ADRIAN KOHERA Realty Network
Property Agent · Singapore

Adrian Koh

Marketing Director, ERA Realty Network
CEA License
R056451Z
Languages
English · Mandarin
Latest Award
Service Excellence 2026
ERA REALTY
NETWORK
Licensed Agent
Introduction

Adrian Koh is a property agent / real estate salesperson in Singapore, currently with ERA Realty Network. Adrian has earned his latest award in the Service Excellence category for Annual 2026, building on a track record that spans the ERA Million Dollar Club and multiple years of Service Elite recognition.

Specialising in new launch condominiums and resale properties across Singapore, Adrian works closely with buyers, sellers, and investors to navigate the market with clarity and confidence — from first viewing to final handover.

English
Mandarin 中文
Portfolio

Recent New Launch Projects

View all new launch projects »
Track Record

Awards Received

Annual 2026

Service Excellence

Annual 2025

Service Excellence

Annual 2021

Service Elite

Dec 2020

ERA Million Dollar Club

Get In Touch

Contact Adrian

Have a question about a new launch, resale listing, or your property's current value? Reach out — I'll get back to you personally.

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Mobile: +65 9820 1228
License: R056451Z
Firm: ERA Realty Network Pte Ltd (L3002382K)
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Portfolio · Updated Regularly

Latest New Launch Projects in Singapore

A curated list of the newest condominium launches Adrian is currently representing. Select a project below to view full details, pricing, and floor plans.

1 project currently listed
New Launch Buyer's Guide

Buying a New Launch: From Showflat to Keys

Buying directly from a developer works differently from a resale purchase — you view a showflat rather than the actual unit, pay in stages as the building goes up, and wait years rather than weeks for keys. Here's what to expect at each step: viewing the showflat, working out your downpayment, and the full payment schedule through to completion.

Step One

Viewing the Showflat

The showflat is designed to sell — which means it's worth knowing what to look past, and what to actually ask.

01

Book a Viewing Slot

Register with the developer or through Adrian ahead of the launch. Popular launches ballot for a queue number that determines the order in which buyers get to select a unit and book.

02

Check Real vs. Advertised Size

Showflat furniture is often scaled down to make rooms look larger than they are. Compare against the actual floor plan dimensions rather than the feel of the room alone.

03

Ask What's "Artist's Impression"

Finishes, fittings, and even ceiling heights in the showflat unit may differ from the standard specification. Ask the sales team which items are actually included.

04

Study the Site Plan, Not Just the Unit

Check which stack you're buying into, what it faces, and whether nearby low-rise sites could later be redeveloped and block your view — the URA Master Plan is worth a look here too.

05

There's No Buyer's Agent Fee

For new launches, the developer pays agent commission — not you. Working with Adrian to view and book costs you nothing extra on top of the listed price.

06

Get the Full Price List & Payment Schedule

Ask for the complete unit price list (not just the unit you like) and the Progressive Payment Schedule, so you know exactly what's due and when before you commit.

Step Two

Computing Your Downpayment

Booking a new launch unit starts with two payments totalling 20% of the purchase price — well before any bank loan is disbursed.

Due on Booking

Option Fee — 5%

Paid in cash (a cheque, typically) to secure the Option to Purchase (OTP) on your chosen unit. This cash requirement can't be paid using CPF.

Due Within 8 Weeks

Exercise of OTP — 15%

Paid on signing the Sale & Purchase Agreement to exercise the OTP, bringing your total down payment to 20%. This portion can be cash, CPF Ordinary Account funds, or a mix of both.

Also Due Around Now

Buyer's Stamp Duty

Payable within 14 days of signing the S&P — see the Stamp Duties guide for the exact tiered rates, and ABSD if this isn't your first property.

Don't Forget

The Remaining 5% — Due at Foundation Stage

The maximum bank loan is 75% of the purchase price (Loan-to-Value), which means your total downpayment is actually 25%, not 20%. The 5% Option Fee and 15% Exercise of OTP only cover 20% — the final 5% still has to come from cash or CPF, and is due when the foundation work milestone is completed (the next 10% payment in the schedule below). Only from that point on does the bank's loan start disbursing, covering the rest of that 10% tranche and every tranche after it.

Worked Example: Initial Outlay on a $1,500,000 Unit
Item
Option Fee (5%, cash on booking)$75,000
Exercise of OTP (15%, cash/CPF, within 8 weeks)$225,000
Buyer's Stamp Duty (BSD)$44,600
Total due in the first ~2 months$344,600
Plus: remaining 5% downpayment, due at foundation stage$75,000

This figure excludes ABSD, which applies if it isn't your first residential property. Together, the amounts above make up your full 25% downpayment — only the remaining 75% of the purchase price is drawn progressively from your bank loan as construction proceeds, starting at that same foundation milestone. See the full schedule below.

At a Glance

Payment Schedule Flowchart

The full sequence from booking to stamp duty, visualised — including the updated Buyer's Stamp Duty and ABSD figures (current rates as of August 2026, not the older formulas some flowcharts still circulate with).

1. Booking
Signing of Option to Purchase (OTP)

Option Fee (Booking Fee) = 5% of Purchase Price

Cash Only
S&P to be delivered to the buyer or their lawyer within 14 days from the date of the option
2. OTP Validity
Option to Purchase Becomes Valid

For 3 weeks after delivery of the Sale & Purchase (S&P) Agreement

If OTP is not exercised

75% of Booking Fee is refunded

If OTP is exercised within the validity period
3. Exercise the OTP
Sign & Return, Then Pay the Balance Downpayment

① Sign and return the S&P to the developer

② Pay the downpayment, less the booking fee already paid — some developers allow this within 8 weeks of the OTP signing instead

Cash and/or CPF
Within 14 days of signing the S&P (OTP exercise date)
Buyer's Stamp Duty & ABSD

Buyer's Stamp Duty (BSD) — tiered:

First $180,0001%
Next $180,0002%
Next $640,0003%
Next $500,0004%
Next $1,500,0005%
Remaining balance6%

Additional Buyer's Stamp Duty (ABSD), if applicable:

Singapore Citizen — 1st / 2nd / 3rd+0% / 20% / 30%
PR — 1st / 2nd / 3rd+5% / 30% / 35%
Foreigner — any property60%
Cash and/or CPF
Within 8 weeks of the Booking Date
Remaining Downpayment

Pay the remaining 15% downpayment

Cash and/or CPF
BSD and ABSD figures shown here reflect current rates (BSD in effect since 15 Feb 2023, ABSD since 27 Apr 2023) — see the Stamp Duties guide for the full breakdown. Adapted from the standard developer sale process under the Housing Developers Rules; individual project timelines and developer terms can vary slightly.
Step Three

Project Progress Schedule & Payment

New launch units are typically sold "off the plan," under construction. Instead of paying the full price on completion, you pay in stages as the building reaches each milestone — a structure set out in the Housing Developers Rules and known as the Progressive Payment Scheme (PPS).

Construction Milestone
Booking — Option to Purchase issued5%
Exercise of OTP — Sale & Purchase Agreement signed15%
Foundation work completed10%
Reinforced concrete framework completed10%
Partition walls completed5%
Roofing / ceiling completed5%
Door & window frames, electrical wiring, plumbing completed5%
Car park, roads & drains within the development completed5%
Temporary Occupation Permit (TOP) issued25%
Certificate of Statutory Completion (CSC) issued15%

A few things worth knowing about how this plays out in practice:

  • Your bank loan is drawn down in tranchesThe bank releases funds to match each completed milestone from the foundation stage onward — you're only charged interest on what's actually been disbursed, not the full loan amount.
  • Instalments start small and growEarly monthly repayments are modest since only a small portion of the loan has been drawn; they step up at each milestone and reach the full instalment only after TOP and CSC.
  • TOP means keys, not full ownership yetOnce TOP is issued you can collect keys and move in or rent out the unit — but the 15% CSC payment, marking full legal completion, typically follows another 6–12 months later.
  • Total timelineFrom booking to TOP typically runs 2.5–3.5 years for a mid-sized project, with a further 6–12 months to CSC — plan your finances (and any existing lease) around that horizon.
The percentages above reflect the standard schedule under the Housing Developers Rules; always confirm the exact figures in your project's Sale & Purchase Agreement, as some developers structure stages slightly differently. This is general information, not financial advice — speak with Adrian and your bank for guidance specific to the project you're considering.
New Launch Buyer's Guide

Buying a New Executive Condominium (EC)

An EC is hybrid housing — sold new by a private developer like a condo, but with HDB-style eligibility rules and subsidies attached, before it eventually becomes a fully private property. A major rule change took effect on 8 May 2026 that reshapes almost everything about buying a new EC today — the Minimum Occupation Period, the payment structure, and how units are allocated. Here's what's changed, who's eligible, and what the payment schedule looks like now.

Before You Apply

Are You Eligible?

A new EC sits between HDB and private property, so it borrows eligibility rules from the HDB side even though a private developer builds and sells it.

Who Can Apply

Family Nucleus, With ≥1 Citizen

At least one applicant must be a Singapore Citizen — the other can be a Citizen or a Permanent Resident. Valid arrangements: the Family Scheme, Fiancé/Fiancée Scheme, Orphan Scheme, or the Joint Singles Scheme (two singles, at least one an SC, both aged 35+).

Income Ceiling

$18,000/Month Household Income

Applies only to a new EC bought directly from a developer — a resale EC has no income ceiling at all, the same as any private resale condo.

Age

21+ (35+ for Joint Singles)

Standard Family Scheme applicants must be 21 or older; the Joint Singles Scheme has a higher 35+ bar, matching HDB's own singles scheme age requirement.

Who Can't Buy a New EC A PR/PR couple cannot buy a new EC — one applicant must always be a Singapore Citizen. Foreigners cannot buy a new EC at all. A single buyer under 35 cannot buy one either, unless applying jointly with another single under the Joint Singles Scheme (both 35+). Any of these can still buy a resale EC once it's past its Minimum Occupation Period, subject to the same rules as buying a resale private condo.
Current as of August 2026

The Big Rule Change: What's Different Since 8 May 2026

MND and HDB tightened the EC scheme to curb short-term flipping and push it back toward genuine home-ownership. The new rules apply to every EC Government Land Sales (GLS) site with a tender closing date on or after 8 May 2026 — which, by now, covers effectively every EC still to be launched. A handful of sites already awarded before that date (Senja Close, Sembawang Road, Miltonia Close, and both Woodlands Drive 17 sites) are grandfathered under the old rules, so it's still worth double-checking which regime a specific project falls under before you commit.

What ChangedOld Rule (Grandfathered Sites)New Rule (8 May 2026 Onward)
Minimum Occupation Period (MOP)5 years10 years
Full privatisation (can sell to foreigners)10 years15 years
Payment structureDeferred Payment Scheme (DPS) optionalDPS removed — Normal Payment Scheme only
First-timer unit allocation70% of units90% of units
First-timer priority window1 month2 years
Why This Matters Most: The MOP and Privatisation Timeline Both Doubled (Then Some)

The classic "buy an EC, wait 5 years, sell at a profit" playbook that ECs were known for no longer applies to a new launch today. You're now committing to a 10-year hold before you can sell, rent out the whole unit, or buy another residential property — and a further 5 years beyond that (15 total) before the unit can be sold to a foreign buyer. Weigh this holding horizon carefully against your own plans before booking a unit.

Good News, One Less Thing to Learn

Payment Schedule — Now Identical to a Private Condo

With the Deferred Payment Scheme gone, every new EC now uses the same Normal Payment Scheme (Progressive Payment Scheme) as a private condo new launch — the same milestones, the same percentages, the same bank loan drawdown mechanics.

Due on Booking

Option Fee — 5%

Cash only, to secure the Option to Purchase (OTP) — can't be paid with CPF.

Due Within 8 Weeks

Exercise of OTP — 15%

Cash and/or CPF Ordinary Account, bringing the total to 20% on signing the Sale & Purchase Agreement.

Due at Foundation Stage

The Remaining 5%

Since the maximum bank loan is 75% LTV, your true downpayment is 25%, not 20% — see the full walkthrough (including a worked example) on the Private Condominium new-launch guide, which now applies here too.

The full Progressive Payment Scheme, milestone by milestone:

Construction Milestone
Booking — Option to Purchase issued5%
Exercise of OTP — Sale & Purchase Agreement signed15%
Foundation work completed10%
Reinforced concrete framework completed10%
Partition walls completed5%
Roofing / ceiling completed5%
Door & window frames, electrical wiring, plumbing completed5%
Car park, roads & drains within the development completed5%
Temporary Occupation Permit (TOP) issued25%
Certificate of Statutory Completion (CSC) issued15%
Under the old, now-grandfathered Deferred Payment Scheme, a buyer could pay just the initial 20% and defer the rest to TOP (often for a 2–3% premium on the purchase price) — that option no longer exists for a new EC launched under the post-8-May-2026 rules.
Money In, Money Out

CPF Housing Grant & Stamp Duty

Grant

CPF Housing Grant for ECs

Up to $30,000 for an SC/SC household or $20,000 for an SC/PR household, tapering to $0 as income approaches the $18,000/month ceiling — first-timers only. A resale levy (up to $55,000) applies if you've bought a subsidised flat or EC before. Full detail on the HDB Housing Grants guide.

Stamp Duty

Same as Private Property

An EC — new or resale — is taxed under the standard private-property Buyer's Stamp Duty and Additional Buyer's Stamp Duty schedule, not HDB's rules. In practice, ABSD rarely bites on a first EC purchase, since eligibility already requires at least one Citizen applicant and rules out a PR/PR household. Full tables on the Stamp Duties guide.

The Long Game

Minimum Occupation Period & Beyond

For an EC launched under the current (post-8-May-2026) rules, here's how ownership restrictions ease over time.

Milestone
Years 0–10 (Minimum Occupation Period)Can't sell, rent out the whole unit, or buy another residential property
Year 10 (MOP ends)Can sell or rent to Singapore Citizens & PRs
Year 15 (full privatisation)Can sell to anyone, including foreigners — treated exactly like a private condo
MOP and privatisation figures above are the new (post-8-May-2026) rules and apply to virtually every EC still to be launched; the small number of grandfathered sites named earlier on this page instead follow the old 5-year MOP / 10-year privatisation timeline. This page draws on ERA Singapore's own commentary on the policy change, and independent reporting corroborating the effective date, grandfathered site list, and exact figures — see ERA's commentary on the EC policy changes and reporting on the new EC measures, alongside MND's official announcement, "Strengthening the Executive Condominium Housing Scheme and Supporting First-Time Home Buyers." Eligibility, income ceiling, and grant figures are cross-checked against HDB's own published EC eligibility conditions. Rules can change again — always confirm current conditions with HDB or Adrian before committing to a specific project. This is general information, not financial or legal advice.
If You've Owned Subsidised Housing Before

The Resale Levy

A new EC bought directly from a developer is treated as subsidised housing, same as a BTO flat. If you've already benefited from a housing subsidy once — a BTO, an SBF unit, a DBSS flat, or an EC bought new from a developer — buying another one makes you a second-timer, and HDB claws back part of that earlier subsidy through the resale levy.

Your Prior Subsidised FlatResale Levy
2-Room Flexi flat$15,000
3-Room flat$30,000
4-Room flat$40,000
5-Room flat$45,000
Executive flat$50,000
Executive Condominium (EC)$55,000
Halved for a single applicant who bought their first flat alone under HDB's Singles scheme. These fixed amounts have applied since a 2006 reform of the levy system and don't depend on your first flat's sale price.
When It Doesn't Apply The levy is only triggered by buying a second subsidised flat or a new EC from a developer. It does not apply if you're buying a resale EC, a resale HDB flat, or private property — and it never applied at all if your first flat was itself bought on the resale market without a CPF Housing Grant, since you were never a subsidised buyer in the first place. Payment is due in cash or from your first flat's CPF refund — it can't be paid using a housing loan or a fresh CPF Ordinary Account top-up. For a new EC, the levy amount is confirmed and must be settled at the point you book your unit; it can't be deferred to a later date the way some older HDB purchases once allowed.
Figures reflect HDB's resale levy schedule as published on HDB's Conditions After Buying a New Flat page, current as of August 2026. Always confirm your specific quantum with HDB, as it depends on the prevailing policy at the time you sold your first flat, not when you buy your second. This is general information, not financial or legal advice.
Buyer's Guide

Factors to Consider Before Buying a Condominium

A practical checklist Adrian walks clients through — the market fundamentals behind property value, the due-diligence factors worth checking on any condo, and how priorities shift depending on whether you're buying to live in or to invest.

Why Property Holds Value

Two Fundamentals Worth Remembering

Before getting into the checklist, it helps to understand the two forces underpinning property value in Singapore.

01

Population is constantly growing

As Singapore's population continues to grow, so does demand for property. More people competing for a limited supply of homes and land is the underlying force behind long-term property demand.

02

The structure depreciates — the land appreciates

The physical building depreciates over time as it ages. It's the land beneath the structure that appreciates in value — which is why location and land scarcity tend to matter more, long-term, than a unit's finishes or fittings.

Due Diligence

Common Factors to Evaluate

Whether you're buying to live in or to invest, these are the factors worth checking on any condominium you're considering.

01

Real Estate Market Timing

Is now a good time to buy or invest, given where the market cycle currently stands?

02

Project Developer

Does the developer have a proven track record of quality and timely delivery?

03

Age of the Property

How old is the development, and what does that mean for its remaining lease and upkeep?

04

Entry Price

Compare the per-square-foot price against surrounding condos of a similar age — is it competitive?

05

Transportation

How easy is access to public transport (bus/MRT), expressways, and other key routes?

06

Environment

What surrounds the property — and how does that affect its outlook and long-term liveability?

07

Maintenance Fees

What are the monthly maintenance fees, and are they reasonable for the facilities provided?

08

Estate Maturity

How "mature" is the estate — established with full amenities, or still developing?

09

Tenure

Freehold or 99-year leasehold — and if leasehold, how much lease remains, since this affects both financing and resale value over time.

10

Unit Orientation & Facing

North-South facing units are generally preferred in Singapore's climate; west-facing units can get uncomfortably hot from the afternoon sun.

11

View & Obstruction Risk

A premium view today isn't guaranteed tomorrow — check the URA Master Plan for nearby sites that could be developed and block it.

12

Layout Efficiency

How much of the built-up area is actually usable, versus lost to odd corners, bay windows, or planter boxes?

13

Developer & Builder Quality Track Record

BCA's CONQUAS Banding rates developers and builders from Band 1 (very few defects) to Band 6, based on their past six years of projects — checkable on BCA's Quality Housing Portal.

14

Sinking Fund Health

For older or resale units, check whether the development's reserve/sinking fund is healthy enough to cover major repairs, like lift replacements, without a big top-up call from owners.

Points 13 and 14 draw on the Building and Construction Authority's condo buyer guidance and CONQUAS Banding system. See BCA's "Before Owning a Condo" guide and the Quality Housing Portal to look up a specific developer or builder's rating.
If You're Buying to Live In

Own Occupation Priorities

  • LocationProximity to schools and your workplace.
  • Nearby Amenities & FacilitiesAre essential services, shops, and food options close by?
  • Unit SizeDoes the unit size suit your household's needs?
  • Freedom of SpaceIt's often more logical to buy one bigger unit than several smaller ones — you get more usable space for the same outlay.
  • Heat & Noise PollutionConsider the unit's orientation and surroundings — exposure to sun, traffic, and noise.
  • Style of the PropertyFamily-oriented design and facilities, such as kids' pools and playgrounds, if that fits your household.
  • Privacy & Neighbours per FloorMost condos have around 4 to 7 units sharing a floor; premium developments with fewer units — sometimes with a private lift lobby — offer more privacy at a price.
If You're Buying to Invest

Investment Priorities

  • LocationWhether you personally like the location isn't what matters — it's whether your future tenant or buyer will like it.
  • Freedom of SpaceTwo 2-bedroom units are often a better buy than one 4-bedroom — smaller units are easier to rent out.
  • Surrounding Property ValueHow the values of nearby properties are trending.
  • URA Master PlanConsider newer areas with high growth potential as outlined in the URA Master Plan.
  • Time to TOPThe nearer the Temporary Occupation Permit date, the sooner you can start renting the unit out.
  • Style of the PropertyInvestment-oriented layouts, such as dual-key units, can widen your pool of tenants or buyers.
Most Important, Either Way: Capital Appreciation Potential This depends on sustainable demand meeting a shortage of supply — and it matters whether you're buying to live in or to invest, since it shapes what your home will be worth down the road. Younger estates and non-central regions often benefit here — while the population in these areas grows quickly, new developments remain limited. As a young estate matures over time, condominiums acquired early on tend to increase in value.
The Buying Process

Factors to Consider for a Buyer

Beyond the property itself, how you approach the search, the pricing, and the financing makes a real difference to the outcome. Here's the process Adrian walks buyers through, start to finish.

01

Find Something That's Right for You

Every buyer's needs are different. Get clear on your own priorities — space, budget, purpose — before you start viewing, so the options don't overwhelm you.

02

Evaluate the Location

Proximity to MRT/bus, expressways, schools, and workplaces. Location remains the single biggest driver of both livability and long-term value.

03

Be Informed About Prices

Check actual transacted prices — not just asking prices — using resources like URA's REALIS caveats for the project and surrounding area.

04

Know the Market Rate

Compare psf rates against units matched on tenure, size, location, floor, view, and furnishing — like-for-like comparisons, not broad averages.

05

Understand How Prices Have Been Trending

Look at the trajectory over the past few years, not a single snapshot, to judge whether momentum is building or cooling.

06

Push on Getting a Better Price

Use comparable transactions and time-on-market as leverage — sellers and developers often have more room to move than the asking price suggests.

07

Take Note of Supply Risk

Check how many new units are launching or completing nearby over the next few years — a wave of new supply can cap both price growth and rental rates.

08

Consider Alternatives

Don't fixate on a single project. Shortlist a few options so you have a realistic sense of value — and stronger footing to negotiate.

09

Plan Your Finances

Map out the full cost — downpayment, stamp duties, legal fees, renovation — and confirm affordability under TDSR/MSR before you commit.

10

Get the Right Home Loan

Compare packages across banks — fixed vs. floating rates, lock-in periods, repricing terms. The lowest headline rate isn't always the best fit for your plans.

11

Time Your Purchase Around Policy

Cooling measures — ABSD, LTV limits, loan curbs — shift periodically. Knowing where the market sits in that cycle affects both pricing and your total cost.

12

Get an In-Principle Approval & Engage a Lawyer

Secure an In-Principle Approval (IPA) from a bank before you commit, and have a conveyancing lawyer review the Option to Purchase and title before you exercise it.

Points 11 and 12 draw on standard property-buying practice in Singapore — checking transacted prices via URA's REALIS caveats, and securing bank pre-approval and legal review before exercising an Option to Purchase. This is general information, not financial or legal advice; Adrian can walk you through the specifics for your situation.
Buyer's Guide

Purchase Eligibility in Singapore

What you're allowed to buy depends heavily on your residency status. Here's how eligibility breaks down for Singapore Citizens, Singapore Permanent Residents, and foreigners — across HDB flats, Executive Condominiums, private property, and landed homes.

Quick Reference

What Can You Buy?

A snapshot across the main property types. "Conditional" means it's allowed, but subject to specific eligibility rules or government approval.

Property Type Singapore Citizen (SC) Singapore PR (SPR) Foreigner
HDB Flat — New (BTO / Sale of Balance Flats) Yes No No
HDB Flat — Resale Yes Conditional No
Executive Condo — New (from developer) Yes No No
Executive Condo — Resale (past MOP) Yes Yes No
Private Condo / Apartment (incl. fully privatised EC) Yes Yes Yes
Strata Landed House (within an approved condo development) Yes Yes Yes
Landed Property — standalone (bungalow, semi-D, terrace) Yes LDAU Approval LDAU Approval
Yes Free to buy, no approval needed Conditional Allowed, subject to conditions or approval No Not eligible
By Buyer Profile

Eligibility, Explained

The rules behind the table above, broken down by residency status.

Full Access

Singapore Citizens (SC)

  • HDB FlatsEligible to buy new (BTO / Sale of Balance Flats) as the main applicant, or resale, subject to standard age, family nucleus, and income eligibility rules.
  • Executive CondominiumsCan buy a new EC directly from a developer as part of an eligible family nucleus with at least one Citizen applicant, subject to EC eligibility conditions (age 21+, household income ceiling, not owning other property) — see the Executive Condominium new-launch guide for the full current rules.
  • Private & Landed PropertyFree to buy any private condo, apartment, or landed home (bungalow, semi-detached, terrace) anywhere in Singapore, without approval.
  • Stamp DutyLowest exposure — 0% ABSD on a first residential property, 20% on a second, 30% on a third and beyond.
Conditional Access

Singapore PRs (SPR)

  • HDB FlatsNot eligible for a new flat (BTO/SBF) or a new EC as main applicant — these are reserved for citizens. Can buy a resale HDB flat after holding PR status for at least 3 years, with an eligible family nucleus (another SC or PR), subject to the Ethnic Integration Policy and SPR quota.
  • Executive CondominiumsCan buy a resale EC once it has passed its Minimum Occupation Period (5 or 10 years, depending on when the project was launched — see the EC new-launch guide).
  • Private PropertyFree to buy private condos, apartments, and strata-landed homes in approved condo developments, without approval.
  • Standalone Landed PropertyRequires approval from the Land Dealings Approval Unit (LDAU). In practice this is rare — generally needs 5+ years of PR status and a significant economic contribution to Singapore.
  • Stamp Duty5% ABSD on a first property, 30% on a second, 35% on a third and beyond.
Most Restricted

Foreigners (Non-PR)

  • HDB FlatsCannot buy any HDB flat, new or resale. A foreign spouse of a Singapore Citizen may live in a resale flat under the Non-Citizen Spouse Scheme, but holds no ownership share.
  • Executive CondominiumsCannot buy a new EC, nor a resale one still within its Minimum Occupation Period — only an EC that has reached full privatisation (10 or 15 years, depending on launch date) can be sold to a foreigner, same as any other private condo. See the EC new-launch guide for the current timeline.
  • Private PropertyFree to buy private condos, apartments, and strata-landed homes in approved condo developments, without approval.
  • Standalone Landed PropertyRequires LDAU approval, rarely granted outside Sentosa Cove — and even there, only for owner-occupation, not rental.
  • Stamp DutyA flat 60% ABSD on any residential purchase, first property or otherwise. Nationals of the US, Iceland, Liechtenstein, Norway, and Switzerland get citizen-equivalent 0% ABSD on a first property under Free Trade Agreement terms — this affects stamp duty only, not what property types they're eligible to buy.
This overview draws on HDB's eligibility schemes and the Singapore Land Authority's guidance under the Residential Property Act 1976. Rules, quotas, and approval criteria can change and individual circumstances vary — this is general information, not legal advice. For the definitive position, see hdb.gov.sg and SLA's foreign ownership of property page, or speak to Adrian directly about your specific situation.
Buyer's Guide

Stamp Duties for Buying/Selling Property in Singapore

Buying or selling a residential property in Singapore can attract up to three separate stamp duties, depending on your situation. Here's a quick reference to each — rates current as of August 2026. Always confirm the exact figure with IRAS or your conveyancing lawyer before committing to a purchase or sale.

