Market Insights
5 min read

Quick Answer

The 15-month wait-out period for private property owners buying HDB resale flats has been removed with immediate effect as of 28 July 2026. If you sold a private property and want to buy an HDB resale flat without an HDB housing loan, you can proceed immediately — no more waiting. However, the 30-month wait-out period for subsidised HDB flats (BTO or resale with grants) still applies.

Key change: 15-month wait-out period for unsubsidised HDB resale removed
Effective: 28 July 2026
By: Emmeline Koh, CEA Reg R045542G

15-Month Wait-Out Period for Private Property Owners Buying HDB Resale REMOVED

By Emmeline Koh · Updated 2026-07-28

Breaking news: National Development Minister Chee Hong Tat announced on Tuesday (28 July 2026) that the 15-month wait-out period for private residential property owners who sell their homes and buy HDB resale flats is removed with immediate effect.
This is significant for private property owners who have been considering downgrading to an HDB resale flat — whether to unlock equity, right-size for retirement, or relocate for family reasons. The policy change takes effect today, and pending appeals no longer need to wait for HDB’s reply.

Who Is Affected by This Change?

The removal applies specifically to:
  • Private residential property owners and former owners who want to buy a non-subsidised HDB resale flat without an HDB housing loan
  • This means you must be buying the resale flat without CPF housing grants and without an HDB concessionary loan
Important caveat: You are still required to sell your existing private property (whether in Singapore or overseas) within six months from the completion of the HDB resale flat purchase.

What Has NOT Changed: The 30-Month Rule Still Applies

This removal only affects the 15-month wait-out period for unsubsidised HDB resale purchases. If you are a private property owner looking to buy a subsidised HDB flat, the 30-month wait-out period still applies. This includes:
  • Booking a new BTO flat (with or without grants)
  • Buying a resale flat with CPF housing grants
  • Purchasing an Executive Condominium (EC) unit from a property developer

Why Was This Measure Removed Now?

According to the Ministry of National Development (MND), the HDB resale market has shown signs of stabilisation after several quarters of price moderation. The 15-month wait-out period was introduced in September 2022 as a temporary cooling measure to prioritise access for first-time homebuyers and moderate demand for resale flats.
Since its introduction, HDB has processed about 1,800 appeals annually from private property owners seeking waivers. This number has remained stable, with HDB acceding to roughly one in four appeals — mainly for households facing financial difficulties or extenuating circumstances with no alternative housing.
The removal of this measure signals that the government believes the resale market has cooled sufficiently and no longer needs this temporary restriction.

What This Means for Private Property Owners

If you are a private property owner considering downgrading to an HDB resale flat, here is what has changed for you:

No More Waiting

You can sell your private property and immediately proceed to buy an HDB resale flat (without grants or HDB loan). Previously, you had to wait 15 months from the date of sale before you could even apply for an HDB Flat Eligibility (HFE) letter. That waiting period is now gone.

Pending Appeals Are Automatically Resolved

If you had already submitted an appeal to HDB for a waiver of the 15-month wait-out period, you no longer need to wait for a reply. You can proceed directly to apply for an HFE letter. HDB will contact these appellants to inform them of the change.

Loan and Grant Implications

Because this exemption is for unsubsidised purchases, you will need to secure your own financing (bank loan) rather than an HDB concessionary loan. You also won’t qualify for CPF housing grants on this purchase. However, you benefit from not having to wait — and you can move directly from your private property to an HDB resale without an interim rental period.

Is This a Good Time to Downgrade?

The removal of the 15-month wait-out period opens the door for more private property owners to right-size into HDB resale flats. This could increase demand for resale flats, which may have a modest upward effect on resale prices in the near term as more cash-rich buyers enter the market.
For private property owners who have been waiting on the sidelines, this is a clear signal that the government sees the resale market as balanced enough to remove this temporary restriction. If you have been considering downgrading, the conditions are now more favourable than they have been since 2022.
That said, you should factor in the six-month requirement to dispose of your existing private property, and ensure you have the financing in place for an unsubsidised purchase.

