Summary

Resale deals outnumbered new-home sales in Singapore's private market in the second quarter of 2026: 3,813 against 2,141 units sold by developers, excluding executive condominiums, according to the Urban Redevelopment Authority (URA). A resale purchase usually starts with an option to purchase (OTP) negotiated between buyer and seller.

The standard OTP template on the Council for Estate Agencies (CEA) website keeps the option open for two weeks unless the parties agree another deadline. Once the buyer exercises it, the Inland Revenue Authority of Singapore (IRAS) counts the home as bought, and buyer's stamp duty (BSD) is due within 14 days. URA's final Q3 2026 figures, released on 23 Oct, put non-landed private home prices up 1.0% from the previous quarter and the overall index up 1.4%.

What this means for Singapore condo buyers

The steps at a glance

StepWhat happensTime limit
Loan checkAsk your bank what you can borrowBefore you pay any deposit
ChecksVerify the seller, title, approved use and duesBefore you pay the option fee
OptionYou pay the option money; the seller grants the optionTwo weeks on the standard template, or as agreed
ExerciseYou sign and pay the depositBefore the option expires
Stamp dutyBSD, plus additional buyer's stamp duty (ABSD) if it applies14 days from exercise; 30 days if signed overseas
RequisitionsYour lawyer checks whether government plans affect the propertyAs agreed, for example 7 days before completion
CompletionYou pay the balance and take over the homeThe date written into the option

Sources: URA buying guide (updated 29 Jun 2026); CEA buyer's checklist and OTP template; IRAS.

Before you pay the option fee

CEA's buyer checklist lists what to verify before money changes hands. Confirm the seller's identity and ownership, the tenure and area, and any caveats lodged by third parties. Then check the approved use, outstanding property tax, the maintenance and service charges set by the management corporation (MCST), the seller's bankruptcy status and, if an agent is involved, their registration with CEA.

URA warns that a buyer may be liable for unauthorised works, extensions or use after taking over the property, so ask the seller for the approved plans or buy the planning records from URA. Owners of HDB flats and executive condominiums must have met HDB's minimum occupation period (MOP) before buying private property, and non-citizens need approval from the Singapore Land Authority's Controller of Residential Property to buy a landed home, URA says.

The option and the exercise

Under CEA's template, the buyer pays option money for the right to buy. If the option is not exercised in time, it becomes void and the money is forfeited to the seller. To exercise, the buyer signs and pays a deposit, set as a percentage of the price less the option money.

These are the terms of CEA's template for owners transacting on their own. The template leaves the option money, the deposit percentage and the completion date for the parties to agree, and lets them sell with vacant possession or subject to an existing tenancy. Forms used by agents and lawyers can differ, so check the figures on the document you sign.

Stamp duty: the 14-day clock

IRAS counts a property as bought when the option or sale agreement is executed, and treats the date the OTP is exercised as the purchase date. BSD is payable within 14 days of that date, or within 30 days of receipt in Singapore for documents signed overseas, and late payment can draw a penalty of up to four times the duty. BSD is paid in cash first; CPF savings can reimburse it afterwards.

BSD is charged on the higher of the price or market value: 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, 5% on the next S$1.5 million and 6% above S$3 million, according to the Ministry of Finance, for purchases from 15 Feb 2023. Since 27 Apr 2023, ABSD has been 20% on a citizen's second home and 30% from the third; 5%, 30% and 35% for permanent residents; 60% for foreigners; and 65% for entities.

Upgraders should watch the order of signing. IRAS says a Singapore Citizen who owns no other home pays no ABSD on a private condo if the option for the sale of their HDB flat is executed first.

Get the loan answer first

For a first housing loan, banks can lend up to 75%, with at least 5% in cash, if the tenure is 30 years or less and ends by age 65; otherwise the cap is 55%, with 10% in cash, the Monetary Authority of Singapore (MAS) says. Under the total debt servicing ratio (TDSR), repayments on all debts are capped at 55% of monthly income. URA advises checking loan eligibility before you pay a deposit.

Requisitions and completion

The template makes the sale subject to satisfactory replies to the usual legal requisitions, which mainly show whether government development plans affect the property. If the replies are unsatisfactory, the template lets the buyer rescind. The parties set the reply deadline and the completion date.

Illustration: a S$1.5 million condo

Illustration only. A Singapore Citizen buys a first home for S$1.5 million with a 25-year bank loan that ends before age 65, and the valuation matches the price.

  • BSD is S$44,600 (S$1,800 + S$3,600 + S$19,200 + S$20,000), due within 14 days of exercising the option. No ABSD applies.
  • The bank can lend up to S$1,125,000, or 75%. At least S$75,000, or 5%, must be cash; the other S$300,000 can come from cash, CPF or both.
  • Had the buyer already owned a home, ABSD at 20% would add S$300,000.

FAQ

How long do I have to exercise an option on a resale condo? Two weeks from the date of the option on CEA's template, unless the parties set another deadline.

Do I get the option money back if I walk away? Not under the template. If the option lapses, the option money is forfeited to the seller.

Education only — not tax, legal or investment advice. Confirm with a licensed professional.

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