Singapore — Property: Buying Process

Key facts

• BSD (Buyer's Stamp Duty): graduated 1-6% based on price tier — 1% on first S$180,000, up to 6% above S$3 million.
• ABSD (Additional Buyer's Stamp Duty): 60% for foreign buyers, unchanged since 27 April 2023.
• Both BSD and ABSD must be paid within 14 days of signing the Sale and Purchase Agreement (30 days if executed overseas).
• Total entry costs for a foreign buyer (BSD + ABSD + legal fees + agent commission) reach roughly 63-68% of the purchase price.

Steps

1. Secure financing pre-approval — Confirm mortgage eligibility and LTV limits before committing to a property.
2. Sign the Option to Purchase (OTP) — Pay a booking deposit to secure the option.
3. Exercise the option — Typically within 2-3 weeks of signing the OTP.
4. Complete the Sale and Purchase Agreement — Finalizes the transaction terms.
5. Pay BSD and ABSD — Within 14 days of signing (30 days if executed overseas).

Costs

• Total entry costs for foreign buyers (BSD+ABSD+fees): ~63-68% of purchase price

Timelines

• OTP to exercise: typically 2-3 weeks
• BSD/ABSD payment deadline: 14 days (30 if overseas)

Required documents

• Option to Purchase (OTP)
• Sale and Purchase Agreement
• Proof of funds/financing approval

Common mistakes

• Underestimating total entry costs at 63-68% of purchase price for foreign buyers — far higher than in most other markets due to the 60% ABSD.
• Missing the 14-day (or 30-day overseas) BSD/ABSD payment deadline, which can trigger penalties.

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