Bottom Line

The removal of the 15-month wait-out period is a meaningful policy shift that gives private property owners significantly more flexibility to move into HDB resale flats. If you were previously blocked by this rule, you can now proceed without waiting.
For private property owners who wish to buy subsidised HDB flats (BTO or resale with grants), the 30-month waiting period continues — so the path that works for you depends on your budget, your need for grants, and your timeline.
Need help working out whether this change affects your situation? Drop me a message and I’ll help you map out the options.

Sources

Market Insights
7 min read

Quick Answer

The psf gap between OCR and CCR has narrowed from ~60% to ~40% over the past five years. While CCR offers prestige and central living, OCR currently provides better value for most buyers — lower entry psf, stronger rental demand from locals, and more room for capital appreciation as the city decentralises.

Key stat: OCR-CCR gap narrowed from 60% to ~40%
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

OCR vs CCR: Where Should You Be Looking in 2026?

By Emmeline Koh · Updated 2026-07-20

One of the most common questions I get from buyers is: should I look at OCR (Outside Core Region) or CCR (Core Central Region)?
The answer used to be simple. CCR was for wealth and prestige; OCR was for value and space. But in 2026, the lines have blurred. Cooling measures, urban decentralisation, and shifting buyer preferences have reshaped what each region offers — and the price gap between them has narrowed significantly.
This guide breaks down the current OCR vs CCR dynamics, the data behind the trend, and how to decide where to focus your search.

What Are OCR, RCR, and CCR?

Singapore’s residential property market is divided into three regions by URA:
  • CCR (Core Central Region): Districts 1, 2, 4, 9, 10, 11 — CBD, Orchard, Bukit Tima, Sentosa. The most prestigious and expensive addresses.
  • RCR (Rest of Central Region): Districts 3, 5, 7, 8, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 — City fringe areas like Tiong Bahru, Kallang, Geylang, Marine Parade, Queenstown, Thomson.
  • OCR (Outside Core Region): Districts 6, 22, 23, 24, 25, 26, 27, 28 — Suburban heartlands like Jurong, Woodlands, Tampines, Yishun, Pasir Ris, Sengkang.
Each region serves a different buyer profile. CCR attracts high-net-worth individuals and foreign buyers. RCR appeals to upgraders and professionals who want city access without CCR prices. OCR is where most Singaporean families buy their homes — more space for the dollar, strong community infrastructure, and proximity to jobs via the MRT network.

The Gap Is Narrowing: What the Data Shows

Over the past five years, the average psf gap between OCR and CCR has narrowed from approximately 60% to around 40%. The reasons are structural:
CCR prices have softened. The 60% ABSD on foreign buyers significantly reduced foreign demand for CCR properties. Luxury condo prices have plateaued or declined slightly in some sub-segments as fewer overseas buyers compete.
OCR prices have held firm. Sustained upgrading demand from HDB owners, combined with government grants and the attractiveness of suburban centres like Jurong East, Paya Lebar, and Woodlands, has kept OCR prices resilient.
New supply is increasingly outside CCR. The GLS programme has focused new launches in OCR and RCR areas to meet demand from local upgraders, supporting price stability in these regions.

OCR vs CCR: Key Considerations for 2026

Choose OCR if:

  • You prioritise space and affordability. For the same budget, OCR typically gives you a larger unit — useful for families.
  • You are an HDB upgrader. OCR is the natural next step — similar neighbourhood feel with better quality living.
  • You want stronger rental yields. OCR condos near MRT stations often deliver better rental returns than comparable CCR units, because demand is driven by local professionals and families who need the space.
  • You believe in decentralisation. Singapore’s master plan is building up regional centres. OCR areas like Jurong (second CBD), Punggol (digital district), and Tampines will see continued infrastructure investment.

Choose CCR if:

  • Location is your top priority. CCR gives you walking distance to Orchard, CBD, and the best dining and entertainment.
  • You value prestige and capital preservation. CCR properties have historically held value better during downturns.
  • You are a foreigner or PR with a higher budget. While ABSD is punitive, CCR is where most foreign buyers focus because of the central location and international community.
  • You can negotiate. With fewer foreign buyers competing, CCR sellers are more willing to negotiate on price. Some developers are offering incentives to move inventory.

