc? We offer LOAN to individual & cooperate bodies in need of financial assistance at 3% interest rate without credit check or collateral. We offer Local & International LOAN! If you are interested in obtaining a LOAN, do not hesitate to send your request to us via e-mail:<[email protected]>.

Hi,every once,My name is Donald from USA I was recently scam by 2 loan lender online from Nigeria and I thought all hope was gone,Until a Friend of my refer me to LAPO loan company in Nigeria were she got her loan from at first I was scared due to my past experience,but i have their site look real and i decided to contact them after three days I applied for $100,000 business loan my loan was transferred to me,without any form of scam and I only pay for the registration they ask me and my loan was transferred to me please if any one have been scammed or looking for a loan and never get it then LAPO loan company is the solution to your loan problem you can reach them at([email protected]) and their website is. .contact them now through thisemail [email protected] and be free from scam and loan issue I never thought of getting a loan form Nigeria after been scam until I found LAPO PLEASE PEOPLE HELP ME SHARE THIS GREAT EXPERIENCE.

I am Mrs.Sandra Bents from Canada, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to YOUNG LEE LOAN FIRM., she said she was given 50,000USD by MR BUDI , THE MANAGING DIRECTOR OF YOUNG LEE LOAN FIRM . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : ([email protected]) I am sure he will help you.


Woode Financial Services is a register/accredited finance company which provides a high standard of financial (LOAN) services to private and corporate clients. Do you need funds as investors? Are you in financial mess? Do you need a loan? We offer loan from the range of $5,000 to $5,000,000 (USD, EUR, GBP,) OR its EQUIVALENT IN OTHER CURRENCIES. We offer loan at an annual basic interest rate of 3% from a duration of 1 to 35 years to serious and trustworthy clients, interested clients is advice to forward their request to us via e-mail: [email protected]

Thanks a lot for sharing ideas.If you planning on purchase a luxury property in Singapore,this is the nice overview of what I would be expecting there.
sky vue

I outright point of view and revalue your repair on every objective.
the panorama showflat

welcome to legit loan service here all problem regarding

loan is solve between a short period of time with a low

interest rate of 3% and duration more than 20years what

are you waiting for apply now and solve your problem or

start a business with loan paying of various bills just

OFFICE ADDRESS:F-195, Plot No 70,
Community Center, Charter Punjab
New Delhi-India
Tel No: +918373951436

Do you need a loan?Are you planning to run a Business of your own?Or
are you Looking forward to expand your business?Are you in dept,and you are
looking for a way to get out of it?
Then you are in the right place of total dept free,
interest rate of 3%.
For more information on how to obtain loan from this firm,you are to
forward all message urgently to us via email: [email protected]


Note:all applicant must be above the age of 18yrs.
Waiting to hear from you soonest.
Thank you and God bless.

Hi, thank you so much for the information. Just need to the segment Budgeting for a New Home, point number 6 Completion of electrical wiring etc, 5%. The amount should be 839.01 + 167.80 = 1006.81 instead of 1174.62 right? Pls advise. Thank you so much.

Hi I was searching for the blogs for many times, now I have reached at the right place.
Fairfrax Real Estate

Guarantee and trusted loan offer at 3% contact us with Name,Amount,Duration,Phone Number,Age,Country,State,
Reply with this Email: [email protected]
Telephone No *+16465803927
Mr Morris Thomas

Do you need a Loan?
Are you looking for Finance?
Are you looking for a Loan to enlarge your business?
I think you have come to the right place.
We offer Loans atlow interest rate.
Interested people should please contact us on
For immediate response to your application, Kindly
reply to this emails below only.
[email protected]

Please, do provide us with the Following information if interested.

Welcome to Encounters Nepal A Premier Himalayan Trekking Agency in Kathmandu
We feel immense pleasure welcoming you all to the official page of Encounters Nepal (P) Ltd., a premier travel operator based in Kathmandu. Having had decades long experience in Tourism sector and being a government registered trekking company, Encounters Nepal takes pride for being recognized by eight of the reputed national and international organizations. Were currently affiliated with: Trekking Agencies Association of Nepal (TAAN), Nepal Tourism Board (NTB), Nepal Mountaineering Association (NMA), Sustainable Tourism Network Nepal (STNN), Kathmandu Environmental Education Project (KEEP), Porter Progress Nepal (PPN), International Eco-Tourism Society (IETS), and Federation of National Tourism Nepal (FNTN). Moreover, our company is featured in and recommended by much-acclaimed Trip Advisor as well.
Based in Kathmandu, we have been successfully operating a number of reliable travel options for various trips to Nepal Himalayas, Bhutan, and Tibet. Since the inception, we have been largely providing our clients with opportunities for Sightseeing Tours, Cultural and Pilgrimage Tours, Trekking and Mountaineering, and all other sort of outdoor adventure trips inside and out of Nepal. Decade-long experience in Tourism industry has taught us a lot to excel up to be one of the most trusted travel operators of Nepal. The primary reasons behind this trust and success are the way we serve our clients and the way weve been organizing every sort of trips. The safety, security, and satisfaction of our clients have always been of paramount importance to us, and were never gonna compromise on this. We keep receiving huge appreciation from our valued clients from around the world, which we think, is our guiding light to make best out of your future trips.
If you are planning your next holiday in Nepal, let us know, we will help you plan and organize your life-defining trip to Nepal. We are much-appreciated for our excellent trips like Trekking in Nepal, Peak Climbing in Nepal, and Mountaineering in Nepal. To name few of the premier trips, well never miss out mentioning Everest Base Camp Trekking (and every possible treks in Everest Region), Annapurna Base Camp Trekking (and all other trips in Annapurna Region), Langtang Valley Trekking, Upper Mustang Trekking, Manaslu Circuit Trekking, Annapurna Circuit Trekking, Jomsom Muktinath Trekking, Ghorepani Poon Hill Trekking, Kanchenjunga Base Camp Trekking, Upper Dolpo Trekking, Tsum Valley Trekking, Island Peak Climbing, and Mera Peak Climbing among many others. Well, how can we not mention Tigers Nest Monastery in Bhutan Tours, Mt. Kailash and Mansarovar Lake in Tibet Trips?
Contact Address
Encounters (P.) Ltd.
[email protected]
Tel No.: 977-01-4411142
Cell: +977-9851090105
GPO Box: 21952,Thamel Marg
Thamel, Kathmandu, Nepal

