The short version
- The sticker price is not your full cost. Add Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD) if it applies to you, and legal fees.
- BSD is progressive and is due within 14 days of signing the Sale and Purchase Agreement.
- ABSD depends on citizenship and how many properties you already own. A Singapore Citizen buying a first property pays 0%.
- You pay a new launch in stages: about 20% by the end of the exercise stage, then progressive payments, with the bank funding most of them.
First-time buyers often budget for the price and the downpayment and forget the duties. This guide covers the main costs of buying a new launch condo such as Thomson Reserve. All price figures below are illustrations, not Thomson Reserve prices.
1. The booking fee
You pay a booking fee when you choose your unit, typically 5% of the purchase price, in cash form (cheque or cashier's order). On an imaginary $2,000,000 purchase this is $100,000. Our booking process guide explains the day itself.
2. Buyer's Stamp Duty (BSD)
Every buyer pays BSD, a progressive duty on the purchase price. Residential rates are:
| Portion of price | BSD rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Above $3,000,000 | 6% |
Worked example. On an imaginary $2,000,000 purchase: 1% of $180,000 is $1,800, 2% of $180,000 is $3,600, 3% of $640,000 is $19,200, 4% of $500,000 is $20,000, and 5% of the remaining $500,000 is $25,000. The total BSD is $69,600.
BSD is due within 14 days of signing the Sale and Purchase Agreement, so keep cash ready for it.
3. Additional Buyer's Stamp Duty (ABSD)
ABSD depends on who you are and how many residential properties you already own.
| Buyer profile | 1st property | 2nd property | 3rd and subsequent |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Permanent Resident | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| Entity | 65% | 65% | 65% |
Rates are those in effect from 27 April 2023. For joint buyers, the highest applicable rate among the buyers applies to the whole property value, so check the combination carefully before booking.
If you own an HDB flat
An HDB flat counts as a property. A married couple with at least one Singapore Citizen who buys a private condo while still owning their HDB flat pays ABSD at the 2nd property rate up front. They can apply for a refund if they sell the HDB flat within six months of the new property's completion or, for a new launch, within six months of its Temporary Occupation Permit or Certificate of Statutory Completion, whichever is earlier. Apply to IRAS within six months of the sale. Plan your cash flow around paying the ABSD first and being refunded later.
4. Legal fees and other costs
Budget for conveyancing legal fees, which are typically a few thousand dollars for a new launch, plus valuation or loan-related fees if your bank charges them. Ask your lawyer and bank for a quote early.
5. The progressive payment schedule
You do not pay the full price at once. An uncompleted new launch is paid in stages tied to building milestones.
| Stage | Share of price |
|---|---|
| Booking fee and exercising the option | About 20% in total (5% plus 15%) |
| Foundation and structural stages | 20% in total |
| Walls, ceiling, doors, windows, wiring, plumbing, car park and roads | 20% in total |
| Temporary Occupation Permit (TOP) | 25% |
| Certificate of Statutory Completion (CSC) | 15% |
Your Sale and Purchase Agreement sets out the exact stages and amounts. With a bank loan, you fund your downpayment first and the bank then disburses the loan stage by stage, so your monthly repayments grow gradually as more is drawn.
6. Putting it together: an illustration
For an imaginary $2,000,000 purchase by a Singapore Citizen buying a first property with a 75% bank loan:
| Item | Amount |
|---|---|
| Downpayment (25%) | $500,000, of which at least $100,000 in cash |
| BSD | $69,600 |
| ABSD | $0 |
| Legal and other fees | Budget a few thousand dollars |
This is an illustration only. Your actual figures depend on the price of your unit, your loan and your CPF.
FAQs
How much is BSD on a $2,000,000 condo?
$69,600 under the current residential BSD rates.
Do first-time buyers pay ABSD?
A Singapore Citizen buying a first residential property pays 0% ABSD. A Permanent Resident pays 5% and a foreigner pays 60%.
When do I pay stamp duty on a new launch?
Within 14 days of signing the Sale and Purchase Agreement.
Can I use CPF for stamp duty?
CPF Ordinary Account savings can be used toward the downpayment and progressive payments, subject to CPF rules. Check with CPF Board or your bank for stamp duty and fees.
What if I still own an HDB flat?
You pay ABSD at the 2nd property rate up front and may claim a refund if you sell the flat within the allowed window. See the section above and confirm with IRAS.