Buying a private condominium in Singapore is a dream for many, often representing both a lifestyle upgrade and a significant financial milestone. Yet, many buyers make the mistake of focusing only on the purchase price per square foot (PSF). The truth is, owning a condo involves a wide range of hidden fees and ongoing expenses that can easily add up to tens or even hundreds of thousands of dollars over time.

From stamp duties and legal costs to maintenance charges, property tax, insurance, and renovation, these additional costs can take unsuspecting buyers by surprise. For investors, recurring costs such as property tax and monthly maintenance also directly affect rental yield and long-term profitability.

This Complete Guide (2025) outlines all the hidden costs of buying a private condo in Singapore, helping you budget realistically and avoid financial shocks.

Snapshot: Hidden Costs at a Glance

1. Buyer’s Stamp Duty (BSD)

The Buyer’s Stamp Duty (BSD) is one of the largest upfront costs when buying property in Singapore. It is payable on all purchases, whether new launch or resale.

As of 2023, BSD rates for residential properties are progressive:

• 1% on the first $180,000
  
• 2% on the next $180,000
  
• 3% on the next $640,000
  
• 4% on the next $500,000
  
• 5% on the next $1.5 million
  
• 6% on amounts above $3 million
  
  

Example: For a $2 million private condo, BSD comes to approximately $69,600.

2. Additional Buyer’s Stamp Duty (ABSD)

The Additional Buyer’s Stamp Duty (ABSD) is a cooling measure designed to discourage property speculation. It depends on your residency and the number of properties you already own.

As of 2023:

• Singapore Citizens: 0% for 1st property, 20% for 2nd, 30% for 3rd+.
  
• Singapore PRs: 5% for 1st property, 30% for 2nd, 35% for 3rd+.
  
• Foreigners: 60% on any property.
  
• Entities/Companies: 65% flat rate.
  
  

Example: A PR buying a $1.5 million second property would pay $450,000 in ABSD.

3. Legal and Conveyancing Fees

All buyers need a lawyer to manage conveyancing, liaise with banks or CPF, and complete the transfer of title.

• Typical range: $2,500 to $3,500.
  
• Some banks subsidise legal fees, but claw them back if you refinance within a lock-in period.
  
  

4. Valuation Fees

If you are taking a bank loan, a professional valuation is required.

• Cost: From $163.50 to $1000.(Dependable on Banks and Value of your property)
  
• If the agreed purchase price is higher than the bank valuation, the shortfall must be topped up in cash (not CPF).

5. Loan-Related Costs

Financing a condo comes with additional charges:

1. Fire Insurance: Mandatory if you have an outstanding loan. $100 – $200 annually.
   
   
2. Mortgage Insurance: Optional but recommended for buyers with dependents. Premiums vary based on loan size, tenure, and age.
   
   

6. Property Tax

Annual property tax is based on your condo’s Annual Value (AV), the estimated rental income.

• Owner-occupied: 0% to 32% (progressive).
  
• Non-owner-occupied: 11% to 36% (progressive).
  
  

Example: A condo with $36,000 AV would pay about $2,560 annually if owner-occupied, or $5,040 if rented out.

7. Maintenance Fees (MCST Charges)

Condo facilities like pools and gyms are maintained by the Management Corporation Strata Title (MCST), funded through monthly contributions.

• Range: $200–$500+ per month depending on unit size and facilities.
  
• Luxury condos may charge significantly more due to concierge or extensive landscaping.
  
  

8. Sinking Fund Contributions

In addition to regular maintenance, condos often collect a sinking fund for major future repairs (e.g., repainting, lift upgrades).

• Included in monthly MCST fees.
  
• Contributions may rise as the condo ages.
  
  

9. Renovation and Furnishing

Most private condos are delivered with basic finishes. Buyers typically spend:

• $30,000 to $60,000 for a 2- or 3-bedroom unit.
  
• $80,000+ for larger units.
  
  

This covers carpentry, flooring, appliances, lighting, and furnishings.

10. Agent’s Commission (Resale Units)

For resale condos, engaging a property agent is common.

• Buyer’s agent commission: 0%
  
• For new launches, commissions are paid by the developer, so buyers incur no agent fee.

11. Utilities and Miscellaneous Costs

Private condos typically consume more electricity and water than HDB flats.

• Utilities: $150 to $300 monthly.
  
• Internet/TV: $50 to $100 monthly.
  
• Parking: 1 free lot is common, but extra lots may cost $100 to $200 monthly.
  
  

Conclusion

The real cost of buying a private condo in Singapore extends well beyond the listed PSF. From unavoidable one-off fees like BSD and legal costs to recurring expenses like maintenance fees, property tax, and insurance, buyers should budget carefully before committing.

• For homeowners, the biggest considerations are BSD, renovation, and monthly MCST charges.
  
• For investors, property tax, ABSD, and maintenance costs directly affect rental yield and return on investment.
  
  

By preparing for these hidden costs, you can avoid financial strain, make smarter property decisions, and enjoy condo living without unpleasant surprises.

Check out the latest and lowest rate here. 

We help to compare and advise the best rates for you. 

(Lowest fixed 1.65%, Lowest Floating EIR 1.60%)