RCR: The Middle Ground Worth Watching

RCR (Rest of Central Region) is increasingly the sweet spot for many buyers. Areas like Kallang Whampoa, Queenstown, Marine Parade, and Toa Payoh offer the best of both worlds — city fringe accessibility without CCR pricing. RCR properties have seen strong demand from upgraders who want to stay close to the city but are priced out of CCR.
If you can stretch your budget slightly, RCR is often the optimal choice. You get better capital appreciation potential than pure OCR, with lower entry costs than CCR.

Bottom Line

The OCR vs CCR decision in 2026 is less about which is “better” and more about what fits your lifestyle, budget, and investment goals.
For most Singaporean families and HDB upgraders, OCR offers better value and space with strong long-term growth potential as regional centres develop. For buyers who prioritise location and can afford the premium, CCR offers prestige and capital preservation with more room to negotiate in the current market.
RCR is the compromise option worth serious consideration — lower entry psf than CCR with city proximity and strong resale demand.
Not sure which region suits your situation? Book a consultation and I’ll help you evaluate the options based on your budget and goals.

Market Insights
8 min read

Quick Answer

Singapore’s property cooling measures include higher ABSD for foreigners and multiple-property owners, tighter LTV limits, and enhanced grants for first-time buyers. The 2023 round was the most aggressive, and its effects are still reshaping the market in 2026.

Key stat: ABSD for foreigners raised to 60%
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Cooling Measures: What’s Changed and How to Navigate It

By Emmeline Koh · Updated 2026-07-20

Singapore’s property cooling measures are a set of government policies designed to moderate price growth, reduce speculative buying, and keep housing affordable for owner-occupiers. The most significant round came in April 2023, and as of mid-2026, their effects continue to shape transaction volumes, pricing dynamics, and buyer behaviour across all segments.
If you are a homebuyer, investor, or HDB upgrader in Singapore, understanding these measures is not optional. They directly affect how much you can borrow, what stamp duties you pay, and whether a particular property purchase makes financial sense.

The Major Cooling Measures That Are Still in Effect

1. Higher ABSD (Additional Buyer’s Stamp Duty)

The April 2023 adjustment raised ABSD significantly:
  • Foreigners: From 30% to 60% — a dramatic increase that effectively priced foreign buyers out of the residential market
  • Singapore Citizens buying second property: From 17% to 20%
  • Singapore Citizens buying third and subsequent properties: From 25% to 30%
  • PRs buying first property: 5% (unchanged)
  • PRs buying second property: From 25% to 30%
The 60% foreigner ABSD was the most shocking change. Foreign buyer transaction volumes dropped sharply immediately after, and the luxury segment saw the most significant slowdown. For a more detailed breakdown of current ABSD rates, see the full ABSD guide.

2. Tighter LTV (Loan-to-Value) Limits

The Monetary Authority of Singapore (MAS) tightened LTV limits for housing loans. For individuals taking their second or subsequent property loan, the maximum LTV was reduced, requiring larger down payments in cash.
This particularly affects HDB upgraders who want to keep their HDB while buying a condo — the combination of higher ABSD and lower LTV means significantly more cash upfront.

3. HDB Cooling Measures

HDB-specific measures include:
  • 15-month wait-out period for private property downgraders buying a resale HDB
  • Reduced HDB loan limits based on income and existing commitments
  • Enhanced CPF Housing Grant of up to S$120,000 for eligible first-timer families buying resale HDB flats
  • Proximity Housing Grant of up to S$30,000 for families buying resale flats near their parents

How Cooling Measures Affect Different Buyer Groups

First-Time Buyers (SC)

Largely unaffected. ABSD on first property remains 0% for SCs. Enhanced grants make HDB more accessible. The main impact is indirect — reduced competition from investors and foreigners means more supply available for owner-occupiers.

HDB Upgraders

The most affected group. If you keep your HDB while buying a condo, you pay 20% ABSD. If you sell first, you avoid ABSD but face the challenge of timing and temporary housing. Many upgraders now use the single-name ownership strategy — one spouse buys the condo under their name only to qualify as a first-property buyer (0% ABSD). See our HDB upgrade roadmap for detailed planning.

