How to Buy a Condo in Singapore, Step by Step (2026)

Buying a condominium in Singapore is a bigger, more paperwork-heavy process than renting, and the costs stretch well beyond the sticker price. Get the sequence right and it is manageable; get it wrong and you can lose an option fee or scramble for cash at the worst moment. This guide walks through how to buy a condo in Singapore in 2026, step by step, so you know what happens, when, and what it costs at each stage.

Step 1: Fix your real budget

Before you view a single unit, work out what you can actually afford, and not just the headline price. For a private property on a bank loan, the downpayment is typically a quarter of the price, with a portion that must be paid in cash and the rest payable from CPF. On top of that sit buyer’s stamp duty and legal fees.

Add these together and the upfront requirement is substantial. Knowing this number stops you from falling for a unit you cannot fund. Our guide on using your CPF to buy property explains which parts you can cover with CPF and which need cash.

Step 2: Understand the stamp duties

Stamp duty is a major, often underestimated cost. Buyer’s Stamp Duty applies to every purchase and is tiered by price. On top of that, Additional Buyer’s Stamp Duty, or ABSD, applies to those buying a second or subsequent residential property and to foreign buyers, and it can be a very large sum.

Because ABSD depends on your citizenship and how many properties you already own, work out your exposure before you commit, not after. Rates are set by IRAS and revised from time to time, so always check the current figures. If you own an HDB flat, also confirm the rules on holding it alongside a condo.

Step 3: Sort your financing early

Arrange your loan before you go firm on a unit. Getting an in-principle approval from a bank tells you how much you can borrow, which is governed by the loan-to-value limit and affordability rules such as the total debt servicing ratio. This shapes your downpayment and your maximum price.

Having financing lined up also lets you move quickly and confidently when you find the right unit, and it prevents the nightmare scenario of exercising an option you cannot actually fund. Compare offers, since rates and packages differ between banks.

Step 4: View, shortlist and negotiate

With budget and financing clear, you can view seriously. Look beyond the show-home sparkle to the fundamentals: location and commute, the unit’s facing and light, floor level, maintenance fees, the age and condition of the development, and the facilities you will actually use.

Negotiation on price and terms is normal in the resale market. If you are still weighing whether a condo is even the right call versus public housing, our comparison of buying a condo or an HDB flat is a useful gut-check before you go further.

Step 5: The Option to Purchase

Once you agree on a price, the seller grants you an Option to Purchase, or OTP, in exchange for an option fee. This reserves the unit for you and gives you a set window, commonly a couple of weeks, to arrange your financing and decide whether to proceed.

The OTP is a serious commitment. If you exercise it, you are contractually bound to buy; if you let it lapse, you typically forfeit the option fee. This is precisely why steps one to three matter so much, so that by the time you hold an OTP, you already know you can complete.

Step 6: Exercise the option

To proceed, you exercise the OTP within the option period, usually by signing and paying a further deposit that brings your total deposit up to the agreed downpayment percentage. At this point your lawyer becomes central, handling the conveyancing, checks and the flow of documents between parties.

Engaging a conveyancing lawyer early keeps this stage smooth. They verify the title, coordinate with your bank, and make sure the stamp duties and legal requirements are handled correctly and on time.

Step 7: Completion and handover

Completion is when the balance of the purchase price is paid, ownership legally transfers, and you receive the keys. Your lawyer and bank coordinate the disbursement of the loan and CPF, the payment to the seller, and the registration of the transfer. This typically happens some weeks after you exercise the option.

From here, ownership brings recurring costs: the mortgage, monthly maintenance fees, and property tax. Our sibling guide on property tax in Singapore explains how that annual charge is calculated so it does not catch you out in your first year.

New launch versus resale condo

One decision shapes the whole process: buying a new launch from a developer or a resale unit on the open market. New launches are often bought off-plan before completion, with payments made in stages as construction progresses, which spreads the cash flow but means waiting, sometimes years, before you can move in or rent it out.

Resale condos are ready units you can inspect, move into quickly and see exactly what you are getting, including the actual view, condition and neighbours. The trade-off is paying the full price sooner and, often, buying an older building. Neither is better in the abstract; new launches suit buyers who can wait and want the latest development, while resale suits those who need certainty and a quicker move. Factor this choice in early, as it changes your payment timeline and your financing.

Costs beyond the purchase price

The sticker price is only part of what owning a condo costs. Beyond stamp duty and legal fees at purchase, budget for ongoing outgoings: the monthly maintenance fee that funds the development’s facilities and upkeep, annual property tax, home insurance, and the cost of furnishing and any renovation.

Maintenance fees in particular vary widely between developments and are easy to underestimate, yet they are a permanent monthly commitment for as long as you own the unit. A development with extensive facilities usually carries higher fees. Add these recurring costs to your affordability sums so the true cost of ownership is clear before you commit, not after you have already exercised the option and are locked in.

The bottom line

Buying a condo in Singapore rewards preparation. Fix your true budget including stamp duty and the cash portion, sort financing before you view, and treat the Option to Purchase as the serious commitment it is. Handle ABSD exposure and CPF limits upfront, lean on a conveyancing lawyer, and completion becomes a formality rather than a scramble. Verify current stamp duty rates and loan rules for your situation, since these change. When you are ready to start viewing units with expert help, get matched with a licensed agent below.