Updated on August 8, 2023 by admin

How to Buy A Property in Singapore: Investing in Singapore real estate is a huge step, and it’s difficult to know where to begin. This comprehensive guide is just one of the numerous tools at your disposal to ease your way through the process.

This comprehensive guide, written by Daniel Poh, a real estate agent and blogger living in Singapore, will walk you through the whole process of purchasing a home in the country.

How to Buy A Property in Singapore?

How to Buy A Property in Singapore

Singapore, a city-state in Southeast Asia, is a modernized city with a high quality of living and a thriving property market. Purchasing real estate in Singapore is an exciting but somewhat stressful business. From searching for the ideal home to closing on the deal, this article will walk you through the steps of purchasing real estate in Singapore.

1) Many residential homes are available for purchase in Singapore (local, PR, or foreigners)

In Singapore, the situation is similar to that of many other nations. Housing may be found in both the public sector and the private sector.

Only Singapore Citizens (SC) or Permanent Residents (PR) who meet one of the buying schemes (more on which I will discuss in point 4) are allowed to buy public residential homes by the Housing Development Board (HDB).

As the government extensively subsidizes HDBs, foreigners are not allowed to buy them.

Yet, there is a wide variety of private residential properties available, including landed homes, condominiums, and executive condominiums.

Executive condominiums (ECs) are not as simple as single-family homes or apartments. Although being built by a private developer, buying an EC is governed by regulations based on:

There are three types of ECs: those purchased brand new from a housing developer; those aged 5 years or less from TOP; and those aged 10 years or more that have been privatized.

SC, PR, and international nationals are all allowed to own private apartments and condos.

SC and PR holders do not need permission to buy land. To buy anything, foreigners require approval from their government.

Who is Qualified to Buy Residential Land?

Types of Property Brand New / Resale
Private Apartment / Condominium SC
Landed Property SC
Foreigners need approval

2) The Role of Age

To buy into the HDB with a family unit, you need to be at least 21 years old. Unless you’re a windowed individual or an orphan, you need to be at least 35 years old to be considered single.

The minimum age to own property in Singapore in most areas of the country is 21. If it’s bought via a trust, the buyer doesn’t need to be over 21.

3) Property Purchases Using CPF

CPF Ordinary Account (OA) savings may be used to buy a home in Singapore. The valuation limit (VL) and withdrawal limit (RL) determine how much of your investment you may remove (WL).

VL is the lesser of the property’s purchase price and its market value at the time of acquisition.

The current WL for CPF use on real estate is 120% of the property’s worth.

4) Housing Assistance Grants from the CPF

Unfortunately, the CPF housing grant is restricted to EC and public housing. In Singapore, the purchase of private property is not subsidized in any way.

Whether or whether you qualify for the CPF housing subsidies mentioned in point 4 depends on the program under which you buy the property.

5) Obtaining a mortgage and other property-related expenses in Singapore

For many, particularly first-time purchasers, committing to the purchase of real estate in Singapore might seem like a huge step.

Because of the magnitude of this investment, careful preparation is required. Make sure you have enough money set up for the down payment and ongoing mortgage payments.

Investigate the maximum mortgage loan amount you can acquire before committing to a certain apartment. If you don’t, you might end yourself in a sticky scenario where your home loan doesn’t cover everything. Most people would rather not be in a position where they have to pay cash to cover a shortfall.

Once you know how much you’ll be able to borrow for a mortgage, you can start looking for a place that suits your needs financially.

Since a mortgage loan from a bank is the only option for financing private property, the process is uniformly more straightforward.

Let’s take a closer look at the cash and CPF downpayment required, as well as the maximum loan-to-value ratio (LTV) that is acceptable (pending HDB or bank approval).

The following is a generalized cost breakdown for buying a home in Singapore.

Sales Tax Levy on Purchases (wef on or after 15 Feb 2023)

Property Value Residential BSD Rate
First S$180,000 1%
Next S$180,000 2%
Next S$640,000 3%
Next S$500,000 4%
Next S$1.5 million 5%
Remaining amount 6%

6) Trying to find the ideal property

After you’ve calculated everything. We are now free to begin our search for a suitable property. You could hire a real estate agent to help you look for a place and set up a viewing.

The agent’s job is to help you find the best possible properties within your price range and other criteria. Then, he’ll be by your side as you negotiate the selling price with the distributor or their representative.

In addition to the cost of the agent’s commission, “hiring the right agent to do the job helps you save your time,” the author writes.

Consider the following scenario: you pay a $5,000 fee to an agent who helps you negotiate a $20,000 discount. Can’t we both benefit from this?

Please contact me by phone or email if you require the services of a licensed broker. I might be able to help you with everything from securing a mortgage loan to finding a property to connecting you with a law firm and drafting all of the required paperwork. And let’s not forget the most crucial part: getting you the lowest possible price!

7) Timelines Are Crucial

Finally, the expected payment plan and length of the whole procedure until completion, when you will be able to take the keys to your new house. For the time being, let’s examine the typical timeframe. If your real estate needs are more complex, you should talk to a real estate agent.

Check out my previous posts for additional information on where to locate an Executive Condominium (EC) in 2023 and when they will be available for purchase.


I’m hoping some of your questions regarding purchasing property in Singapore have been answered by this article.

If you have any questions or would want to contact me in further detail about acquiring property or reorganizing your property portfolios, including investing in new launch property or upgrading plans, etc., please don’t hesitate to get in touch.

If you want to talk, I’m all ears. Cheer!