Insights · 2026-06-06
How Much Do I Need To Buy A Condo In Singapore?
By Emmeline Koh · Updated 2026-10-31
This is the first question most buyers ask, and the answer is more complex than just “the down payment.” Buying a condo in Singapore involves multiple costs beyond the purchase price, and many first-time buyers underestimate the true cash and CPF required.
Buying Guide
5 min read
01
Total Cash and CPF Required for a Condo
For a typical S$1.5M to S$2.5M condo, here is the full breakdown of costs for a first property purchase (Singapore Citizen, no existing property):
| Cost Component | S$1.5M Condo | S$2.0M Condo | S$2.5M Condo |
|---|---|---|---|
| Down payment (25%) | S$375,000 | S$500,000 | S$625,000 |
| Buyer Stamp Duty (BSD) | ~S$44,600 | ~S$69,600 | ~S$94,600 |
| ABSD (if applicable) | S$0 to S$900,000 | S$0 to S$1.2M | S$0 to S$1.5M |
| Renovation and furnishings | S$50,000 to S$100,000 | S$60,000 to S$150,000 | S$80,000 to S$200,000 |
02
The 25% Down Payment Breakdown
For the first property, the minimum down payment is 25% of the purchase price. This is split into at least 5% in cash (your own cash, not CPF) and up to 20% from CPF OA or additional cash.
For second and subsequent properties, the down payment is higher (typically 30-40% depending on loan rules).
03
Buyer Stamp Duty (BSD) Tiers
BSD is payable by every property buyer: first S$180,000 at 1%, next S$180,000 at 2%, next S$640,000 at 3%, next S$500,000 at 4%, next S$1,500,000 at 5%, and the remainder above S$3,000,000 at 6% (IRAS residential rates from 15 Feb 2023). For a S$2M condo, BSD is approximately S$69,600. This can be paid with CPF OA.
04
Monthly Mortgage Payments
Beyond upfront costs, factor in monthly mortgage payments. For a S$1.5M loan (75% of S$2M property) at approximately 3.5% interest over 25 years, the monthly instalment is around S$6,700. At a 55% TDSR, you need minimum monthly income of approximately S$12,200 or about S$146,400 annually.
05
Total Cash You Need Upfront
For a first property purchase at S$2M (SC with no existing property): Down payment at 5% in cash: S$100,000. BSD via CPF: S$69,600. Legal fees: S$3,000. Renovation: S$60,000. Total cash needed: approximately S$163,000 plus CPF down payment portion.
06
Bottom Line
Buying a condo in Singapore requires significant upfront capital. The minimum cash outlay for a S$2M condo is around S$160,000 to S$200,000 in cash plus sufficient CPF OA savings for the remaining down payment and stamp duties. If you are unsure about your affordability, book a consultation to get a personalised assessment.
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07
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