Are you interested in obtaining a loan at an interest rate of 3%, you

need a loan for a business transaction, buying a car, house

purchase bad credit card and other E.T.C we give out long term loan

for five to fifty years maximum with 3% interest in
Maybe you like it

well tell us the amount you need so that we will send to you the terms and

provided that, if youre really interested in getting
loan from us,

Loans issued in Great British Pounds and U.S. dollar.

We can give you the best satisfaction in getting a loan from us. as

given guarantees and insurance that you will get your loan amount in your

Personal bank account in your country. What takes only 48 hours

Banking process. We also provide software and
unsecured loans for

Running your business. you can kindling reach us via < [email protected] >

Supertech Romano is the new project of Supertech Limited at Noida sector 118. Supertech Romano Noida facilitated with all world class facilities and amenities.

Supertech Oxford Square is new project launched by Supertech Limited at Noida Extension Greater Noida West. Oxford Square project offered 2/3/4 bhk luxurious apartments in Noida.

Supertech Eco Village 4 Greater Noida West will definitely become a great destination to live in near future

Wonderful and informative article. Thanks for sharing!

i needed to get a good car since my place of work is far from where i leave , i told my husband about my plans to get a

loan so that i can get a good car of my choice but my husband instructed and advise that i shouldnt apply for a loan

online because almost all loan lenders online are scammers so i had to wait for an extra 2 months but the stress was so much on me because this time around i was always getting late to work and my job was almost on the line and all effort to get a loan from my bank inst working through because i have a bad credit so with all this issues i had to get my mind crossed by applying for a loan online although i wont say that i was so smart for not been scammed but i strongly believe that it was the lords doing for directing me to this loan company owned by a woman like me . the name of the loan company is QUEENETH STARK LOAN COMPANY . i got my loan easily and quick contrary to what i was earlier told by my husband . I am now a proud owner of an SUV 2014 model car by virtue of the QUEENETH STARK LOAN COMPANY . i dont really know if you are seriously in need too but just incase you can reach them via [email protected] or [email protected]

Welcome you all to World Sight Journey, a Nepal-based travel operator offering world class trekking and touring services!
Established a decade ago, World Sight Journey has been specializing in providing premier trekking, expeditions, and touring packages in the various hotspot destinations of Nepal. Besides, we also have been organizing hiking, jungle safari, river rafting, bungee jumping and mountain biking packages successfully throughout the popular destinations of Nepal. Since the inception, World Sight Journey has been proudly showcasing the scenic beauty of glorious Himalayas, the grandeur of incredibly diverse and wonderful Nepalese culture, amazingly rich flora and fauna, some yet-to-be discovered landscapes and many more to its valued clients from around the globe. We are so proud to showcase Nepal to the world.
trekking in Nepal, Trekking Company in Nepal, Everest base camp Trekking, Annapurna Base Camp Trekking, Upper Mustang Trekking , Peak Climbing in Nepal, Manaslu Circuit Trekking, Kanchenjunga Trekking, Island Peak Climbing
P. O. Box :- 8765 Thamel, Kathmandu,
Nepal Mobile No:- +977-9851173315, 9849494604
Office Land Line : +977-1-4265838
Email:- [email protected]
Email :- [email protected]
Email:[email protected]
URL :-

My name is Mr Paul Ferdinand, i am from Chicago USA, married, i have been searching for a genuine loan company for the past 3 months and all i got was bunch of scams who made me to trust them and at the end of the day, they took my money without giving anything in return, all my hope was lost, i got confused and frustrated,i find it very difficult to feed my family, i never wanted to have anything to do with loan companies on net, so went to borrow some money from a friend, i told him all that happened and he said he can help me, that he knows a loan company that can help me, that he just got a loan from them, he directed me on how to apply for the loan, i did as he told me, i applied, i never believed but i tried and to my greatest surprise i got the loan within 24 hours, i could not believe, i am happy and rich again and i am thanking God that such loan companies like this still exist upon this scams all over the places, please i advise everyone out there who are in need of loan to go for < [email protected] > they will never fail, your life shall change as mine did.

