Buying Private Resale Property Singapore
- Process, Timeline & Costs

For private resale property in Singapore, the option fee is commonly 1% of the purchase price. This is paid to secure the Option to Purchase (OTP). If you later decide to exercise the OTP, you will usually pay a further 4% exercise fee, bringing the total deposit to 5%.

A private resale purchase usually completes about 10 to 12 weeks after the OTP is exercised, unless another completion date was agreed between the buyer and seller and written into the OTP. Because the timeline is relatively short, buyers should prepare their financing, legal documents, and upfront funds early.

Buyer’s Stamp Duty (BSD) and, where applicable, Additional Buyer’s Stamp Duty (ABSD) are generally payable within 14 days from the OTP exercise date. Buyers should not leave this to the last minute, especially if the stamp duties are substantial or if cash needs to be prepared upfront before any CPF reimbursement is processed. Note that there is a penalty for late payment of stamp duty.

Yes, CPF can usually be used for an eligible private resale property purchase, subject to CPF rules and the completion process. However, buyers should not assume CPF can be used immediately from the start.

In practice, the payment sequence is cash → CPF → loan. If a home loan is required, the loan needs to be in place before CPF can be drawn. If no loan is required, the full cash component usually has to be paid first before CPF can be used. This is why buyers should be clear on their funding structure early, rather than assuming their intended CPF amount will automatically reduce the earliest payments.

It is strongly advisable to have your likely loan amount and financing position assessed before you exercise the OTP. A private resale purchase moves on a relatively short timeline, so buyers who only start dealing seriously with their loan after securing the OTP may face unnecessary stress. If you want to understand your likely borrowing range first, you can start with our  Maximum Home Loan Guideto assess loan eligibility and Mortgage Calculator to work out your monthly instalments.

You can also compare available private home loan packages before committing.

Beyond the purchase price, buyers should also budget for the option fee, exercise fee, BSD, ABSD if applicable, and legal fees. For resale properties, it is also sensible to set aside a buffer for post-purchase costs such as repairs, replacements, minor renovation works, and ongoing expenses like property tax after completion.