Investors

The combination of 20% ABSD on second property and tighter LTV limits means the barrier to building a portfolio is much higher. Rental yields alone rarely justify the entry cost. Investors are increasingly focused on longer-term asset progression rather than short-term flipping.

Foreign Buyers

The 60% ABSD has made Singapore residential property almost inaccessible for foreign buyers unless they become PRs. Foreign buying volume dropped significantly. Some foreign investors have shifted to commercial property (which is not subject to ABSD).

Practical Strategies for Navigating Cooling Measures

Strategy 1: Use the single-name ownership structure. If one spouse has never owned property before, they can buy as a first-property buyer and pay 0% ABSD. The other spouse can be added to the title later via a change in ownership (subject to BSD but no ABSD).
Strategy 2: Sell before you buy. While inconvenient, selling your existing property before buying the next one means you pay 0% ABSD as a first-property buyer. The key is having a clear timeline and contingency plan.
Strategy 3: Consider resale instead of new launch. Resale condos have lower psf than new launches in many areas, and the immediate rental income can help offset borrowing costs.
Strategy 4: Look at OCR and RCR. Cooling measures have hit CCR (Core Central Region) hardest due to higher foreign buyer exposure. OCR and RCR segments offer better value and more resilient demand from local upgraders.
For a detailed comparison of OCR vs CCR pricing and value, read our OCR vs CCR analysis.

Are Cooling Measures Working?

As of mid-2026, the evidence suggests they are working as intended. Price growth has moderated from the double-digit highs of 2021-2023 to single-digit growth in 2025-2026. Foreign buying has dropped significantly. The HDB resale market remains active, supported by grants and upgrading demand.
However, cooling measures have also created some unintended consequences. The supply of rental properties has tightened as some investors defer purchases. The gap between HDB and private property prices continues to widen, making upgrading more expensive for HDB owners.
The key takeaway: cooling measures are not temporary. They reflect a structural shift in Singapore’s property policy toward prioritising owner-occupiers over investors. Buyers and upgraders should factor this into their long-term planning.

Bottom Line

Cooling measures have made Singapore property transactions more expensive and more complex, but they have also created opportunities for informed buyers. The higher barriers mean less competition, more motivated sellers in certain segments, and better negotiating power for buyers who have done their homework.
The most successful buyers in this environment are those who plan ahead — understanding ABSD, LTV, grants, and timing before they start viewing properties. If you are unsure how cooling measures affect your specific situation, book a consultation and I will run the numbers for you.

Investment
4 min read

Quick Answer

Three proven condo investment strategies in Singapore: rental yield focus (OCR, ~$1M entry), capital appreciation (RCR near growth areas), and en bloc potential (ageing freeholds in prime districts). Choose one based on your timeline.

Key stat: 3 strategies: yield, appreciation, or en bloc
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Condo Investment Strategy Singapore


A condo can be an excellent investment in Singapore, but not all condos are good investments. The difference between a profitable property and a money pit comes down to a few key factors that experienced investors evaluate before buying.

1. Location and Land Supply

The most fundamental factor: is there limited land supply in this area? Condos in established districts with little new land available (District 9, 10, 11, 15) tend to hold value better than those in areas with abundant future supply. Check the URA Master Plan for upcoming developments in the area.

2. Rental Yield

Gross rental yield (annual rent divided by purchase price) should be at least 3-4% for a condo investment to be sustainable. Below 3%, your rental income may not cover the mortgage and maintenance costs. Above 4.5%, you have a genuinely good rental property.
Areas with consistently high rental demand include: near MRT stations, universities (renting to expat faculty and students), business districts, and areas with limited condo supply.

3. Capital Appreciation Potential

Look for catalysts: upcoming MRT lines, new commercial hubs, masterplan transformations. Properties in areas with positive catalysts tend to outperform those in mature, static locations.
Size matters too. Smaller units have higher psf but may appreciate less in absolute terms. Larger units have lower psf and may offer better absolute gains.

4. Entry Price Discipline

The price you pay determines your return more than any other factor. Buying at market peak means you may wait 5-10 years just to break even. Buying at a discount or during a market dip gives you an immediate advantage.

5. Maintenance and Ageing

Older condos have higher maintenance costs and may face sinking fund top-ups. Factor in maintenance fees and expected special assessments when calculating your holding costs.