My name is Mr Paul Ferdinand, i am from Chicago USA, married, i have been searching for a genuine loan company for the past 3 months and all i got was bunch of scams who made me to trust them and at the end of the day, they took my money without giving anything in return, all my hope was lost, i got confused and frustrated,i find it very difficult to feed my family, i never wanted to have anything to do with loan companies on net, so went to borrow some money from a friend, i told him all that happened and he said he can help me, that he knows a loan company that can help me, that he just got a loan from them, he directed me on how to apply for the loan, i did as he told me, i applied, i never believed but i tried and to my greatest surprise i got the loan within 24 hours, i could not believe, i am happy and rich again and i am thanking God that such loan companies like this still exist upon this scams all over the places, please i advise everyone out there who are in need of loan to go for < [email protected] > they will never fail, your life shall change as mine did.

A new launch property is usually under construction and it normally takes about three to four years for the condo project to be completed. So a buyer can wait it out and only need to decide whether to sell the property when it is completed or near completion.
By then, the value of that condo unit would have appreciated sufficiently to make a tidy profit and the SSD cost would be minimal or possibly none at all.
In the meantime, the buyer enjoys a progressive payment plan.

If you were to buy a resale condo unit, you have to pay the full property price upfront and so be committed to servicing a hefty bank loan right from the start.

Another advantage of buying properties at a new condo launch sales event is the assurance of having a one year defects liability period in which the developer has to make good any building defects that occurred. There is no such arrangement in the resale market. The buyer takes the unit as it is – you have no recourse against the seller if you find any defect once you have taken over the property.
Yet another advantage of booking a unit at a new launch event is that the buyer gets to choose the unit he wants. Of course you should aim to get in at the pre-launch stage where you will be given the priority to book units of your choice at new launch condominiums.

Buying a new condo in Singapore is very crucial thing. But your blog has done a great job for those who are looking for their new home in the vicinity of Singapore.Giving importance to these factors one must have to decide before buying a new dream home.

We are Christian Organization formed to help people in needs of helps,such as financial help.So if you are going through financial difficulty or you are in any financial mess,and you need funds to start up your own business,or you need loan to settle your debt or pay off your bills,start a nice business, or you are finding it hard to obtain capital loan from local banks, for the bible saysLuke 11:10 Everyone who asks receives; he who seeks finds; and to him who knocks, the door will be openedso do not let these opportunity pass you by because Jesus is the same yesterday, today and forever more.Please these is for serious minded and God fearing People.

Mrs. Rose Jones

good property read there, i google and found also this buy a condo article from international property agent , read how they did it also at

interesting good read as well

I am looking to buy a luxury real estate Singapore and these tips will definitely help me in finding the right one. I will need these tips because I dont want to end up wasting a lot of money.

Are you tired of Seeking Loans and Mortgages, have you been turned down constantly By your banks and other Financial Institutions or micro finance scheme. This is to let you know with 100% guarantee that we Offer loans ranging from $ 2,000 to $ 500,000,000 at 3% interest rate per Month. We give out LOANS for developing business a competitive edge/business expansion.
Be rest assure that We are certified, trustworthy, reliable, efficient, Fast and dynamic. and a co-operate financier for real estate and any kinds of business financing, we give out long term loan for 6 Month to 30 years maximum and all interest rate and calculate and allow to be pay annually.
We offer the following kinds of loans and many more; We offer the following loans to individuals-

*Personal Loans
*Commercial Loans
*Investments Loans
*Development Loans
*Consolidation Loans
*Student Loans
*Car Loans
*Mortgage Loans
*Acquisition Loans
*Construction loans
Business Loans And many More: If you are highly interested in our loan offer, kindly contact us via our e-mail id below. ( [email protected] )

Mr. George Coleman

So many answers, to find the right answer and to find a good and trusted loan lender online is very rare thats why Im pasting this judgement. What Mrs Tammy Ann Gina said about Mr Kevin Tetro is true, Hes really a genuine when it comes to lending of loan funds. I am Deborah Howe by name currently living in New Jersey, USA.. Am writing this judgement because am really grateful for what Mr Tetro did for me and my family, when I thought there was no hope he came and make a way for me and my family by lending us a business loan worth ($700,000) at a very low interest rate of 2% with better repayment schedule. I never thought that there are still God sent and genuine loan lenders online but to my greatest surprise i got my loan from Mr Tetro without wasting much time and now our family business is doing great. So if you are out there looking for a loan of any amount i would like to recommend you to Mr Tetro because he is a God sent that can change your life forever. So if you really want to make a better life without any fund scarcity, I would advise you to get in touch with them now through this e-mail below ([email protected]) Thanks

Like this post? Please share to your friends: