The full cost of acquisition is considerably higher than the price tag alone.
Buyer's Stamp Duty (BSD)
BSD is payable on all property purchases in cash within 14 days of the Option to Purchase being exercised. On a $2 million property, BSD amounts to approximately $74,600.
Additional Buyer's Stamp Duty (ABSD)
If this is not your first residential property, ABSD applies — 20% for Singapore Citizens on a second property. On a $2 million purchase, that's $400,000 in additional stamp duty, payable upfront in cash.
Legal Fees
Conveyancing legal fees for a private property purchase typically range from $2,500 to $5,000.
Renovation And Fitting Out
For resale properties: budget $30,000 to $120,000 depending on condition. For new launches: carpentry, curtains, lighting and appliances typically add $20,000–$60,000.
Monthly Ownership Costs
Ongoing costs include monthly mortgage repayment, maintenance fees ($200–$800 per month), property tax, and fire/home insurance. Adding all these up before committing — not estimating them loosely — is the foundation of a financially sound purchase decision.