Stamp Duty on a S$3,050,000 Property in Singapore
Buying a S$3,050,000 home in Singapore means paying S$122,600.00 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$3,000,000.00 | 5% | S$75,000.00 |
| S$3,000,000.00 – S$3,050,000.00 | 6% | S$3,000.00 |
ABSD by buyer
| Buyer | ABSD rate | ABSD | Total stamp duty |
|---|---|---|---|
| Citizen, 1st property | 0% | S$0.00 | S$122,600.00 |
| Citizen, 2nd property | 20% | S$610,000.00 | S$732,600.00 |
| PR, 1st property | 5% | S$152,500.00 | S$275,100.00 |
| PR, 2nd property | 30% | S$915,000.00 | S$1,037,600.00 |
| Foreigner | 60% | S$1,830,000.00 | S$1,952,600.00 |
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
- Using CPF for housing reduces what is left for retirement, and you must refund the amount used plus accrued interest when you sell.
- 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%.
- 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stamp duties and monthly instalments, but using CPF reduces the money compounding for retirement, and the amount withdrawn plus accrued interest must be refunded to your CPF account when you sell.
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.
Stamp duties are paid upfront. Buyer's Stamp Duty applies to every purchase at tiered rates up to 6%, while ABSD depends on the buyer's residency status and how many residential properties they already own. Sellers who dispose of a property within the holding period pay Seller's Stamp Duty.
Related calculations
- Rental Yield Calculator: Measures the return from rent before and after costs such as property tax, maintenance fees and agent fees.
- Home Loan Refinancing Calculator: Compares your current mortgage with a new rate to show the monthly saving and how long switching costs take to recover.
- 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%.
Change the price and buyer profile in the Stamp Duty on a S$3,050,000 Property Calculator.
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