Stamp Duty on a S$2,350,000 Property in Singapore
Buying a S$2,350,000 home in Singapore means paying S$87,100.00 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$2,350,000.00 | 5% | S$42,500.00 |
ABSD by buyer
| Buyer | ABSD rate | ABSD | Total stamp duty |
|---|---|---|---|
| Citizen, 1st property | 0% | S$0.00 | S$87,100.00 |
| Citizen, 2nd property | 20% | S$470,000.00 | S$557,100.00 |
| PR, 1st property | 5% | S$117,500.00 | S$204,600.00 |
| PR, 2nd property | 30% | S$705,000.00 | S$792,100.00 |
| Foreigner | 60% | S$1,410,000.00 | S$1,497,100.00 |
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
- Seller's Stamp Duty can wipe out the gains on a quick resale, so check your holding period before selling.
- A second housing loan drops the LTV limit sharply and raises the minimum cash downpayment to 25%.
- Using CPF for housing reduces what is left for retirement, and you must refund the amount used plus accrued interest when you sell.
- Stamp duty must be paid within 14 days of signing, so have the cash ready before you exercise the option.
Background
CPF Ordinary Account savings can pay for the downpayment, stamp duties and monthly instalments, but using CPF reduces the money compounding for retirement, and the amount withdrawn plus accrued interest must be refunded to your CPF account when you sell.
The Total Debt Servicing Ratio limits monthly debt repayments to 55% of gross monthly income for any property loan, and the Mortgage Servicing Ratio limits the housing instalment to 30% of income for HDB flats and new executive condominiums. Banks apply a medium-term interest rate in these tests rather than the rate you will actually pay.
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.
Related calculations
- Property Downpayment Calculator: Splits the downpayment into cash and CPF and shows the remaining loan.
- Buyer's Stamp Duty (BSD) Calculator: Calculates Buyer's Stamp Duty on a Singapore residential property using the tiered rates from 1% to 6%.
- Additional Buyer's Stamp Duty (ABSD) Calculator: Calculates ABSD by buyer profile and the number of residential properties owned, using the rates in force since 27 April 2023.
- Total Property Stamp Duty Calculator: Adds BSD and ABSD together so you know the full stamp duty bill before you sign an option to purchase.
Change the price and buyer profile in the Stamp Duty on a S$2,350,000 Property Calculator.
Run your own numbers: Stamp Duty on a S$2,350,000 Property Calculator