Answer
How Much Cash to Buy a $1M Condo in Singapore
Everyone talks about the property price. Nobody talks about the cash you need in your bank account on completion day.
Answer: You need at least $74,600 in cash to buy a $1,000,000 condo in Singapore — $50,000 for the mandatory 5% cash down payment + $24,600 for Buyer's Stamp Duty (BSD). Factor in legal fees and moving costs, and you should budget around $80,000.
Cash Breakdown — $1,000,000 Condo
SC first property, 75% bank loan, 25-year tenure
| Item | Amount | Source |
|---|---|---|
| Down payment — cash (5%) | $50,000 | Cash only |
| Down payment — CPF (20%) | $200,000 | CPF OA |
| BSD | $24,600 | Cash or CPF OA |
| Legal fees (conveyancing) | ~$3,000 | Cash only |
| Valuation fee | ~$300 | Cash only |
| Fire insurance (1st year) | ~$200 | Cash only |
| Min cash needed (BSD from cash) | $78,100 | |
| Min cash needed (BSD from CPF) | $53,500 |
BSD of $24,600 can be paid from CPF OA, which reduces your cash outlay to ~$53,500. But most people pay BSD in cash to preserve CPF for monthly instalments.
BSD on $1,000,000 — Quick Breakdown
| Bracket | Rate | Tax |
|---|---|---|
| First $180K | 1% | $1,800 |
| Next $180K | 2% | $3,600 |
| Remaining $640K | 3% | $19,200 |
| Total BSD | $24,600 | |
This is for a first-time SC buyer. Second property? Add 20% ABSD ($200,000 in cash). See the full stamp duty breakdown.
Costs People Forget
| Item | Typical Range | Notes |
|---|---|---|
| Renovation | $50K – $100K | Cash only. Cannot use CPF. |
| Furniture & appliances | $10K – $30K | Unless partially furnished |
| Agent commission (resale) | 1% ($10,000) | Usually paid by buyer for resale |
| Moving costs | $1K – $3K |
Renovation is the big one. A $1M condo purchase can easily become a $1.15M total outlay when you factor in reno, furniture, and fees.
Cash vs CPF — What to Use Where
The 5% cash down payment is non-negotiable. For everything else, you have a choice. Here's how I think about it:
- Down payment (20%): Use CPF OA. That's what it's for.
- BSD ($24,600): Pay cash if you can. Keep CPF for monthly instalments — it reduces your monthly cash outflow for 25 years.
- Legal fees: Cash only. No choice.
- Monthly instalments: CPF OA first, top up with cash. This is the most sustainable approach.
See what you can actually afford
Your HDB equity, CPF balance, and income change the picture completely. Run the numbers with your real situation.
Affordability CalculatorFAQ
How much cash do I need to buy a $1M condo in Singapore?
At minimum, $74,600 in cash: $50,000 for the 5% cash down payment + $24,600 for Buyer's Stamp Duty (BSD). With legal fees (~$3,000) and moving costs, budget around $80,000.
Can I pay the full down payment using CPF?
No. For a bank loan at 75% LTV, you need 25% down. The first 5% ($50,000) must be in cash. The remaining 20% ($200,000) can come from CPF OA. This is a regulatory requirement — no way around it.
Can I pay stamp duty from CPF?
Yes. BSD ($24,600 on a $1M condo) can be paid from your CPF OA. But if you want to conserve CPF for the down payment or monthly instalments, paying BSD in cash is smarter.
What if I only have 75% LTV — does cash needed change?
If your LTV is lower (e.g., 55% for a second property), your cash requirement jumps significantly. At 55% LTV, you need 10% in cash ($100,000) plus BSD — so $124,600 minimum.
Does renovation count as part of the cash I need?
Renovation is separate from the purchase. Budget $50K–$100K for a new condo renovation in Singapore. This cannot come from CPF — it is 100% cash or a reno loan.
Related
Last updated Feb 2026. BSD rates effective 15 Feb 2023, LTV limits per MAS. This is a calculation, not financial advice.