Singapore Property Sales Process Guide

Quick Comparison

1. HDB Resale

1.1 Before the OTP

Seller

1. Confirm the flat has met its 5-year MOP.
2. Register an Intent to Sell on the HDB Resale Portal. The seller must wait 7 days after registering before granting an OTP. The registration stays valid for 12 months.
3. Get a cash proceeds estimate: outstanding loan, CPF refund with accrued interest, and agent commission.

Buyer

1. Get a valid HDB Flat Eligibility (HFE) letter before taking an OTP. It confirms eligibility to buy, the HDB loan amount and the CPF grants.
2. If using a bank loan, get an Approval-in-Principle (AIP).
3. Check ethnic integration policy (EIP) and SPR quotas for the block or neighbourhood.
4. Check whether the flat has a remaining-lease issue for CPF usage and loan quantum. The lease should cover the youngest buyer until age 95 for full CPF usage.

1.2 Option to Purchase (OTP)

1. The seller grants the buyer an HDB-prescribed OTP. The option fee is $1–$1,000.
2. Option period: 21 calendar days.
3. (Optional) The buyer submits a Request for Value to HDB within the option period. HDB issues the valuation, and any Cash Over Valuation (COV) must be paid in cash.
4. The buyer exercises the OTP by signing it and paying the option exercise fee. The option fee and exercise fee together may not exceed $5,000.

1.3 Resale Application

1. Both parties submit the resale application on the HDB Resale Portal after the OTP is exercised.
2. HDB accepts the application once both submissions are complete.
3. Both parties endorse the resale documents online and pay the fees.
4. HDB grants approval.
5. Stamp duty: pay Buyer's Stamp Duty (BSD), plus ABSD if applicable, within 14 days of exercising the OTP.

1.4 Completion

• The completion appointment is usually about 8 weeks after HDB accepts the application.
• At completion, the outstanding loan is redeemed, the seller's CPF is refunded with accrued interest, the seller receives the cash proceeds, and the buyer collects the keys.
• Extension of stay: the seller may request up to 3 months, if both parties agree.

1.5 Financing Notes

• HDB loan: LTV up to 75%. The 25% downpayment can be paid in CPF and/or cash.
• Bank loan: LTV up to 75%. At least 5% must be paid in cash.
• MSR: 30% of gross monthly income. TDSR: 55%.
• Second-timers buying a resale flat do not pay a resale levy. The levy applies only when buying a second subsidised flat from HDB.

2. Private Property – Resale (Completed)

2.1 Before the OTP

Seller

• Check for Seller's Stamp Duty (SSD):
• Bought on or after 4 Jul 2025: 16% / 12% / 8% / 4% if sold within years 1 / 2 / 3 / 4.
• Bought between 11 Mar 2017 and 3 Jul 2025: 12% / 8% / 4% if sold within years 1 / 2 / 3.
• Get the redemption statement from the bank and check for any lock-in penalty.

Buyer

• Get an AIP from the bank. Confirm TDSR (55%) and LTV:
• First loan: up to 75%, with at least 5% in cash.
• Second loan: 45%. Third loan: 35%.
• Confirm the ABSD status. Current rates for the first / second / third-and-subsequent property:
• Singapore Citizen: 0% / 20% / 30%
• SPR: 5% / 30% / 35%
• Foreigner: 60%
• Entity: 65%
• Check the tenure (freehold or leasehold), the remaining lease and its effect on CPF usage.

2.2 Option to Purchase

1. The seller grants an OTP against an option fee, usually 1% of the price. The fee is negotiable.
2. The option period is usually 14 days. The seller's lawyer usually drafts the OTP.
3. The buyer exercises the OTP and pays the balance deposit, making 5% in total (usually 1% + 4%).
4. If the buyer does not exercise, the seller keeps the option fee.

2.3 Conveyancing

1. Stamp duty: BSD and ABSD are due within 14 days of exercising the OTP. They can be paid in cash or CPF; CPF is reimbursed later.
2. The lawyers carry out requisitions and title searches, and the bank prepares the mortgage documents.
3. The buyer's CPF and bank loan are disbursed at completion.

2.4 Completion

• Legal completion is typically 8–12 weeks from exercise. The exact date is stated in the OTP.
• The balance 95% is paid through the loan, CPF and cash. The seller's mortgage is discharged and the keys are handed over.

3. Private Property – Building Under Construction (BUC / New Launch)

3.1 Booking

1. Preview and balloting / unit selection at the showflat.
2. The buyer pays a 5% booking fee and receives the developer's OTP. The OTP form is prescribed under the Housing Developers Rules.

3.2 Sale & Purchase Agreement (S&P)

1. The developer delivers the S&P agreement and title documents to the buyer's solicitor within 2 weeks of the OTP date.
2. The buyer must exercise by signing and returning the S&P within 3 weeks of receiving it.
3. Stamp duty: BSD and ABSD are due within 14 days of signing or exercising the S&P.
4. The buyer pays 15% (making 20% in total) within 8 weeks of the OTP date. CPF can be used after the first 5%; at least 5% must be cash.

3.3 Progressive Payment Schedule (Normal Payment Scheme)

• The bank disburses each stage after the buyer's 20% downpayment. Interest is charged only on the amount disbursed, so monthly instalments start small and grow as construction progresses.
• Each progress payment is due within 14 days of the developer's notice, together with the architect's certificate.
• At TOP, the buyer gets the vacant-possession notice, the keys and a 12-month defects liability period.
• Legal completion follows CSC. The 15% CSC payment is usually held by the Singapore Academy of Law (SAL) as stakeholder until the strata title is issued.