6. Exit Strategy

Before buying, know how you will exit. Is the unit easy to sell? Are there many competing units? Does the development have en bloc potential? An investment without a clear exit strategy is speculation, not investing.

Bottom Line

The best condo investments combine strong location fundamentals, good rental yield, reasonable entry price, and clear upside catalysts. If you want help evaluating a specific property or building a portfolio strategy, speak to an investment advisor.
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School Planning
4 min read

Quick Answer

The best condos near good schools balance three things: being within 1km of multiple reputable schools, having good MRT access for non-school commutes, and offering family-friendly layouts at sustainable psf prices.

Key stat: Within 1km of 2+ good schools + MRT access
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Best Condos Near Good Schools In Singapore


Finding a condo near a good school in Singapore is about balancing three things: proximity to a strong primary school, property value and appreciation potential, and your budget. Here are the key school belts and the condos worth considering in each.

Bukit Timah School Belt

Schools: Nanyang Primary, Raffles Girls’ Primary, Methodist Girls’, ACS (Primary), St. Nicholas Girls’. Condos near this belt include Dunearn House (new launch), The Tessaria, and Holland Hill Lodge. This area commands a premium, but the school access is unparalleled.

Bishan-Ang Mo Kio Belt

Schools: Raffles Institution (secondary), Catholic High, CHIJ St. Nicholas, Ai Tong. Condos like Sky Habitat, The Gardens at Bishan, and Thomson Grand offer good school access with strong transport links.

Marine Parade-Eunos Belt

Schools: Tao Nan, Ngee Ann Primary, CHIJ (Katong), St. Stephen’s. Marine Parade has excellent condos with sea views and mature estate living.

Choosing the Right Combination

The best strategy: identify a strong school that is not oversubscribed, then buy a quality condo within 1km. You get the school benefit plus a property that holds its value. Avoid paying a premium for the most famous school if balloting odds within 1km are still low.

Bottom Line

If you are buying for school proximity, do your research on balloting history first, then find the best value condo within range. Book a consultation to shortlist properties that match your school and budget requirements.
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HDB Upgrading
4 min read

Quick Answer

Yes, you can buy a condo before selling your HDB, but you’ll need to pay 20% ABSD upfront (SC rate for second property) and can apply for remission if you sell the HDB within 6 months.

Key stat: 20% ABSD payable, remittable if HDB sold within 6 months
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Can I Buy A Condo Before Selling My HDB?


Yes, you can buy a condo before selling your HDB — but the cost depends entirely on your ownership structure and timing. This is one of the most common questions from HDB upgraders, and the answer has significant financial implications.

The ABSD Trap

If you own an HDB (which counts as a residential property) and buy a condo, you are buying a second property. For a Singapore Citizen, that means 20% ABSD. On a S$2M condo, that is S$400,000 in additional tax.
However, if you sell your HDB within 6 months of buying the condo, you can apply for ABSD remission — getting that S$400,000 back. This is called the ABSD remission for replacement property.

The Timing Challenge

The 6-month window sounds generous but is actually tight. You need to: find a buyer for your HDB, complete the sale, buy the condo, and complete the purchase — all within 6 months. In practice, this means you need to have a buyer for your HDB lined up before or very soon after committing to the condo.

Decoupling: The Ownership Structure Strategy

If your HDB is under one spouse’s sole name, the other spouse may be able to buy a condo as a first property (0% ABSD for SC). This is the most cost-effective way to own both an HDB and a condo simultaneously. The key is that the HDB must have been purchased before marriage or under a sole name arrangement. Read more about this in our keep HDB and buy condo guide.

Financial Considerations

1. You need enough cash/CPF for the condo down payment while still servicing the HDB loan.
2. Your TDSR is tighter because the HDB mortgage counts as debt.
3. If you keep both properties, you pay higher property tax (owner-occupier rates no longer apply to your HDB).

Bottom Line

Buying a condo before selling your HDB is possible, but it requires careful planning around the 6-month ABSD remission window and your ownership structure. Speak to a property strategist to model your specific scenario.
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Buying Guide
5 min read

Quick Answer

Buying a condo in Singapore takes 8–12 weeks from OTP to completion: Option to Purchase (1–2 weeks), exercise OTP and pay deposit (4 weeks), secure financing, complete legal checks, then collect keys at completion.