Payable by every buyer

Buyer's Stamp Duty (BSD)

Tiered on the purchase price or market value, whichever is higher
Portion of value
First $180,0001%
Next $180,0002%
Next $640,0003%
Next $500,0004%
Next $1,500,0005%
Remaining balance6%
Applies to every residential purchase regardless of citizenship or how many properties you already own. Rates in effect since 15 Feb 2023.
Payable on top of BSD

Additional Buyer's Stamp Duty (ABSD)

Depends on residency status and number of properties owned
Buyer profile
Singapore Citizen — 1st property0%
Singapore Citizen — 2nd property20%
Singapore Citizen — 3rd & subsequent30%
PR — 1st property5%
PR — 2nd property30%
PR — 3rd & subsequent35%
Foreigner — any property60%
Entity / company65%
Rates in effect since 27 Apr 2023. Married couples with a Singapore Citizen spouse and eligible HDB upgraders may qualify for remission.
Payable on early resale

Seller's Stamp Duty (SSD)

Charged if you sell within the holding period after purchase
Held for
Up to 1 year16%
More than 1, up to 2 years12%
More than 2, up to 3 years8%
More than 3, up to 4 years4%
More than 4 years0%
Applies to residential properties purchased on or after 4 Jul 2025 (4-year holding period). Properties bought between 11 Mar 2017 and 3 Jul 2025 follow the earlier 3-year, 12%/8%/4%/0% schedule. HDB flats are unaffected due to the Minimum Occupation Period.
Stamp duty is computed on the higher of the transacted price or the property's market value, and is generally payable within 14 days of signing the Option to Purchase or Sale & Purchase Agreement. These figures are provided for general reference only and are not tax or legal advice — rates are set by the Ministry of Finance and IRAS and can change. For the definitive, up-to-date schedule, see iras.gov.sg/taxes/stamp-duty. Renting instead? See our guide to Stamp Duty on Renting a Property for how Lease Duty on a tenancy agreement is calculated.
Buyer's Guide

Stamp Duty on Renting a Property in Singapore

A tenancy agreement is a stampable document too — separate from the Buyer's, Additional Buyer's, and Seller's Stamp Duty that apply when a property changes hands. Here's how Lease Duty on a rental agreement is calculated, current as of August 2026.

Renting a Property

Lease Duty: Stamp Duty on Tenancy Agreements

Lease Duty is computed on the Average Annual Rent (AAR) — the higher of the average annual contractual rent or the average annual market rent, including any other consideration under the agreement (e.g. a non-refundable payment to the landlord) — not simply the headline monthly rent. It's separate from Buyer's, Additional Buyer's, and Seller's Stamp Duty, covered in our Types of Stamp Duties in Singapore guide, which only apply when a property changes hands.

Lease Term of 4 Years or Less

0.4% of Total Rent

Formula
Lease Duty0.4% × Total Rent
"Total Rent" here means the full rent (and other consideration) payable over the entire lease period — e.g. monthly rent × number of months.
Lease Term Over 4 Years, or Indefinite

0.4% of 4 × AAR

Formula
Lease Duty0.4% × (4 × AAR)
Duty is effectively capped at 4 years' worth of rent no matter how much longer the actual lease term runs — a long lease is never charged more Lease Duty than a 4-year one at the same rent.
Good to Know A tenancy with an AAR of $1,000 or less is exempt from Lease Duty entirely. By long-standing market convention (and often written into the tenancy agreement itself), the tenant bears this cost, though it's technically negotiable between the parties. Like the other duties on this page, it must be stamped within 14 days of signing if the agreement is executed in Singapore (30 days if signed overseas) — an unstamped tenancy agreement can't be used as evidence in court if a dispute arises. A renewal of the lease is treated as its own separate document and is separately dutiable when it's executed, even if the rent doesn't change.
Worked Example

Same Rent, Two Different Lease Lengths

Take a unit rented at $5,000/month, and compare a 2-year lease against a 5-year lease at the same rent — the second falls under the "over 4 years" rate, capped at 4 years' worth of AAR.

2-Year Lease (≤ 4 Years)

0.4% of Total Rent

Monthly rent$5,000
Total rent (24 months)$120,000
Lease Duty (0.4% × $120,000)$480
5-Year Lease (> 4 Years)

0.4% of 4 × AAR

Average Annual Rent (AAR)$60,000
4 × AAR$240,000
Lease Duty (0.4% × $240,000)$960
The 4-Year Cap in Action

At the same $5,000/month rent, the 5-year lease pays $960 in Lease Duty — not $1,200, which is what 0.4% of the full 5 years' rent ($300,000) would otherwise come to. The "4 × AAR" rule means Lease Duty never charges for more than 4 years of rent, regardless of how long the actual lease term is.

Lease Duty rates (0.4%, with the 4-year AAR cap for longer or indefinite leases) have been unchanged since 22 Feb 2014 and remain current as of August 2026. Source: IRAS — Renting a Property and IRAS's published Lease Duty rate schedule. This is general information, not tax or legal advice — confirm the exact figure with IRAS's e-Stamping portal or your agent before signing.
Buyer's Guide

Financing Your Property Purchase

How much a bank will lend you comes down to three things: the Loan-to-Value limit, the Total Debt Servicing Ratio, and — for joint borrowers — the Income-Weighted Average Age. Here's how each one works, and what it actually costs a foreigner in cash to buy a $2 million condo.

Financing

How Much Can You Borrow: Loan-to-Value (LTV) Limits

The Monetary Authority of Singapore (MAS) caps how much a bank can lend you as a percentage of the property's price or valuation, whichever is lower. This cap — the Loan-to-Value ratio — drops each time you take on another outstanding housing loan, so the amount you can borrow depends heavily on how many properties you already own.

First property
75% LTV
No outstanding housing loan
Bank financing: up to 75% of price / valuation
Downpayment: 25%, of which at least 5% must be cash — the rest can be CPF Ordinary Account or cash
Second property
45% LTV
One outstanding housing loan
Bank financing: up to 45% of price / valuation
Downpayment: 55%, of which at least 25% must be cash — the rest can be CPF or cash
Third property & beyond
35% LTV
Two or more outstanding housing loans
Bank financing: up to 35% of price / valuation
Downpayment: 65%, of which at least 25% must be cash — the rest can be CPF or cash
LTV applies to the lower of the purchase price or the bank's valuation — any amount paid above valuation must be settled entirely in cash. The limit steps down by a further 5 percentage points if the loan tenure exceeds 30 years, or if the loan tenure plus your age at the end of the loan exceeds 65. HDB loans follow a separate 75% LTV cap set by HDB, not by your bank. Borrowing is also subject to the Total Debt Servicing Ratio (TDSR), and actual loan offers vary by bank and by your income and credit profile. These limits are set by MAS and can be revised — this is general information, not financial advice; confirm current limits at mas.gov.sg or with your bank.
Financing

TDSR, Income-Weighted Average Age & Loan Tenure

Beyond LTV, three more rules determine what a bank will actually approve — how much of your income can go toward debt, how a joint application's age is calculated, and how long you're allowed to repay.

The 55% Cap

Total Debt Servicing Ratio (TDSR)

  • Caps all your monthly debt repayments — including the new home loan — at 55% of gross monthly income.
  • Applies to every property loan in Singapore, HDB and private alike.
  • Variable income (bonuses, commission, rental income) is only counted at 70% of face value.
  • Banks stress-test your affordability at a minimum interest rate of around 4% p.a., even if your actual rate is lower.
  • Existing debts count too — car loans, personal loans, and credit card balances all eat into your 55% headroom.
For Joint Borrowers

Income-Weighted Average Age (IWAA)

  • When two or more people borrow together, banks don't use the youngest or a simple average age — they weight it by each borrower's income.
  • FormulaIWAA = (Age A × Income A + Age B × Income B) ÷ (Income A + Income B)
  • ExampleA 58-year-old earning $8,000/month with a 32-year-old co-borrower earning $2,000/month gives an IWAA of about 52 — skewed toward the higher earner's age.
  • A higher IWAA shortens your maximum loan tenure, so pairing with a higher-earning younger co-borrower generally works in your favour.
How Long You Can Borrow

Loan Tenure

  • Maximum tenure for the full 75% LTV is 30 years for private property (25 years for HDB loans), or until the borrower — or the IWAA — turns 65, whichever comes first.
  • Some banks allow longer tenures, but this pushes your maximum LTV down, meaning a larger downpayment.
  • A shorter tenure means higher monthly instalments but less total interest paid; a longer tenure spreads the cost but usually costs more overall.
Worked Example: Cash Needed by a Foreigner Buying a $2,000,000 Condo
Item
Purchase price$2,000,000
Bank loan (75% LTV, qualifying tenure & age)– $1,500,000
Downpayment (25% — all cash, since foreigners typically have no CPF account)$500,000
Buyer's Stamp Duty (BSD)$69,600
Additional Buyer's Stamp Duty (ABSD, 60% for a foreigner)$1,200,000
Total cash required≈ $1,769,600

That's roughly 88% of the purchase price in cash — because ABSD must be funded entirely in cash or other liquid assets (banks won't lend against it), and most foreigners have no CPF savings to offset the downpayment either. On top of this, budget a few thousand dollars more for legal and conveyancing fees. This example assumes the bank approves a 75% loan-to-value loan; actual terms depend on the buyer's income, age, and the bank's own assessment.

TDSR and LTV rules are set by MAS; BSD and ABSD rates are set by IRAS/MOF and can change. This is general information, not financial advice — confirm current rates and your personal eligibility with a bank or mortgage adviser before committing to a purchase.
Buyer's Guide

Decoupling: Eligibility & How It Works

Decoupling lets one co-owner transfer their share of a jointly-owned property to the other, freeing up the outgoing party to buy a second property without paying ABSD as if it were their first. It's a genuine strategy — but it's only available to certain property types, and it isn't free. Here's who's eligible and what it actually costs.