3.4 Sub-sale (Reselling a BUC Unit Before Completion)

• The original buyer resells the unit to a new buyer through an OTP, using a process similar to a private resale.
• The developer's consent and an administrative fee are usually required. The new buyer takes over the remaining progress payments.
• SSD applies to the seller if the unit is sold within the SSD holding period, counted from the original OTP date.

4. Executive Condominium – Old Rules (Sites Tendered Before 8 May 2026)

These rules apply to EC projects already launched and to sites awarded / tendered before 8 May 2026.

4.1 Eligibility (Buying from the Developer)

• A Singapore Citizen applicant plus at least one other SC or SPR family member, under an eligible family nucleus or scheme.
• Household income ceiling: $16,000 a month.
• Must not own, or have disposed of, private property within the 30 months before applying.
• First-timer or second-timer:
• Second-timers who own an HDB flat must have met its MOP.
• They must sell the flat within 6 months of collecting the EC keys.
• Launch allocation: 70% of units go to first-timers in the first month. The rest, plus any unsold units, are then open to second-timers.
• CPF Housing Grant for ECs: up to $30,000 for eligible first-timer families, tiered by income up to $12,000. Check the current HDB rates.
• MSR of 30% and TDSR of 55% both apply. Bank loan only. LTV is up to 75%.

4.2 Purchase Steps (Common to Both Payment Schemes)

1. E-application / ballot at the developer's sales gallery. The developer checks eligibility with HDB.
2. Unit selection according to ballot queue numbers.
3. Pay the 5% booking fee and receive the OTP.
4. Receive the S&P within 2 weeks, and exercise it within 3 weeks of receipt.
5. Pay BSD within 14 days of exercise. ABSD generally does not apply to eligible SC households.
6. Pay 15% within 8 weeks of the OTP date, making a 20% downpayment in total. At least 5% must be cash; CPF can be used for the rest.

4.3 Situation A – Normal Payment Scheme (NPS)

• Follows the same progressive payment schedule as a private BUC (see Section 3.3).
• The bank loan is drawn down by construction stage, so interest builds gradually.
• The price is the developer's base price, typically 2–3% lower than the DPS price.
• Best for buyers who want the lowest price and can handle progressive instalments during construction.

4.4 Situation B – Deferred Payment Scheme (DPS)

\ Some developers split the deferred balance between TOP and CSC. Always check the S&P.*

• Buyers pay no mortgage instalments until TOP.
• This lets second-timers keep living in, or keep earning rent from, their current HDB flat during construction. They then sell the flat within 6 months of collecting the EC keys.
• The trade-off is a price premium, usually 2–3% above NPS.
• Risk: the loan must be approved at the time of the TOP drawdown. If income, interest rates or valuation change, the buyer may have to fund a shortfall in cash or CPF.
• DPS was very popular: more than 75% of buyers chose it in recent launches, and about 60% of DPS users were second-timers.

4.5 After Keys – Ownership and Resale (Old Rules)

• Resale process after MOP: same as a private resale, with a 1% OTP, 5% at exercise and completion in about 8–12 weeks.
• Resale EC buyers do not need to meet the income ceiling, the first-timer status or the MSR. They also cannot get the CPF Housing Grant.

5. Executive Condominium – New Rules (From 8 May 2026)

These rules apply to EC sites under the Government Land Sales programme with tenders closing on or after 8 May 2026. The first affected projects are expected to launch from about 2028. Projects already launched, and sites awarded before 8 May 2026, keep the old rules, including DPS.

5.1 What Changed

Policy intent: curb windfall gains and short-term flipping, and give priority to genuine first-time owner-occupiers.

5.2 Purchase Steps (New Rules)

1. Eligibility check: SC household, $16,000 income ceiling, first-timer or second-timer status, and the 30-month private property rule.
2. Launch ballot:

• First-timers compete for up to 90% of units throughout the first 2 years after launch.
• Second-timers are limited to 10%, and their ballot is held 2 years after launch. Sales to second-timers will therefore be much slower and more limited.

1. Booking: 5% booking fee, then the OTP.
2. S&P: delivered within 2 weeks, exercised within 3 weeks of receipt. BSD is due within 14 days.
3. Downpayment: 15% within 8 weeks of the OTP date, making 20% in total.
4. Progressive payments only: the same stage schedule as Section 3.3. Instalments start during construction.
5. TOP: collect keys and start the 10-year MOP. Second-timers sell their HDB flat within 6 months.
6. CSC / legal completion.

5.3 After Keys – Ownership and Resale (New Rules)

5.4 Practical Implications for Clients

• Second-timer HDB upgraders:
• Without DPS, they must service an EC loan during construction while still paying for their HDB flat, so they need to check cash flow and MSR carefully.
• Their quota is much smaller and their ballot comes 2 years later. An old-rules EC launch, or a private BUC, may be a better route.
• First-timers: much better launch odds, but the capital is locked in for a decade. Assess long-term job and family stability.
• Exit planning: a 10-year MOP plus 5 more years of a Singaporean-only resale market. Investment-led buyers should compare this with private property.
• Market split: expect old-rules ECs (5-year MOP, DPS) to command a premium over comparable new-rules ECs in the resale and launch markets.

Appendix A – Buyer's Stamp Duty (Residential)

BSD and ABSD are due within 14 days of exercising the OTP or signing the S&P. Calculators are available at IRAS.

Appendix B – Key Documents Checklist

Appendix C – Sources for the 8 May 2026 EC Changes

• EdgeProp – Government tightens EC rules with 10-year MOP, DPS removal and higher first-timer quota
• Yahoo News Singapore – What you should know about the new EC rules in 2026
• Cashew – Executive condo cooling measures explained
• The Online Citizen – Singapore doubles EC MOP to 10 years and scraps payment deferral

Check the official MND / HDB press release for the authoritative wording.