Key stat: 8–12 weeks from OTP to keys
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Condo Buying Process Singapore: Step-By-Step Guide

By Emmeline Koh · Updated 2026-06-18


Buying a condo in Singapore involves a structured process with legal, financial, and regulatory milestones. Understanding this timeline helps you plan your finances and avoid costly mistakes.

Step 1: Option to Purchase (OTP)

The OTP is the first legally binding document. You pay an option fee (typically 1% of the purchase price) to secure the property for 14-21 days. This gives you time to arrange financing and conduct due diligence.
Important: the OTP should only be issued by a licensed CEA property agent. Verify the agent’s credentials before proceeding.

Step 2: Exercise OTP

Within the OTP period, you must decide whether to exercise the option. If you proceed, you pay another 4% of the purchase price (total 5% down payment). If you withdraw, you lose only the initial 1% option fee.

Step 3: Sign Sale & Purchase Agreement

Your lawyer reviews and finalises the S&P agreement. This typically happens within 8-10 weeks of exercising the OTP. At this stage, you pay the remaining 20% down payment (the balance of the 25% minimum).

Step 4: Pay Stamp Duties

BSD and ABSD (if applicable) must be paid within 14 days of exercising the OTP. This is a critical deadline — missing it incurs late payment penalties. Ensure your CPF and cash are ready.

Step 5: Secure Loan

Finalise your home loan. The bank will disburse the loan amount to the seller’s lawyer upon completion. Get your In-Principle Approval (IPA) early — ideally before making an offer.

Step 6: Completion

Completion is typically 8-12 weeks after the S&P is signed for new launches, or 8-10 weeks for resale properties. This is when ownership officially transfers. Your lawyer handles the paperwork and funds transfer.

Key Timeline Summary

Day 1: Pay option fee (1%) and secure OTP
Day 14-21: Exercise OTP (pay another 4%)
Day 14: Stamp duties deadline
Week 10-12: Sign S&P, pay balance down payment
Week 18-22: Completion and key collection

Bottom Line

A smooth condo purchase requires organisation and the right professional team. If you want guidance through the process, book a consultation with a property strategist.
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Buying Guide
7 min read

Quick Answer

ABSD is an additional tax on property buyers who already own residential property in Singapore. Rates range from 0% (first home, SC) to 60% (foreigners).

Key stat: 20% ABSD for SC second property
Updated: July 2026 (IRAS)
By: Emmeline Koh, CEA Reg R045542G

What Is ABSD In Singapore?

By Emmeline Koh · Updated 2026-07-09


ABSD stands for Additional Buyer’s Stamp Duty — a tax imposed on anyone buying a residential property in Singapore who already owns one or more properties.
It is one of the most important and most overlooked costs in any property transaction. Many buyers spend months researching floor plans, locations and developer track records, but only minutes thinking about ABSD. That mistake can cost hundreds of thousands of dollars.

Why ABSD Exists

The Singapore government introduced ABSD to moderate property demand, discourage speculative buying, and maintain a stable housing market. It is not a new tax — it has been a feature of Singapore’s property cooling measures for over a decade, with rates adjusted several times to respond to market conditions.
Unlike BSD (Buyer’s Stamp Duty), which every buyer pays, ABSD specifically targets buyers who already own residential property. This makes it more expensive to own multiple properties, which in turn helps keep prices accessible for owner-occupiers.

Current ABSD Rates (2026)

The amount of ABSD you pay depends on three things: your citizenship, your residency status, and how many residential properties you already own.
Buyer Profile 1st Property 2nd Property 3rd+ Property
Singapore Citizen 0% 20% 30%
Singapore PR 5% 30% 35%
Foreigner 60% 60% 60%

Real Dollar Examples

Example 1: A Singapore Citizen buying a S$2 million condo as a second property.
ABSD rate: 20%
ABSD payable: S$400,000
Total stamp duties (BSD + ABSD): approximately S$476,000
Example 2: A Foreigner buying a S$1.5 million condo.
ABSD rate: 60%
ABSD payable: S$900,000
That is more than half the property price added in tax alone.
Example 3: A couple upgrading from HDB to condo.
Scenario: They own a HDB jointly and want to buy a S$2M condo while keeping the HDB
Since they already own a property, ABSD applies: 20% = S$400,000
This is why many upgraders choose to sell their HDB first before buying a condo

