Answer

Buying a Resale Condo in Singapore — Complete Checklist

Q: How long does it take to buy a resale condo in Singapore?

About 10–12 weeks from exercising the Option to Purchase (OTP) to completion and key collection. Add 2–4 weeks for the OTP stage itself (getting the option, deciding, exercising). Total: roughly 3–4 months from finding the unit to moving in.

Q: How much cash do I need to buy a resale condo?

Minimum 5% cash down payment (e.g. $75,000 on a $1.5M condo), plus stamp duty ($44,600 BSD on $1.5M), plus legal fees ($2,500–$4,000), plus option fee (1% = $15,000). Total upfront cash: at least $135,000–$140,000 on a $1.5M purchase, assuming 75% LTV and the remaining 20% from CPF.

Q: Should I buy freehold or 99-year leasehold?

Freehold costs 10–20% more but retains value better long-term. 99-year leasehold is more affordable and fine if you plan to hold for 10–20 years. The key issue is lease decay — banks get cautious lending on properties with less than 60 years remaining, and CPF usage is restricted below 60 years.

Q: What is the MCST and how much are maintenance fees?

MCST (Management Corporation Strata Title) manages the condo — common areas, facilities, security, etc. Monthly maintenance fees range from $250–$400 for a mass-market condo to $500–$800+ for luxury condos. Fees are based on share value (unit size). Always check the MCST financial statements before buying.

Q: Can I use CPF to buy a resale condo?

Yes. CPF OA can be used for the down payment (up to 20% of valuation), stamp duty, legal fees, and monthly mortgage. But there is a Valuation Limit — CPF usage is capped at the lower of the purchase price or valuation. If you overpay (price > valuation), the excess must come from cash.

First condo? It's not like buying an HDB. The process is faster, the numbers are bigger, and there are more things to miss. Here's everything — in order.

Answer: Buying a resale condo has 4 phases: finances (get IPA, confirm cash/CPF, calculate stamp duty), property (view, check valuation, tenure, maintenance fees), legal (OTP, conveyancing lawyer, title search for encumbrances), and post-purchase (renovation, home insurance, MCST handover). Budget at least $135,000 cash upfront on a $1,500,000 condo. The whole process takes 3–4 months from finding the unit to getting keys.

Phase 1: Finances

Get this sorted before you start viewing

☐ Get In-Principle Approval (IPA)

Apply to 2–3 banks for an IPA. This confirms your maximum loan based on TDSR (55% cap at 4% stress test rate). The IPA is free, valid for ~30 days, and tells you your realistic budget. Do not skip this.

☐ Confirm your cash and CPF position

Check your CPF OA balance (cpf.gov.sg). With 75% LTV, you need 25% down — minimum 5% in cash, remaining 20% from CPF OA. If upgrading from HDB, factor in the CPF refund that goes back to your OA after sale.

☐ Calculate stamp duty

BSD is progressive: 1% on first $180,000, 2% on next $180,000, 3% on next $640,000, 4% on next $500,000, 5% on next $1,500,000, 6% on the rest. Plus ABSD if applicable (0% for SC 1st property, 5% for PR 1st property).

Purchase Price	BSD	5% Cash Down	20% CPF Down	Min Cash Needed
$1,000,000	$24,600	$50,000	$200,000	$74,600
$1,500,000	$44,600	$75,000	$300,000	$119,600
$2,000,000	$64,600	$100,000	$400,000	$164,600

Min cash needed = 5% cash down + BSD. Add legal fees ($2,500–$4,000) and option fee (1%) to get total upfront cash. ABSD extra if applicable.

Phase 2: Property Due Diligence

What to check before making an offer

☐ View the unit (multiple times)

Visit at different times of day. Check: natural light, noise levels (especially weekends/evenings), condition of fittings, water pressure, air-con drainage, window orientation (west-facing = hot). Look at common areas — are they well maintained?

