Buying a resale condo in Singapore — a complete guide
A resale condo offers immediate possession, established location, and more negotiable pricing compared to new launches. The trade-off: you need the full purchase amount at completion, the property may need renovation, and you’re buying based on current condition. Success comes from thorough due diligence on the building, management, and surrounding area.
Why buy a resale condo?
- Immediate move-in — no waiting 3-5 years for TOP
- Negotiable price — sellers may be motivated, especially in a buyer’s market
- Established location — you see exactly what you get: neighbours, noise, sunlight, breeze
- Certainty of costs — no progressive payment surprises or project delays
- Renovation freedom — fully customise the unit from day one
The resale purchase process
- Get an IPA — in-principle approval from a bank to confirm your loan quantum
- Identify properties — shortlist based on location, budget, and requirements
- View and evaluate — inspect the unit, common areas, and surrounding environment
- Negotiate and offer — submit an Option to Purchase (OTP) with a 1% cheque
- Exercise OTP — pay the remaining 4% within the validity period (usually 14 days)
- Loan application — formalise bank loan and engage a lawyer
- Completion — settle the balance payment, stamp duties, and receive keys
What costs to expect
| Item | Amount (for S$1.5M condo) |
|---|---|
| Down payment (25% — bank loan) | S$375,000 |
| Buyer’s Stamp Duty (BSD) | S$40,600 |
| Legal fees | S$2,500–S$4,000 |
| Valuation fee | S$300–S$500 |
| Renovation | S$30,000–S$80,000 |
[Photo]
Jeffrey Chan
Singapore Property Advisor — HOME THEORY
CEA Reg: R006403G | Huttons Asia Pte Ltd