NEWPORT RESIDENCES
FREQUENTLY ASKED QUESTIONS
As a foreigner, can I buy residential property in Singapore?
Foreigners are eligible to purchase condominium property in Singapore.
The applicable residential ABSD rate for 1st and subsequent property is 60%.
Are Singapore PR eligible to buy private property in Singapore?
Singapore PR are eligible to purchase private property in Singapore.
The applicable ABSD rate for 1st property is 5%.
What is the downpayment required for new launch condo?
The downpayment is 25%. The rest of the payments are paid progressively according to construction stages and can be financed with bank loan.
What are the Buyer's Stamp Duty rates?
| Property Value | |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| In Excess of $3,000,000 | 6% |
Sources: MND, MOF, MAS
What are the Additional Buyer's Stamp Duty (ABSD) rates for Singapore Citizen, Permanent Resident and Foreigner?
| Singapore Citizens | First residential Property | 0% |
|---|---|---|
| Second residential property | 20% | |
| Third and subsequent residential property | 30% | |
| Permanent Residents | First residential Property | 5% |
| Second residential property | 30% | |
| Third and subsequent residential property | 35% | |
| Foreigners | Any residential property | 60% |
| Entities/Trustees | Any residential property | 65% |
Sources: MND, MOF, MAS
Is Additional Buyer's Stamp Duty (ABSD) refundable?
If a married couple meets the remission conditions specified in the Stamp Duties (Spouses) (Remission of ABSD) Rules, they may be eligible for remission of ABSD when purchasing a residential property.
You may refer to IRAS website on Remission of ABSD for a Married Couple
Which nationalities are exempt from paying Additional Buyer's Stamp Duty (ABSD) when purchasing property in Singapore as a foreigner?
Individuals who are citizens or permanent residents of Iceland, Liechtenstein, Norway, Switzerland or nationals of the United States of America, are accorded the same Stamp Duty treatment as Singapore Citizens from paying ABSD on their first residential property purchase in Singapore.
This exemption is not applicable to other foreign buyers.
What are the Seller's Stamp Duty rates?
The table below summarizes the rates of Seller’s Stamp Duty (SSD) that are payable on residential property acquisitions made on or after 11th March 2017 and subsequently sold within a certain duration.
| Up to 1 year | 12% |
|---|---|
| More than 1 year and up to 2 years | 8% |
| More than 2 years and up to 3 years | 4% |
| More than 3 years | No SSD payable |
Source: IRAS
What is meant by progressive payment for new launches?
The progressive payment schedule typically involves the developer requesting payments in stages as the construction progresses. The payment stages are tied to specific milestones, such as the completion of the foundation, framing, and completion of the building.
| Order of Payment | Progress of Payment | Percentage of Payment |
|---|---|---|
| 1st Payment | Upon obtaining Option To Purchase | 5% |
| Upon signing of Sales & Purchase Agreement | 15% | |
| 2rd Payment | On completion of foundation work | 10% |
| 3th Payment | On completion of reinforced concrete framework | 10% |
| 4th Payment | On completion of brick wall | 5% |
| 5th Payment | On completion of ceiling/roofing | 5% |
| 6th Payment | On completion of doors and window frames are in position, electrical wiring (without fittings) & plumbing & internal plastering | 5% |
| 7th Payment | Completion of car park, roads and drains serving the housing project | 5% |
| 8th Payment | On production of the Temporary Occupation Permit & the Architect’s Certification of Completion | 25% |
| 9th Payment | Upon completion of the Sale & Purchase | 2% |
| Upon production of the Certificate of Statutory Completion | 8% | |
| On the expiry of 12 months from the date of notice to take vacant possession. | 5% |