How ABSD Is Calculated

ABSD is calculated on the purchase price or market value of the property, whichever is higher. It is payable at the time of purchase, along with Buyer’s Stamp Duty (BSD).
For example, on a S$2M condo:
BSD (1% first S$180K, 2% next S$180K, 3% next S$640K, 4% next S$500K, 5% above S$1.5M): ~S$69,600
ABSD (if second property for SC): 20% × S$2M = S$400,000
Total stamp duties: ~S$469,600

When Can You Avoid ABSD?

There are specific situations where ABSD may not apply or can be remitted:
1. First property purchase — SC’s pay 0% ABSD on their first residential property.
2. Buying under sole name — If one spouse has never owned property and buys under their own name, it counts as their first property (0% ABSD for SC). This is the single owner advantage many upgraders use.
3. Married couple buying together — If both are SC/PR and neither owns property, the first joint purchase is 0% ABSD.
4. Remission for replacing a property — In some cases, if you sell your current property within 6 months of buying the next one, you may apply for ABSD remission.

Why Buyers Get Surprised

The most common mistake is focusing entirely on the purchase price while ignoring the tax bill. A S$2M condo looks affordable until you realise you need an extra S$400,000+ just in stamp duties.
Other surprises include:
• Not realising that owning an HDB counts as owning a property
• Thinking “we’re buying together” means 0% ABSD when one person already owns
• Forgetting that ABSD applies on top of BSD, legal fees, and renovation costs
• Assuming ABSD remission is automatic after selling the first property

ABSD and HDB Upgrading

For HDB owners looking to upgrade to a private condo, ABSD is often the deciding factor. A couple who owns their HDB jointly may face 20% ABSD on a condo purchase if they keep the HDB. This is why understanding your ownership structure is critical before making any decisions.
In many cases, the right strategy involves selling the HDB first, buying the condo as a first property (0% ABSD for SCs), and timing the move properly. However, this depends on market conditions, your financial situation, and your family’s timeline.

ABSD vs BSD: What’s the Difference?

BSD (Buyer’s Stamp Duty) is paid by every property buyer regardless of how many properties they own. The rate starts at 1% and goes up in tiers.
ABSD (Additional Buyer’s Stamp Duty) is an extra tax on top of BSD, only for buyers who already own residential property.
Stamp duty is due within 14 days of exercising the Option to Purchase (signing the Sale & Purchase Agreement), and is paid in cash first with CPF reimbursement after (OTP).

Bottom Line

Always calculate ABSD before falling in love with a property.
A property that looks affordable at first glance can become prohibitively expensive once ABSD is factored in. The most financially sound buyers calculate their stamp duties before they step into a showflat — not after.
If you are unsure how ABSD affects your specific situation, Book a Strategy Consultation to discuss your ownership structure and the most tax-efficient way to proceed. If you want a personalised estimate based on your situation, Book a Strategy Consultation and I’ll run the numbers for you.
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Buying Guide
4 min read

Quick Answer

Leasehold (99-year) often makes more financial sense than freehold in Singapore — the premium for freehold is usually 15–30% higher, but the en bloc potential and annualised returns often favour well-located leasehold properties.

Key stat: Freehold premium: 15–30%, often not worth it
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

Freehold Vs Leasehold: Which Is Better?


The freehold vs leasehold debate is one of the most persistent in Singapore property. Many buyers assume freehold is always better. The reality is more nuanced, and freehold is not always the winner.

What is the Difference?

Freehold: You own the property and the land it sits on indefinitely. There is no lease expiry. You can pass it down without worrying about the clock running out.
Leasehold: You own the property for a fixed period (typically 99 years for private properties). The value tends to decline as the lease runs down, especially in the final 30-40 years.