The Basics

What Is Decoupling?

When a couple jointly owns a property, one co-owner can sell or transfer their share to the other, who becomes the sole owner. The outgoing co-owner is then treated by IRAS as a "non-owner" — so if they go on to buy another residential property, it's assessed as their first, without the Additional Buyer's Stamp Duty (ABSD) that would normally apply to a second property. It's a legitimate restructuring tool, not a divorce or a loophole — but IRAS expects it to reflect a genuine transaction, not an arrangement whose only purpose is dodging ABSD.

Quick Reference

Who's Eligible to Decouple?

Eligibility depends entirely on the property type — this is the first thing to check before exploring decoupling as a strategy.

Property Type Decoupling Allowed?
HDB Flat (married couples) No
HDB Flat — divorce, death, bankruptcy, or other hardship exceptions Case-by-Case
Executive Condo — within MOP No
Executive Condo — after MOP Yes
Private Condo / Apartment Yes
Landed Property Yes
Yes Permitted, subject to standard costs below Case-by-Case Only under specific HDB-approved hardship circumstances No Not permitted
Off the Table

HDB Flats

Since 4 May 2016, HDB no longer allows married couples to transfer ownership between spouses to free up ABSD status. Decoupling an HDB flat is only permitted under six specific hardship circumstances:

  • Divorce or annulment of marriage
  • Death of a co-owner
  • Mental incapacity of a co-owner
  • Bankruptcy of a co-owner
  • A court order requiring the transfer
  • Religious or customary obligations
Conditionally Eligible

Executive Condominiums

ECs follow HDB rules for the Minimum Occupation Period (5 years for older, grandfathered launches; 10 years for any EC launched under the rules that took effect 8 May 2026 — see the EC new-launch guide) — including the ban on married-couple decoupling. Once the MOP is up, the EC is treated like a private property for this purpose, and decoupling becomes possible using the same route as a private condo. Full privatisation (10 or 15 years, same split) only comes later still, but decoupling itself doesn't need to wait that long.

Where It's Used

Private Property & Landed Homes

Decoupling is most commonly done here. Both co-owners must agree, the transaction must be conducted at a genuine market valuation, and it must satisfy CPF Board and IRAS requirements. This is where nearly all decoupling strategies in Singapore actually happen.

The Process

How Decoupling Works, Step by Step

01

Confirm Eligibility

Check the property type against the table above, and that any existing loan's lock-in period won't trigger early-redemption penalties.

02

Get the Property Valued

An independent valuation sets the market value of the share being transferred — this figure drives the stamp duty calculation.

03

Check the SSD Window

If the property was bought within the last 4 years, transferring a share can trigger Seller's Stamp Duty on that share — sometimes enough to make decoupling not worth it yet.

04

Remaining Owner Refinances Alone

The bank reassesses the loan on the remaining owner's income only, under the usual TDSR rules — this is where many decoupling plans stall if one income can't carry the mortgage solo.

05

Outgoing Owner's Share Is Transferred

Structured as a sale of the share at market value, completed through a conveyancing lawyer, much like a standard property transaction.

06

CPF Refund, With Accrued Interest

Any CPF the outgoing owner used toward the property — downpayment or instalments — must be refunded back into their CPF account, plus the interest it would have earned had it stayed there.

The full process typically takes 2 to 12 weeks depending on complexity. It's mainly a legal and financial exercise rather than a physical move — the remaining owner usually continues living in the property throughout.
Budgeting for It

What Decoupling Actually Costs

Decoupling isn't free — weigh these costs against the ABSD you'd save on your next purchase before committing.

  • Buyer's Stamp Duty (BSD)Payable by the remaining owner on the value of the share being acquired, at the standard tiered BSD rates.
  • Seller's Stamp Duty (SSD)Applies if the property is within its SSD holding period — this alone can be large enough to rule out decoupling early.
  • ABSD on the TransferThe remaining owner may owe ABSD on the acquired share if, after the transfer, they'd own more than one residential property in their own right.
  • CPF Refund with Accrued InterestNot a fee, but a cash-flow requirement — the outgoing owner's CPF principal and its accrued interest must return to their CPF account from the sale proceeds.
  • Legal & Conveyancing FeesTypically $3,000–$6,000, depending on whether a new loan is taken and whether CPF was used.
  • Loan Refinancing / Redemption CostsEarly redemption penalties may apply if the existing loan is still within its lock-in period.
Putting It Together

Worked Example: Decoupling a $2,000,000 Condo

A Singapore Citizen couple jointly owns a private condo worth $2,000,000, held for more than 4 years (so SSD no longer applies). One spouse transfers their 50% share to the other, who becomes sole owner — freeing up the outgoing spouse to buy a second property as a "first-time" buyer.

Cost of Decoupling vs. ABSD Saved
Item
Share transferred (50% of $2,000,000)$1,000,000
BSD on the transferred share$24,600
SSD (property held >4 years)$0
Legal & conveyancing fees≈ $5,000
Total cost to decouple≈ $29,600
ABSD on a $1,500,000 second property, as a 2nd-property SC buyer (20%)$300,000
ABSD after decoupling, as a "first-time" buyer (0%)$0
Net savings from decoupling≈ $270,400

On paper, the couple saves roughly $270,000 by decoupling before their next purchase. This example assumes the property is past its SSD window, the remaining owner's income alone clears TDSR for the existing mortgage, and no ABSD applies to the share transfer itself. Change any of those assumptions — especially the SSD window or a single income unable to carry the loan — and the numbers can shift dramatically, sometimes enough to erase the benefit entirely.

Decoupling must reflect a genuine transaction — arrangements structured solely to avoid ABSD can be challenged by IRAS under the anti-avoidance provisions of the Stamp Duties Act. This is general information, not legal, tax, or financial advice; every couple's numbers are different, so speak to a conveyancing lawyer and mortgage adviser before proceeding.
Owner's Guide

Annual Property Tax: How IRAS Computes It

Unlike stamp duty, which is a one-time cost at purchase, property tax is billed every year you own a property — whether you live in it, rent it out, or leave it vacant. Here's how IRAS works out the amount, and a worked example showing just how different the bill can be depending on who's living in the unit.

The Basics

What Is Annual Value (AV)?

Property tax isn't based on what you paid for the property, or even its current market value. It's based on the Annual Value (AV) — IRAS's estimate of the gross annual rent the property could fetch if let out, unfurnished, on the open market. IRAS arrives at this figure by referencing actual rental transactions for comparable units — similar developments, similar sizes, similar floors — not your own asking rent if you happen to be renting it out. AV is reviewed periodically and can be revised up or down as market rents move; you'll be notified if it changes, and you can object if you believe it doesn't reflect genuine comparable rentals.

The Formula

How Property Tax Is Computed

The calculation itself is simple — it's the rate schedule that does the work:

Property Tax = Annual Value × Applicable Tax Rate

The rate isn't flat — it's progressive, rising in bands as the AV increases, much like income tax. And critically, there are two entirely different rate schedules depending on whether the property is owner-occupied or not, which is why two owners of an identical unit can end up with very different bills.

Owner-Occupier vs. Investor

Property Tax Rates

Owner-occupied residential properties — where you or your family actually live — qualify for a much gentler rate schedule. Rent the unit out, leave it vacant, or own it as a second property, and it's taxed at the non-owner-occupier rate instead, which starts far higher and climbs faster. If you own two homes as a married couple, only one can carry the owner-occupier rate.

You Live In It

Owner-Occupier Rates

Portion of Annual Value
First $12,0000%
Next $28,0004%
Next $10,0006%
Next $25,00010%
Next $10,00014%
Next $15,00020%
Next $40,00026%
Above $140,00032%
Effective 1 Jan 2025. Applies only if you (or your family) genuinely reside in the property — apply for this rate via IRAS if it isn't already applied.
Rented Out, Vacant, or 2nd+ Home

Non-Owner-Occupier Rates

Portion of Annual Value
First $30,00012%
Next $15,00020%
Next $15,00028%
Above $60,00036%
Effective 1 Jan 2024, unchanged for 2025 and 2026. There's no 0% band at all — even a modest AV starts at 12%. Non-residential properties (commercial, industrial) are taxed at a flat 10% of AV regardless of use.
Worked Example

Same Condo, Two Very Different Tax Bills

Take a condo unit with an Annual Value of $50,000 — a fairly typical figure for a mid-sized private condo. Here's what the annual property tax looks like, computed the same way IRAS does it, under each scenario.

Scenario A

Owner-Occupied

Annual Value Band
First $12,000 × 0%$0
Next $28,000 × 4%$1,120
Next $10,000 × 6%
(AV $40,000–$50,000)		$600
Total property tax$1,720
Scenario B

Rented Out / 2nd Property

Annual Value Band
First $30,000 × 12%$3,600
Next $15,000 × 20%
(AV $30,000–$45,000)		$3,000
Next $5,000 × 28%
(AV $45,000–$50,000)		$1,400
Total property tax$8,000
Same Unit, Same AV — $6,280 Apart

The identical $50,000 AV produces a bill of $1,720 if you live in it, versus $8,000 if it's rented out or held as a second property — nearly 4.7 times more. This is exactly why applying for owner-occupier status the moment you move in (and remembering to withdraw it if you move out) makes a real difference to your annual holding costs.

