Stamp Duty

champions way residences is brand new development located in district 25 singapore comprising of

Stamp Duty

When it comes to purchasing Champions Way Residences, the downpayment is a percentage of the purchase price that you must pay upfront. In Singapore, the downpayment for a new condo is usually 25% of the total purchase price.

ABSD

If you’re a Singaporean citizen buying your first property, you won’t need to pay Additional Buyer’s Stamp Duty (ABSD). However, if you’re buying a second property, you’ll face a 20% ABSD tax. For example, if you’re purchasing a $1 million condo as your second home, you’ll need to pay $220,000 worth of ABSD.

Current ABSD Rates

Buyer CategoryABSD RatesAdditional Notes
Singapore Citizen (1st property)No ABSDNo additional tax for Singapore Citizens buying their first property.
Singapore Citizen (2nd property)20%A 20% Additional Buyer’s Stamp Duty (ABSD) is applicable for the purchase of the second property.
Singapore Citizen (3rd and subsequent properties)30%For the third and subsequent properties, Singapore Citizens incur a 30% ABSD.
Singapore Permanent Resident (SPR, 1st property)5%SPRs pay a 5% ABSD for their first property purchase.
SPR (2nd property)30%A 30% ABSD applies to SPRs buying their second property.
SPR (3rd and subsequent properties)35%For the third and subsequent properties, SPRs face a 35% ABSD.
Foreigners60%Foreign buyers are subject to a 60% ABSD for any property purchase.
Entities (company or association)65%Entities pay a 65% ABSD for property purchases, with potential variations.
Entities (housing developer)35% (+5% non-remittable)Housing developers pay an additional 5%, non-remittable, making it a total of 40%.
Trustee65%Trustees are subject to a 65% ABSD when purchasing any residential property.

In addition to ABSD, you’ll also need to pay Buyer’s Stamp Duty (BSD) when purchasing a new launch condo in Singapore. BSD is calculated based on the purchase price of the property and ranges from 1% to 4%. For example, if you’re purchasing a $1 million condo, you’ll need to pay $24,600 worth of BSD.

Buyer’s Stamp Duty BSD

Purchase Price RangeBSD (Residential)BSD (Non-residential)
First $180,0001%1%
Next $180,0002%2%
Next $640,0003%3%
Next $500,0004%4%
Next $1.5 million5%5%
In excess of $3 million6%5%

LTV and the minimum cash downpayment

Loan-to-value (LTV) is the amount of money you can borrow from a bank to finance your new condo. In Singapore, the maximum LTV is 75% of the purchase price. This means that you’ll need to pay at least 25% of the purchase price as a downpayment.

Outstanding Housing LoansLTV LimitMinimum Cash Downpayment for Condo Loans
075% or 5% (for LTV of 75%); 10% (55% LTV)55%*
145% or 25%25%*
2 or more35% or 25%15%*

Of this 25%, a minimum of 5% must be paid in cash. The remaining 20% can be paid using your CPF Ordinary Account (OA) savings or in cash. However, if you’re a first-time buyer and your loan tenure is more than 25 years, you’ll need to pay a minimum of 10% in cash.