Stamp Duty on a S$2,000,000 Property in Singapore
Buying a S$2,000,000 home in Singapore means paying S$69,600.00 in Buyer's Stamp Duty, plus Additional Buyer's Stamp Duty if it is not your first property or you are not a citizen.
Buyer's Stamp Duty workings
| Band | Rate | BSD |
|---|---|---|
| S$0.00 – S$180,000.00 | 1% | S$1,800.00 |
| S$180,000.00 – S$360,000.00 | 2% | S$3,600.00 |
| S$360,000.00 – S$1,000,000.00 | 3% | S$19,200.00 |
| S$1,000,000.00 – S$1,500,000.00 | 4% | S$20,000.00 |
| S$1,500,000.00 – S$2,000,000.00 | 5% | S$25,000.00 |
ABSD by buyer
| Buyer | ABSD rate | ABSD | Total stamp duty |
|---|---|---|---|
| Citizen, 1st property | 0% | S$0.00 | S$69,600.00 |
| Citizen, 2nd property | 20% | S$400,000.00 | S$469,600.00 |
| PR, 1st property | 5% | S$100,000.00 | S$169,600.00 |
| PR, 2nd property | 30% | S$600,000.00 | S$669,600.00 |
| Foreigner | 60% | S$1,200,000.00 | S$1,269,600.00 |
When and how to pay
Stamp duty is due within 14 days of signing the sale and purchase agreement or exercising the option to purchase. You pay IRAS in cash first; BSD can then be reimbursed from your CPF Ordinary Account, but ABSD rules differ, so check with your lawyer.
Before you sign
- HDB loans are capped at 25 years and must be fully repaid by age 65.
- Using CPF for housing reduces what is left for retirement, and you must refund the amount used plus accrued interest when you sell.
- Budget for legal fees, valuation, renovation and moving costs on top of the downpayment and stamp duties.
- Stamp duty must be paid within 14 days of signing, so have the cash ready before you exercise the option.
Background
Most Singaporeans live in HDB flats, which can be financed with an HDB concessionary loan at 0.1% above the CPF Ordinary Account rate or with a bank loan. Private property must be financed with a bank loan, and banks offer fixed, floating and SORA-pegged packages.
Singapore's property market is shaped by cooling measures introduced since 2009, including Additional Buyer's Stamp Duty, loan-to-value limits and debt servicing ratios. These rules are adjusted when the market runs hot, so the numbers you see today may differ from what friends paid a few years ago.
Beyond the price, buyers should budget for legal fees, valuation, home insurance, renovation and furnishing. Running the figures in advance helps you decide how much cash to hold back and whether a smaller loan or longer tenure makes more sense.
Related calculations
- HDB Loan Calculator: Calculates monthly repayments on an HDB concessionary loan, which is pegged at 0.1% above the CPF Ordinary Account rate (2.6% a year).
- Home Loan (Mortgage) Calculator: Estimates monthly repayments on a bank home loan for private property or HDB flats.
- Mortgage Servicing Ratio (MSR) Calculator: MSR caps the instalment on HDB flats and ECs bought from developers at 30% of gross monthly income.
- Total Debt Servicing Ratio (TDSR) Calculator: TDSR limits all monthly debt repayments to 55% of gross monthly income when you take a property loan.
Change the price and buyer profile in the Stamp Duty on a S$2,000,000 Property Calculator.
Run your own numbers: Stamp Duty on a S$2,000,000 Property Calculator