Perhaps you’re a “dual income, no kids” couple ready to splurge on a luxury home. Alternatively, you might be an HDB upgrader seeking a larger abode after outgrowing your first home. Or, you could be a young, single individual or a foreigner eager to own a home before the age of 35.
Regardless, if you’re wondering how to earn and budget for your condo purchase, you’ve come to the right place. In this article, we break down how much money you need to make to buy a condo in Singapore. We’ll also go through where you might want to buy a condo, how location can affect costs, as well as the various additional costs you’ll need to consider.
How much do condos cost in Singapore?
The short answer: condo prices vary based on factors such as location, size, tenure, and whether it is a new launch or resale condo.
To help you get a sense of how much you can expect to pay, we referenced existing property listings—accurate as of 29 March 2024. The asking prices for 1- to 3-bedroom condo units in the various regions are as follows.
| Location | 1-bedroom | 2-bedroom | 3-bedroom |
| Core Central Region (CCR) | $600,000 to $3,700,000 | $920,000 to $6,968,000 | $1,300,000 to $15,988,888 |
| Outside Central Region (OCR) | $610,000 to $1,800,000 | $720,000 to $2,719,000 | $970,000 to $4,200,000 |
| Rest of Central Region (RCR) | $660,000 to $2,800,000 | $760,000 to $3,200,000 | $1,130,000 to $8,750,000 |
Now, here’s the longer explanation. Homes in the Core Central Region (CCR) are usually closest to the CBD—like Districts 9, 10, and 11—and the downtown core neighbourhoods. It’s also where many luxury and boutique properties are developed. Coupled with the prime location, it’s easy to see why these condos command a higher premium.
Condos located furthest from the city centre in the Outside Central Region (OCR) tend to be the most affordable. OCR condos in areas such as Pasir Ris, Punggol, Jurong, and Bukit Batok, tend to hit the sweet spot between space and price. Families looking for larger apartments and HDB upgraders tend to favour homes here.
The Rest of Central Region (RCR) offers condos with good connectivity to downtown Singapore. Think of neighbourhoods such as Tiong Bahru, Buona Vista, Paya Lebar, and Katong. You will find a range of homes in these neighbourhoods; from smaller boutique projects to larger, older resale units, there is something for everyone and at all price points.
Guide to how much you need to make to buy a condo in Singapore
Now that you know how much a condo costs in Singapore, you’ll have to figure out how to budget for it. By working backwards and determining how much to set aside, you’ll end up with the number you’ll need to earn. Here is what you need to consider to budget for your condo purchase.
1. Figure out the downpayment & loan amount for a condo
Once you’ve picked the home you want, figure out the downpayment and loan amount. This is where you need to know your eligible loan quantum for your bank loan.
| Number of outstanding home loans | Loan-to-value limit | Minimum amount of cash down payment |
| 0 | 75% (or 55%) | 5% (for 75% LTV limit); 10% (for 55% LTV limit) |
| 1 | 45% (or 25%) | 25% |
| 2 or more | 35% (or 15%) | 25% |
You should take the lower LTV limit if your loan tenure stretches longer than 30 years—25 years for HDB flats—or if your loan extends past the age of 65. Other factors that could affect your LTV limit are the remaining years left on your property and your credit score.
By knowing your LTV limit, you can figure out your down payment. For example, if this is your first home and only property, you can take the maximum loan of 75%. That means your downpayment will be 25%, 5% of which must be paid in cash.
2. Consider your Total Debt Servicing Ratio (TDSR)
At this point, you also want to factor in all your existing debt obligations. The current Total Debt Servicing Ratio (TDSR) threshold is 55%. That means you can only use up to 55% of your gross monthly income on all debt.
If you have no existing debt, congratulations. You can also max out the amount you can use for your mortgage repayments. But if you intend to buy a car or take a renovation loan to spruce up your new crib, your home loan instalment amounts will be smaller.
3. Pick a home loan suited to your financial goals
Most of us will end up financing our condo purchase with a home loan. Your monthly mortgage repayments will vary, depending on the type of home loan you pick—floating or fixed rate home loan—, interest rates, and your loan tenure.
To get an idea of what’s on the market, use an online mortgage comparison tool. This way you can quickly see the rates for floating and fixed-rate home loans across the various major banks in Singapore.
If you’re unsure which loan to go for, speak to an expert. Once you’ve chosen a loan, reach out to the bank or a mortgage expert to secure your In-Principal Approval (IPA).
So, just how much salary do you need to buy a condo in Singapore?
Assuming you have no other debt obligations and are looking at a TDSR of 55%, a fixed interest rate of 3.00%, and a loan tenure of 25 years, you’ll need to earn a minimum gross household income of $6,470 for a $1 million condo.
For a million bucks, you’ll be able to afford a luxury 1-bedroom unit in the CCR, a decently-sized 2-bedder in the RCR, or a spacious 3-bedder in the OCR.
In any case, take caution when making big financial decisions. The traditional advice is not to use more than 30% of your household’s gross monthly income to prevent overstretching yourself.
Additional Costs to Consider When Buying a Condo in Singapore
Buyer’s Stamp Duty
When buying a condo, you’ll have to pay Buyer’s Stamp Duty (BSD). Here’s how much BSD you have to pay for residential property in Singapore.
| BSD taxes | Residential property |
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Amount exceeding $3,000,000 | 6% |
Depending on your citizenship status and the number of properties you own, you might also have to pay Additional Buyer’s Stamp Duty (ABSD). Some foreigners are eligible for ABSD remission under Free Trade Agreements.
| Citizenship and number of property | ABSD tax rates |
| Second property for Singapore citizens | 20% |
| Third and subsequent properties for Singapore citizens | 30% |
| First property for Singapore PRs | 5% |
| Second property for Singapore PRs | 30% |
| Third and subsequent properties for Singapore PRs | 35% |
| Any property for foreigners | 60% |
Unsure how to do the math? You can use an online stamp duty calculator to check how much BSD and ABSD you might have to pay.
Property tax
Owner-occupier property tax rates are pegged to the annual value of your property. If this is your investment property and you rent out your place, you will have to pay non-owner-occupier property tax.
Check how much you have to pay via the IRAS property tax calculator.
Condo maintenance fees & home insurance
Each condo has different condo maintenance fees, ranging from $300 to $1,000. The amount can be higher for fancier developments and projects with more facilities. Your fees are also dependent on the number of condo residents and the size of your unit. Condo maintenance fees also change over time.
If you upgrade to a larger home, it will also mean a bigger utility bill and greater maintenance costs. Home insurance premiums are likely to be more expensive too.
How to budget for & buy a condo in Singapore
Ultimately, how much you need to earn to buy a condo in Singapore will depend on the property you choose. Whatever you decide, it’s always wise to carefully evaluate your financial circumstances and seek professional advice before making any moves.
Want to learn more about condo living? Here are more guides to check out:
- How to afford a 2-bedroom executive condo in Singapore
- Why I moved from a condo to an HDB maisonette
- 17 condos within walking distance of MRT stations
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