Payment & Rebates

When & How Much You Actually Pay

01

Bills Issued in December

IRAS sends out the following year's property tax bill in December, with payment due by 31 January.

02

GIRO Instalments Available

Most owners pay via monthly GIRO deduction rather than one lump sum — set this up once and it recurs automatically each year.

03

Late Payment Penalty

Missing the deadline triggers an immediate 5% penalty on the unpaid amount, with further penalties possible for continued non-payment.

04

One-Off Rebates Can Apply

Budget announcements sometimes include a one-off rebate for owner-occupied homes — for 2026, this is 15% off for owner-occupied HDB flats, and 10% off (capped at $500) for owner-occupied private properties. It's applied automatically; no application needed.

Rates shown reflect IRAS's owner-occupier schedule effective 1 Jan 2025 and non-owner-occupier schedule effective 1 Jan 2024, both current as of August 2026. Property tax rates, AV assessments, and rebates are set by IRAS and MOF and can change — always check iras.gov.sg/taxes/property-tax or your latest tax bill for the figures that apply to your property. This is general information, not tax advice.
Buyer's Guide

Singapore District Codes (D01–D28)

Singapore is divided into 28 postal districts — a legacy system dating back to 1950 that's no longer used by SingPost, but is still the everyday shorthand for location in property listings, price data, and conversation. Here's the full list, with the postal sectors and general areas each district covers.

Quick Reference

All 28 Districts at a Glance

A district is identified by the first two digits of any six-digit Singapore postal code — that pair of digits is the "postal sector," and every sector belongs to exactly one district.

District Postal Sectors General Location
D0101, 02, 03, 04, 05, 06Raffles Place, Cecil, Marina, People's Park
D0207, 08Anson, Tanjong Pagar
D0314, 15, 16Queenstown, Tiong Bahru
D0409, 10Telok Blangah, Harbourfront
D0511, 12, 13Pasir Panjang, Hong Leong Garden, Clementi New Town
D0617High Street, Beach Road (part)
D0718, 19Middle Road, Golden Mile
D0820, 21Little India
D0922, 23Orchard, Cairnhill, River Valley
D1024, 25, 26, 27Ardmore, Bukit Timah, Holland Road, Tanglin
D1128, 29, 30Watten Estate, Novena, Thomson
D1231, 32, 33Balestier, Toa Payoh, Serangoon
D1334, 35, 36, 37Macpherson, Braddell
D1438, 39, 40, 41Geylang, Eunos
D1542, 43, 44, 45Katong, Joo Chiat, Amber Road
D1646, 47, 48Bedok, Upper East Coast, Eastwood, Kew Drive
D1749, 50, 81Loyang, Changi
D1851, 52Tampines, Pasir Ris
D1953, 54, 55, 82Serangoon Garden, Hougang, Punggol
D2056, 57Bishan, Ang Mo Kio
D2158, 59Upper Bukit Timah, Clementi Park, Ulu Pandan
D2260, 61, 62, 63, 64Jurong
D2365, 66, 67, 68Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang
D2469, 70, 71Lim Chu Kang, Tengah
D2572, 73Kranji, Woodgrove
D2677, 78Upper Thomson, Springleaf
D2775, 76Yishun, Sembawang
D2879, 80Seletar
These 28 postal districts were introduced in 1950 and superseded for actual mail delivery by the four-digit (1979) and later six-digit (1995) postal code systems. They remain in everyday use across the property market — listings, transaction data, and price discussions are still commonly organised by district. Note that official URA statistics and planning maps are organised by planning area and subzone rather than by D01–D28, so the two systems don't always map perfectly onto each other. This list is provided for general reference; always verify the district of a specific address before relying on it.
Owner's Guide

Inheriting Property in Singapore

Inheriting a home isn't always as simple as taking over the title — what you're allowed to keep depends on what you already own, what kind of property it is, and in the case of HDB flats, exactly when it was bought. Two decision trees below walk through it: one for inheriting a private property, one for inheriting an HDB flat.

Before You Start

A Few Things to Know First

Both decision trees below assume you are not already a co-owner of the property you're inheriting — if you are, different rules on survivorship or transfer apply. The ownership eligibility conditions covered here (family nucleus, citizenship, retaining a second property) apply specifically to Singapore Citizens and Permanent Residents.

Foreigners aren't blocked from inheriting under Singapore inheritance law itself — a will or intestacy doesn't discriminate by citizenship. But retaining the property afterwards runs into the same ownership rules covered in our Purchase Eligibility guide: non-landed private property is generally fine to keep, landed private property needs Land Dealings Approval Unit (LDAU) approval, and HDB flats generally can't be retained by a foreigner at all, since there's no ownership scheme they'd qualify under — the flat would typically need to be sold via the estate.

Decision Tree One

Inheriting a Private Property

Applies if the inherited property is a private condo, apartment, or landed home.

Are You a Singapore Citizen?
No
Is the Private Property Landed or Non-Landed?
Landed
Requires Approval
Sell — Unless LDAU Approves Retention

Required to sell the inherited property unless you obtain approval from the Land Dealings Approval Unit (LDAU).

  • Apply at sla.gov.sg/ldau
  • LDAU generally looks for 5+ years as a PR and an exceptional economic contribution to Singapore
Non-Landed
No Restriction
You're Able to Inherit the Property

Non-landed private property (condos, apartments) can be inherited freely, regardless of citizenship.

Yes
Do You Currently Own an HDB Flat?
No
No Restriction
You're Able to Inherit the Property
Yes
Is Your HDB Flat Still Within MOP?
Yes
Must Sell
Sell the Inherited Property

Required while your HDB flat is still within its Minimum Occupation Period.

No
No Restriction
You're Able to Inherit the Property
Decision Tree Two

Inheriting an HDB Flat

Applies if the inherited property is an HDB flat. A household may only own one HDB flat at any one time, which drives most of the outcomes below.

Do You Currently Own an HDB Flat?
No
Do You Currently Own a Private Property?
No
No Restriction
You're Able to Inherit the HDB Flat
Yes
Was It a Non-Subsidised HDB Flat Bought Before 30 Aug 2010?
Yes
Can Retain Both
Keep Both the Private Property & the HDB Flat
  • You must meet prevailing HDB ownership eligibility conditions (family nucleus, citizenship)
  • You and your family must actually live in the HDB flat
No
Must Choose One
Sell One of the Two Properties
  • A household may only own one HDB flat at a time
  • You typically have around 6 months to sell whichever property you don't keep
  • Keeping the private property means fulfilling HDB's eligibility conditions before disposing of the flat
Yes
Must Choose One
Sell One of the Two Flats

Since a household may only own one HDB flat at any one time, inheriting a second one means selling either the flat you already own or the one you've inherited.

Based on HDB's published guidance on inheriting a flat and SLA's rules on foreign and PR ownership of residential property under the Residential Property Act. The 30 August 2010 cutoff, Minimum Occupation Period, and eligibility scheme conditions are set by HDB and can be updated — always confirm your specific situation via hdb.gov.sg or an HDB e-feedback enquiry, and consult a lawyer for anything involving an estate, a will, or intestacy. This is general information, not legal advice.
Payment Schedule

Payment Schedule for a Resale Private Home

Buying a resale condo, apartment, or landed home runs on a shorter, less standardised timeline than a new launch — there's no developer sales team and no separate Sale & Purchase Agreement stage. The Option to Purchase itself becomes the binding contract once exercised. Here's the full sequence of payments, from the first offer to completion.

Before You Start

How a Resale Purchase Differs From a New Launch

A resale purchase is negotiated directly between buyer and seller — usually through their property agents — rather than with a developer, so it isn't governed by the Housing Developers Rules that set the new-launch payment schedule. Terms like the option fee, the OTP's validity period, and the completion date are all commercial terms the two parties agree on, commonly following the Singapore Law Society's standard Conditions of Sale.

Good to Know Arrange an Approval-in-Principle (AIP) from a bank before signing the Option to Purchase, not after. A resale OTP is typically valid for only 2 to 3 weeks — there usually isn't enough runway to start financing paperwork only once you've already committed to the option fee.
At a Glance

Payment Schedule Flowchart

The full sequence from offer to completion — including current Buyer's Stamp Duty and ABSD figures (rates as of August 2026).

1. Make the Offer
Offer to Purchase Submitted

Option Fee (Booking Fee) = 1% of the purchase price

Cash Only
The Offer to Purchase and the 1% Option Fee are delivered to the seller or their agent
2. OTP Validity
Option to Purchase (OTP) Is Issued

Valid for a period agreed with the seller — commonly 2 to 3 weeks; there's no fixed legal minimum or maximum

If OTP is not exercised

1% Option Fee is forfeited to the seller

If OTP is exercised within the validity period
3. Exercise the OTP
Sign, Return & Pay the Exercise Fee

① Sign and return the OTP to the seller (or their lawyer) before it expires

② Pay the Option Exercise Fee — a further 4% of the purchase price, bringing total option money to 5%

Cash Only
Within 14 days of exercising the OTP
Buyer's Stamp Duty & ABSD

Buyer's Stamp Duty (BSD) — tiered:

First $180,0001%
Next $180,0002%
Next $640,0003%
Next $500,0004%
Next $1,500,0005%
Remaining balance6%

Additional Buyer's Stamp Duty (ABSD), if applicable:

Singapore Citizen — 1st / 2nd / 3rd+0% / 20% / 30%
PR — 1st / 2nd / 3rd+5% / 30% / 35%
Foreigner — any property60%
Cash and/or CPF
At completion — typically 10 to 12 weeks from the exercise date, as fixed in the OTP
Balance Purchase Price

Pay the remaining 95% of the purchase price, via loan disbursement, CPF, and/or cash

Cash and/or CPF
BSD and ABSD figures shown here reflect current rates (BSD in effect since 15 Feb 2023, ABSD since 27 Apr 2023) — see the Stamp Duties guide for the full breakdown. The option fee, exercise fee, OTP validity period, and completion date are all commercial terms agreed between buyer and seller — always confirm the exact figures and dates in your own OTP, and engage a conveyancing lawyer before signing. This is general information, not legal advice.
Payment Schedule

Payment Schedule for a Resale HDB Flat

Buying a resale HDB flat runs on HDB's own timeline — starting with an eligibility letter you need before you can even view flats, and ending with a resale application submitted and approved through the HDB Resale Portal. Here's the full sequence of payments and milestones.

