The Real Cost of Owning a Condo in Singapore: One-Off, Monthly and Hidden Costs

Ask “how much do I need to buy a condo?” and most people quote the price on the brochure. That is only the headline. Owning a condo in Singapore comes with a set of one-off costs at purchase, recurring costs every month, costs that start while the building is still going up, and costs if you later rent out or sell. Budgeting for all four is what separates a comfortable purchase from a stretched one.

This guide works through each group using an illustrative new launch unit at LinkTown Residences (Hougang Central Residences), the private condo planned at the Hougang Central integrated development. No official prices or maintenance fees have been released, so figures are either calculated from published rules or left as placeholders for you to fill in.

1. One-off costs at purchase

Down payment

For a first housing loan at 75% LTV, you pay 25% yourself. On S$1,695,000 that is S$423,750, of which at least 5% of the price (S$84,750) must be cash. The rest can be cash or CPF Ordinary Account savings. Under the progressive payment scheme, the 5% booking fee is paid at OTP and the next 15% within about eight weeks, so most of the down payment is needed early.

Stamp duties

Buyer’s Stamp Duty is due within 14 days of exercising the option. On S$1,695,000, BSD works out to S$54,350; on S$1.7 million it is S$54,600. ABSD is added on top for PRs, foreigners and Singapore Citizens buying a second or later property. Stamp duty is paid in cash first; CPF can reimburse BSD where eligible. Our stamp duty guide explains the tiers, and the calculator handles other prices.

Legal fees

You will need a conveyancing lawyer for the S&P and the mortgage. Fees vary by firm and by whether the bank offers a legal subsidy, so get quotes rather than assuming a figure.

Valuation shortfall

Banks lend on the lower of the price or their valuation. If the valuation comes in below the price, the gap is paid in cash. It is less common at new launches but worth a buffer; see bank valuation shortfall.

Renovation and furnishing

New launch units come fitted, but most owners still spend on loose furniture, lighting, curtains and often carpentry. The range is wide; set your own budget and add it to your cash plan for the year of TOP.

2. Costs during construction

This is the cost many first-time new launch buyers miss. For an uncompleted property, the bank disburses the loan progressively as construction stages are reached, and you pay interest only on what has been drawn. With a 25% down payment, the loan starts being drawn once cumulative payments pass 25% of the price, which is partway through the foundation stage.

Illustrative S$1,695,000 unit, 75% loan, 3% interest. Interest shown is the interest portion only; actual monthly instalments depend on how your bank structures repayment during construction. Assumes the 25% down payment is paid before any loan is drawn. Not an offer or quote.

If you are still paying for your current home during construction, whether rent or an HDB loan, these two sets of payments overlap. Map them out month by month. The progressive payment guide shows the full schedule.

3. Recurring costs once you own it

Mortgage

On a S$1,271,250 loan over 30 years at 3%, the monthly instalment is about S$5,360. Banks assess affordability at a 4% stress-test rate, which would put the instalment at about S$6,069 and, under the 55% TDSR, require roughly S$11,035 of monthly income if you had no other debts. Rates move; our home loan guide covers packages and refinancing.

Maintenance fees

Paid monthly or quarterly to the MCST, based on your unit’s share value, so larger units pay more. Fees are split between the management fund (day-to-day running) and the sinking fund (long-term repairs). In an integrated development, some costs may be shared with the commercial component depending on strata arrangements. Fees for LinkTown Residences have not been announced; see maintenance fees explained.

Property tax

Property tax is based on the Annual Value, the estimated annual rent your unit could fetch. Owner-occupiers pay lower, progressive rates; non-owner-occupier rates are higher. Check the current rates and your Annual Value with IRAS once the unit is assessed.

Insurance

The MCST insures the building structure and common property. Owners typically buy home contents insurance, and banks typically require fire insurance on a mortgaged property. Check what the MCST policy already covers, then get quotes.

Utilities and running costs

Electricity, water, gas (if piped) and internet are yours from key collection. Air-conditioning is often the biggest swing factor.

A hypothetical monthly budget

The table below uses only the loan maths from our illustrative unit. Everything else is a placeholder for you to fill with your own quotes or the figures announced for the project.

Hypothetical budget for illustration only. Assumes a first housing loan, a 30-year tenure and a constant 3% rate for the whole term, which will not happen in practice. Placeholder rows are deliberately left blank and do not represent LinkTown Residences figures. CPF Ordinary Account savings can pay instalments, subject to CPF limits, which reduces cash outflow but not the total cost.

4. Costs when renting out or selling

Renting out

Private homes can be rented for a minimum of three consecutive months, subject to URA occupancy caps. Rental income is taxable, the tenancy agreement attracts stamp duty (usually paid by the tenant), and agent fees follow market convention. Property tax rises to non-owner-occupier rates. Allow for vacancy between tenants and for wear and tear. See rental potential.

Selling

Seller’s Stamp Duty applies if you sell within the holding period. For residential property bought on or after 4 July 2025, as announced, SSD is 16% within one year, 12% in the second year, 8% in the third and 4% in the fourth, with none after four years. The period counts from the purchase date, so a sub-sale before completion can attract SSD; verify with IRAS. Our SSD and sub-sale guide explains more. Budget also for agent commission, legal fees and any loan prepayment penalty if you are still in a lock-in. CPF used, plus accrued interest, is refunded to your CPF account from the sale proceeds.

Bringing it together: how much do I need to buy a condo?

A sound budget for the Hougang Central condo covers four horizons: cash needed within the first two months (5%, 15%, stamp duty), the rising interest during construction, the full monthly cost after TOP, and an exit cost if plans change. For the wider sequence, read our complete guide to buying a new launch condo.

To receive the official price list and maintenance fee estimates for LinkTown Residences when they are released, register your interest.

Illustrative figures use indicative sizes and analyst price estimates, not official prices. Rules on stamp duty, loans, CPF, property tax and renting are as published and may change; verify with IRAS, MAS, CPF Board, URA and your bank or lawyer. This is general information, not financial advice.