When Freehold Wins

Long-term holding (20+ years): If you plan to hold for decades or pass the property to the next generation, freehold eliminates lease depreciation risk.
En Bloc potential: Freehold developments have historically had stronger en bloc appeal. Some of the most successful en bloc sales have been freehold.
Lender confidence: Banks are generally more willing to lend on freehold properties, especially older ones.

When Leasehold Wins

Better location, lower price: In prime districts, a leasehold condo can cost 20-30% less than a freehold equivalent in the same area. You get the same location for significantly less.
Hold period of 5-10 years: The difference in capital appreciation between freehold and leasehold over a typical 5-10 year hold is often negligible. A 99-year leasehold depreciates slowly in the first 40-50 years.
Better rental yield: Because leasehold properties have a lower entry price, the rental yield is often higher. For investors focused on cash flow, this matters.

The Price Premium

Freehold condos typically command a 15-25% premium over comparable leasehold properties. For a S$2M leasehold unit, the freehold equivalent might cost S$2.3M to S$2.5M. The question is whether that premium translates into better returns over your holding period.

Lease Decay: What You Need to Know

Leasehold properties lose value as the lease runs down, but depreciation is not linear. Year 1-40: minimal depreciation. Year 40-60: moderate depreciation begins. Year 60+: significant depreciation accelerates as properties with less than 30-40 years left face buyer resistance and financing challenges.

The Verdict

For most buyers, the choice comes down to hold period and location. Holding 5-10 years? Leasehold in a great location beats freehold in a mediocre one. Planning to pass the property to children? Freehold gives peace of mind. Prioritising rental yield? The lower entry price of leasehold produces better returns.
Need help deciding? Speak to a property strategist who can calculate the numbers for your specific situation.
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Buying Guide
4 min read

Quick Answer

For a $1.5M condo, you typically need a combined monthly income of at least $12,000–$14,000 to qualify for a loan under TDSR rules, assuming no other debt obligations.

Key stat: ~$12K–$14K/month combined income for $1.5M condo
Updated: July 2026
By: Emmeline Koh, CEA Reg R045542G

How Much Salary Do I Need To Buy A Condo?


Your salary determines how much a bank will lend you, and therefore what price range of condo you can realistically afford. But the calculation is not as simple as “earn X, borrow Y.” Several rules and requirements affect your borrowing capacity.

The TDSR Rule

The Total Debt Servicing Ratio (TDSR) limits your total monthly debt obligations to 55% of your gross monthly income. This includes your new condo mortgage, any existing property loans, car loans, personal loans, and credit card debt.
For example, if your gross household income is S$15,000 per month, your total monthly debt payments cannot exceed S$8,250. If you have no other debt, your maximum condo mortgage payment is S$8,250 per month.

Salary Needed by Condo Price

Assuming a 25-year loan at the MAS stress rate of 4% interest, with no other debt obligations:
Condo Price Loan (75%) Monthly Payment Min Monthly Income Min Annual Income
S$1.5M S$1.125M ~S$5,940 S$10,800 S$130,000
S$2.0M S$1.5M ~S$7,920 S$14,400 S$173,000
S$2.5M S$1.875M ~S$9,900 S$18,000 S$216,000

How Much CPF OA You Need

Beyond salary, you need sufficient CPF OA savings. For a S$2M condo: down payment (25%) is S$500,000. Cash minimum (5%) is S$100,000. CPF needed (20%) is S$400,000 plus BSD of approximately S$69,600 for a total CPF commitment of approximately S$457,600. A recommended CPF OA balance is at least S$200,000 to S$300,000.

Factoring in Existing Loans

Your borrowing capacity shrinks significantly with existing debt. An HDB mortgage of S$1,500 per month and a car loan of S$800 per month reduce your available TDSR limit. If you already own a property, tighter rules for second properties further limit borrowing.

Stress Test Rate

Banks apply a stress test rate (currently around 4-4.5%) to assess your ability to repay if interest rates rise. This means the income requirement is higher than the current interest rate alone suggests.

Practical Takeaway

A general guideline: to comfortably buy a S$2M condo as a first property, you need approximately S$12,000 to S$15,000 monthly household income, S$100,000 to S$200,000 cash savings, and S$200,000+ CPF OA balance.
For a precise calculation for your specific situation, book a strategy session to model your affordability accurately.
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