Before You Start

The HDB Flat Eligibility (HFE) Letter

Since May 2023, buyers must obtain an HDB Flat Eligibility (HFE) letter before viewing or making an offer on a resale flat — it replaced the older, separate HLE (loan) and eligibility letters. It confirms in one document whether you're eligible to buy an HDB flat, which resale subsidies you qualify for, and — if you intend to take an HDB loan — your loan eligibility.

Only Singapore Citizens (SC) and Singapore Permanent Residents (PR) may buy a resale HDB flat — foreigners are not eligible under HDB's ownership schemes. Additional Buyer's Stamp Duty (ABSD) also depends on the buyers' citizenship: an SC/SC couple or an SC/PR couple pays no ABSD on their first (matrimonial) home, while a PR/PR couple pays 5% ABSD. A PR/PR couple must also separately meet HDB's usual eligibility conditions to buy the flat at all — such as each PR having held PR status for at least 3 years, and the couple forming an eligible family nucleus.

Good to Know The HFE letter takes about 21 working days to process and stays valid for 9 months. It must still be valid both when the seller grants you the Option to Purchase and when you submit the resale application. See our Purchase Eligibility guide for who qualifies to buy an HDB resale flat — foreigners generally do not.
Extra Conditions for a PR/PR Household A household made up of two Permanent Residents faces a stricter set of conditions than an SC/SC or SC/PR household:
  • Both PRs must have held PR status for at least 3 years, and must form an eligible family nucleus (e.g. married to each other) — a single PR cannot buy alone.
  • Flat restrictions: a PR/PR household can only buy a resale flat — not a new BTO flat or a new Executive Condominium — and is subject to HDB's Singapore Permanent Resident (SPR) quota (non-Malaysian PR households are capped at 5% of a neighbourhood and 8% of a block).
  • Standard minimum age requirements under the eligibility scheme applied under still apply (generally 21 years old).
  • A PR/PR household must not own, or have any interest in, any private residential property — in Singapore or overseas — for the household to qualify.
  • A PR/PR household is not eligible for an HDB housing loan or CPF Housing Grants; financing has to come from a bank loan, CPF, and/or cash.
  • The 5% ABSD is not remitted for a PR/PR household (unlike the remission an SC/PR household can qualify for) — it's payable in full, upfront, within the same 14-day stamp duty window as everyone else.
If You've Owned Private Property Since 28 July 2026, HDB removed the previous 15-month wait-out period for buying a non-subsidised resale flat without an HDB housing loan — private property owners (SC or PR) can now buy one right away. A 30-month wait-out still applies if you intend to use an HDB housing loan, buy a resale flat with a CPF Housing Grant, or buy a new Executive Condominium. Either way, if you still own private property (locally or overseas) when you buy, you must sell it within 6 months of completing the HDB purchase.
At a Glance

Payment Schedule Flowchart

The full sequence from the Option to Purchase to resale completion — including current Buyer's Stamp Duty and ABSD figures (rates as of August 2026).

1. Option to Purchase
Seller Grants the OTP

Option Fee (Booking Fee) — a sum between $1 and $1,000, mutually agreed between buyer and seller

Cash Only
Requires a valid HFE letter before the seller can grant the OTP
2. OTP Validity
OTP Is Valid for 21 Calendar Days

From the date the seller grants it, including weekends and public holidays

If OTP is not exercised

Option Fee is forfeited to the seller

If OTP is exercised within the 21-day validity period
3. Exercise the OTP
Sign, Return & Submit the Resale Application

① Sign and return the OTP, and pay the Option Exercise Fee — the Option Fee and Exercise Fee together cannot exceed $5,000

② Buyer and seller each submit the resale application via the HDB Resale Portal, within 7 days of each other

Cash Only
Within 14 days of exercising the OTP
Buyer's Stamp Duty & ABSD

Buyer's Stamp Duty (BSD) — tiered:

First $180,0001%
Next $180,0002%
Next $640,0003%
Next $500,0004%
Next $1,500,0005%
Remaining balance6%

Additional Buyer's Stamp Duty (ABSD), on your first (matrimonial) home:

SC/SC coupleNo ABSD
SC/PR coupleNo ABSD
PR/PR couple5% ABSD

A PR/PR couple must also separately meet the usual HDB eligibility conditions to buy the flat at all — e.g. the 3-year PR rule and forming an eligible family nucleus. ABSD rises further on a 2nd or subsequent property — see the Stamp Duties guide.

Cash and/or CPF
At resale completion — typically ~8 weeks after HDB accepts the application
Initial Payment & Balance

Initial payment of 25% (HDB loan) or up to 45% (bank loan) of the purchase price, plus any Cash-Over-Valuation (COV) — COV must be paid entirely in cash

A PR/PR household isn't eligible for an HDB loan or CPF Housing Grants, so financing is limited to a bank loan, CPF, and/or cash.

Cash and/or CPF
Based on HDB's published resale flat buying process, including the HFE letter framework introduced in May 2023 and the wait-out period changes announced 28 July 2026. BSD figures reflect current rates (in effect since 15 Feb 2023) and ABSD figures reflect rates in effect since 27 Apr 2023 — see the Stamp Duties guide for the full breakdown and the Purchase Eligibility guide for who can buy an HDB resale flat. The "no ABSD" outcome for an SC/SC or SC/PR couple reflects IRAS's ABSD remission for a married couple buying their first matrimonial home — it doesn't apply to unmarried co-buyers, a PR/PR couple, or a subsequent property. PR/PR household conditions (3-year PR rule, family nucleus, flat and financing restrictions, private-property ownership rules) are set by HDB and can change — always confirm your specific eligibility via the HFE letter application or hdb.gov.sg. This is general information, not legal or financial advice.
Buyer's Guide

HDB Housing Grants

CPF Housing Grants can knock tens of thousands of dollars off the cost of a flat — a first-timer family buying a resale flat can potentially combine three different grants for up to $230,000. Here's every grant currently available, what it's worth, and who qualifies.

Before You Start

Who Counts as a "First-Timer"

Every grant below requires at least one applicant to be a first-timer — someone (and, for a family application, a household) who has never previously received a CPF Housing Grant, an HDB flat bought directly from HDB, or other public housing subsidy. You also need to apply as part of an eligible family nucleus — most commonly a married or engaged couple, but also parents-and-child or joint-singles arrangements — see our Purchase Eligibility guide for the full schemes.

Good to Know The maximum combinable total depends on what you're buying. Buying a resale flat as a first-timer family, you can potentially stack the Enhanced CPF Housing Grant, the CPF Housing Grant for Resale Flats, and the Proximity Housing Grant for up to $230,000 (or up to $115,000 as a first-timer single). Buying a new BTO or Sale of Balance Flats unit, only the Enhanced CPF Housing Grant applies — up to $120,000 for families or $60,000 for singles — since the other two grants are resale-only.
Not Available to a PR/PR Household None of the grants on this page are available to a household made up of two Permanent Residents — every grant requires at least one Singapore Citizen applicant. A PR/PR household is also not eligible for an HDB housing loan. See our Payment Schedule for a Resale HDB Flat guide for the fuller set of PR/PR-specific conditions.
At a Glance

Types of Housing Grants

Four grants are currently available, each with its own income ceiling and flat-type restrictions (figures as of August 2026).