☐ Check recent transacted prices

Compare the asking price against recent transactions in the same development on URA REALIS or data.gov.sg. Look at price per square foot (PSF) for similar unit types and floors. This is your negotiation ammunition.

☐ Get a bank valuation

The bank values the property independently. If valuation < purchase price, you must cover the shortfall in cash (the bank only lends against valuation). This is a common surprise — always get the valuation before exercising the OTP.

☐ Check tenure and lease remaining

For 99-year leasehold: how many years are left? Below 60 years, CPF usage becomes restricted and banks may cap LTV. Below 40 years, most banks will not lend. Freehold avoids this issue entirely but costs more upfront.

☐ Review maintenance fees and MCST financials

Ask the seller or agent for the latest MCST statements. Check: monthly maintenance amount, sinking fund balance, any upcoming special levies (for major repairs), and whether the MCST is well-run. High sinking fund = healthy condo.

Phase 3: Legal

From OTP to completion

☐ Secure the Option to Purchase (OTP)

Pay 1% option fee to the seller (e.g. $15,000 on $1,500,000). This gives you 14 days to decide. During this period, get the bank valuation, confirm financing, and do your final checks. The 1% is forfeited if you walk away.

☐ Exercise the OTP

Pay the 4% exercise fee (e.g. $60,000 on $1,500,000). The total 5% is your deposit. The sale is now legally binding. You have 14 days from exercise to pay stamp duty.

☐ Appoint a conveyancing lawyer

Fees: $2,500–$4,000. The lawyer handles title search (SLA), draft the Sale & Purchase Agreement, check for encumbrances (caveats, mortgages, liens), liaise with the bank, and manage completion. Get quotes from 2–3 firms.

☐ Pay stamp duty within 14 days

BSD must be paid within 14 days of exercising the OTP. Your lawyer will handle the e-Stamping with IRAS. ABSD (if applicable) is paid at the same time. Late payment incurs penalties.

☐ Completion (8–12 weeks after exercise)

The remaining down payment (20% from CPF) and the bank loan disburse. Title transfers to you. Your lawyer coordinates the timing. You receive the keys.

Legal Cost Summary

Item	Cost	When
Option fee (1%)	$15,000	At OTP grant
Exercise fee (4%)	$60,000	At OTP exercise
BSD (on $1.5M)	$44,600	Within 14 days of exercise
Conveyancing lawyer	$2,500 – $4,000	Completion
Mortgage stamp fee	~$3,375	Completion

Based on a $1,500,000 resale condo, 75% LTV, SC first property.

Phase 4: Post-Purchase

After you get the keys

☐ Plan renovation

Resale condos typically need $30,000–$80,000 in renovation depending on condition and scope. Get 3 quotes from ID firms. Check with MCST for renovation rules (timing, deposit, approved contractors for wet work). Renovation takes 6–12 weeks.

☐ Get home insurance

Fire insurance is mandatory (usually arranged by the bank). Home contents insurance is optional but recommended — covers renovation, furniture, personal belongings. Costs $200–$500/year. The MCST's insurance only covers common areas and the building structure.

☐ Register with the MCST

After completion, register as a subsidiary proprietor with the MCST. Set up GIRO for monthly maintenance fees. Attend the next AGM to understand the condo's finances and upcoming plans.

☐ Set up utilities and services

Open an SP Services account (or switch to an Open Electricity Market retailer). Set up internet, update your address with CPF, banks, IRAS, and other government agencies.

Timeline Summary

Phase	Duration	Key Action
Finances	1–2 weeks	IPA, CPF check, budget confirmation
Property search	2–8 weeks	Viewings, due diligence, negotiation
OTP + Exercise	2–3 weeks	Option fee, valuation, exercise
Legal completion	8–12 weeks	Stamp duty, conveyancing, disbursement
Renovation	6–12 weeks	Design, reno, move in
Total: 4–8 months		From first viewing to moving in

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FAQ

How long does it take to buy a resale condo in Singapore?