When buyers discuss private property prices, they almost always talk about the purchase price. But the full cost of acquisition — what you actually spend from start to settled — is considerably higher than the price tag alone. For budgeting purposes, understanding the complete picture prevents the kind of cash shortfall that derails otherwise well-planned transactions.
Buyer's Stamp Duty (BSD)
BSD is payable on all property purchases in Singapore. The rates are tiered and must be paid in cash within 14 days of the Option to Purchase being exercised. On a $2 million property, BSD amounts to approximately $74,600. Use the IRAS BSD calculator for precise figures.
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. Even with ABSD remission (if selling your HDB within 6 months), this must be paid upfront in cash.
Legal Fees
Conveyancing legal fees for a private property purchase typically range from $2,500 to $5,000 depending on the property and law firm. New launches handled by the developer's law firm may have different (sometimes lower) fee structures.
Agent Fees
For new launches, buyer's agent fees are typically covered by the developer. For resale private properties, buyers do not typically pay agent fees — though this can vary by arrangement.
Renovation And Fitting Out
For resale properties: budget $30,000 to $120,000 depending on the condition and your preferences. For new launches: basic carpentry, curtains, lighting and appliances typically add $20,000–$60,000 on top of the developer's finishes.
Moving Costs And New Furniture
Budget $5,000–$20,000 for professional movers and furniture that fits the new space.
Monthly Ownership Costs
Ongoing costs include monthly mortgage repayment, maintenance fees (typically $200–$800 per month depending on development), property tax (10% per annum on the Annual Value for non-owner-occupied; lower rates for owner-occupied), and fire/home insurance.
Adding these all up before committing — not estimating them loosely — is the foundation of a financially sound purchase decision.