New (BTO/SBF) & Resale Flats

Enhanced CPF Housing Grant (EHG)

The largest grant — tapers down as household income rises toward the ceiling
Household
Families / couplesUp to $120,000
Singles, buying aloneUp to $60,000
Singles, buying with another single first-timerUp to $120,000
Income ceiling: $9,000/month for families, $4,500/month for a single buying alone. Requires at least one Singapore Citizen applicant, first-timer status, 12+ months of continuous employment, and no private residential property owned or disposed of within the last 30 months.
Resale Flats Only

CPF Housing Grant for Resale Flats

Still widely known as the Family Grant (or Singles Grant) — a flat amount, not income-tapered
Household & flat size
Families — 2- to 4-room flatUp to $80,000
Families — 5-room flat & largerUp to $50,000
Singles — 2- to 4-room flatUp to $40,000
Singles — 5-room flat & largerUp to $25,000
Income ceiling: $14,000/month for families, $7,000/month for singles — higher than the EHG ceiling, so many households qualify for both at once. Same first-timer and property-ownership conditions as the EHG.
Resale Flats Only

Proximity Housing Grant (PHG)

Rewards living with, or near, your parents or children
Living arrangement
Families — same flat/block as parent or child$30,000
Families — within 4km of parent or child$20,000
Singles — same flat/block as parent or child$15,000
Singles — within 4km of parent or child$10,000
No income ceiling. The parent or child you're living with or near must be at least a Singapore PR, and the arrangement generally has to be maintained through the flat's Minimum Occupation Period.
New ECs From a Developer Only

CPF Housing Grant for ECs

For a brand-new Executive Condominium bought directly from a developer — not a resale EC
Household
SC/SC householdUp to $30,000
SC/PR householdUp to $20,000
Tapers to $0 as household income approaches the $16,000/month ceiling. First-timers only, and doesn't apply to a resale EC. A resale levy (currently $55,000) applies if you go on to buy another subsidised flat later.
Grant amounts and income ceilings shown are current as of August 2026, based on HDB and CPF Board's published grant schemes. Exact amounts within the Enhanced CPF Housing Grant and EC grant tables taper continuously with household income rather than in fixed steps — see mynicehome.gov.sg or cpf.gov.sg for the precise figure at your income level. Grant schemes, ceilings, and conditions are set by HDB, CPF Board, and MND and can change — always confirm current eligibility when you apply for your HFE letter. This is general information, not financial advice.
Investor's Guide

How to Compute Net Rental Yield

Rental yield is the standard way to judge how hard a property works for its price — but "gross yield," the figure most listings quote, tells only part of the story. Here's how to get from gross to net, and a full worked example for a private condo, including what happens once financing and income tax enter the picture.

The Basics

Gross Yield vs. Net Rental Yield

Both figures are expressed as a percentage of the property's purchase price, but they answer different questions.

Gross Rental Yield = Annual Rent ÷ Purchase Price

This is the quick, back-of-envelope number — it ignores every running cost of holding the property. Useful for a first comparison across listings, but it overstates what you'll actually keep.

Net Rental Yield = (Annual Rent − Operating Expenses) ÷ Purchase Price

Net yield strips out the costs of actually running the property — property tax, maintenance, and letting costs — to show what the property itself earns you before financing and personal income tax. It's the figure worth comparing across two properties, because unlike a mortgage or a tax bracket, it doesn't depend on how you personally chose to fund the purchase.

Note the deliberate exclusion: mortgage repayments and personal income tax are left out of net rental yield because they vary buyer to buyer — one buyer pays cash, another borrows 75%; one is taxed at 0%, another at 22%. Comparing two condos on net yield only makes sense if financing and tax are held out of the comparison. That said, they're both very real costs to you personally — so further down this page, we also work out the fuller after-mortgage, after-tax cash flow for our worked example.
Private Property Rental

What to Deduct, Category by Category

For a privately-owned rental unit, five categories of cost typically come up. Here's how each is treated.

01 — Financing

Mortgage Loan

Left out of the net rental yield calculation itself, since it depends on your loan quantum, tenure, and rate — not the property. But the monthly instalment (principal + interest) is a real cash outflow, so we factor it into a separate after-mortgage cash flow figure later on this page. Only the interest portion is tax-deductible; the principal portion is not an expense at all — it's building your equity in the property.

02 — Letting Cost

Property Agent Fee

Market norm for a landlord's agent commission is roughly half a month's rent for a 1-year lease, or about one month's rent for a 2-year lease — negotiable, and not fixed by CEA. It's a deductible expense against rental income if you claim actual expenses.

03 — Annual Tax

Property Tax (Non-Owner-Occupier Rate)

A rented-out unit is always taxed at the higher non-owner-occupier rate — see the table below. It's computed on the property's Annual Value (AV), IRAS's estimate of achievable annual rent, not on the rent you actually charge.

04 — Recurring Fee

MCST (Management Corporation) Fee

The monthly maintenance and sinking fund contribution charged by your development's Management Corporation Strata Title — covers upkeep of common property such as lifts, security, and shared facilities. Fully deductible against rental income.

05 — Personal Tax

Income Tax on Rental Income

Rental income is taxable, added to your other income and taxed at your personal marginal rate. You can deduct actual expenses (mortgage interest, property tax, MCST, agent fee, repairs) against it — or, if simpler, claim a flat 15% of gross rent as a deemed expense plus your actual mortgage interest on top, without needing to itemise the rest. Whichever gives the lower taxable amount is worth using; IRAS's own rental calculator can compare both for you.

Portion of Annual Value (Non-Owner-Occupier)
First $30,00012%
Next $15,00020%
Next $15,00028%
Above $60,00036%
Same non-owner-occupier schedule used throughout this site — see our Annual Property Tax guide for the full breakdown against the owner-occupier rates. Effective 1 Jan 2024, unchanged for 2025 and 2026.
Worked Example

A $1.2M Condo, Rented at $5,000/Month for 2 Years

All figures below are illustrative, using round assumptions and rates current as of August 2026.

Assumptions Purchase price $1,200,000. Rent $5,000/month on a 2-year lease ($60,000/year, $120,000 total). Loan of $900,000 (75% LTV) over 25 years at an illustrative 1.8% p.a. — bank packages in August 2026 range roughly from 1.3% to 1.8% p.a. depending on fixed/floating structure and lock-in. Annual Value assumed equal to gross annual rent, $60,000. MCST fee of $350/month ($4,200/year). Agent commission of one month's rent ($5,000, paid once for the 2-year lease). Illustrative marginal income tax rate of 11.5% (the bracket for chargeable income between $80,001–$120,000).
Step by Step

From Gross Yield to Net Rental Yield

Step 1

Gross Rental Yield

Annual rent$60,000
Purchase price$1,200,000
Gross yield5.00%
Step 2

Annual Operating Expenses

Property tax (recurs every year)$10,800
MCST fee (recurs every year)$4,200
Agent fee (one-time, Year 1 only)$5,000
Step 3 — Year 1

Net Operating Income & Yield

Gross rent$60,000
Less: Operating Expenses
($10,800 property tax + $4,200 MCST + $5,000 agent fee)		−$20,000
Net Operating Income$40,000
Net rental yield3.33%
Step 3 — Year 2

Net Operating Income & Yield

Gross rent$60,000
Less: Operating Expenses
($10,800 property tax + $4,200 MCST — agent fee already paid in Year 1)		−$15,000
Net Operating Income$45,000
Net rental yield3.75%
Net Rental Yield ≈ 3.54% (Averaged Over the 2-Year Lease)

Over the full 2 years, total rent of $120,000 less total operating expenses of $35,000 (property tax, MCST, and the one-time agent fee) leaves $85,000 — an average of $42,500 a year, or 3.54% of the $1,200,000 purchase price. This is the number to use when comparing this condo's rental performance against another property.

Beyond Net Yield

What Happens Once the Mortgage and Income Tax Are In

Net rental yield tells you how the property performs on its own — but if you're financing the purchase, your actual cash position is a different number entirely. Here's the same example with the mortgage instalment and income tax added in.

Mortgage

$900,000 Loan, 25 Years, 1.8% p.a.

Year 1Year 2
Monthly instalment$3,727.67$3,727.67
— of which interest$15,963$15,441
— of which principal$28,769$29,291
Annual instalment$44,732$44,732
Only the interest portion is a deductible expense and only the interest portion is a true cost — the principal portion pays down your loan balance and becomes home equity, not money lost.
Income Tax

Taxable Rental Income (Actual Expenses Method)

Year 1Year 2
Gross rent$60,000$60,000
Less: mortgage interest−$15,963−$15,441
Less: property tax−$10,800−$10,800
Less: MCST fee−$4,200−$4,200
Less: agent fee−$5,000$0
Taxable rental income$24,037$29,559
Income tax at 11.5% (illustrative)$2,764$3,399
Using actual expenses here rather than the 15% deemed option, since actual non-interest costs (property tax + MCST + agent fee) exceed 15% of gross rent in Year 1. Your own marginal rate depends on your total chargeable income for the year, not just this rental.
Full After-Mortgage, After-Tax Cash Flow Rent minus the full mortgage instalment (principal + interest), agent fee, property tax, MCST, and income tax comes to −$7,496 in Year 1 and −$3,131 in Year 2 — a 2-year total of −$10,627, against $120,000 of rent collected. On paper, this looks like the rental is losing money.
But Most of That "Loss" Is Just Equity Strip out the principal repayment — which isn't a cost, it's forced savings that increases the equity you hold in the property — and the true cash cost is rent minus interest, fees, property tax, MCST, and tax. That comes to +$21,272 in Year 1 and +$26,159 in Year 2, comfortably positive. A common experience for highly-geared (75% LTV) rental purchases in Singapore: negative cash flow on paper once the full loan instalment is counted, but a genuinely profitable position once you separate "cost" from "equity-building."
Mortgage rate and structure are illustrative — actual bank packages, lock-in periods, and rates vary and should be compared at the point of application. Income tax figures use the 11.5% resident tax bracket (chargeable income $80,001–$120,000, unchanged since Year of Assessment 2024) purely as an illustration; your actual rate depends on your full chargeable income. Property tax, MCST, and agent commission figures follow current market conventions as of August 2026 and will vary by property and negotiation. Sources: IRAS individual income tax rates, IRAS e-Tax Guide on simplified rental expense claims, and IRAS property tax rates. This is general information, not financial or tax advice — speak to a qualified adviser before making investment decisions.