Let’s face it, if we want to be prudent to the point of necessity, all we need to live is a cave, a fire, and a big club to whack our prey to death. But life is about aspirations; and sometimes, even if you can still qualify for a HDB flat, you want a condo anyway. Well for you big dreamers out there, we at ezbuy.sg have broken down the cost:
How much does a typical condo cost?
Condos in Singapore vary in price, based on which district their in. The priciest districts are 9, 10, and 11, which include Orchard Road, Tanglin, and Sentosa. These condos cost so much money ($6 million or above is not uncommon), we suspect CNB checks your car for smuggled heroin if you so much as step in the showroom.
Most Singaporeans though, when they talk about condos, are referring to mass market condos. These are condos in the Outside of Central Region (OCR), in places like Tampines or Clementi. For the purposes of this example, we will assume you’re looking at one of these more typical condos, which will cost around $1.2 million.
Here’s the breakdown of what you’ll pay:
1. The down payment
Assuming you have no outstanding home loans, you can get a maximum Loan to Value (LTV) ratio of 80 per cent from the bank. That is, the bank can lend you a maximum of 80 per cent of the property value.
(In case it needs to be said, you can’t take a HDB loan for your condo. Due to, you know, the fact that it’s not a HDB property?)
So for our $1.2 million condo, you would be able to borrow a grand total of $960,000, or about the IQ of the average ezbuy employee. Now mind you, this assumes the bank agrees to give you the full 80 per cent; they are not required to do that.
This means there is a remaining payment of 20 per cent, or $240,000.
Another 15 per cent can be paid using your CPF Ordinary Account (CPF OA) funds ($180,000 in this case), and the remaining five per cent has to be paid in cold, hard cash ($60,000).
You may think that’s a lot, but most of the people who managed it have robbed fewer than three banks.

2. The monthly repayment
Okay, here’s where things get complicated. You see in Singapore, banks don’t have perpetual fixed rate loans. That means your mortgage (what you borrowed to buy the house) repayments can go up or down.
I’d love to explain the intricate details of how it moves up and down, but ezbuy threatened to fire me if I sent another customer into a coma. So instead, I’ll simplify.
The typical mortgage interest rate, as I write this, is about 1.8 per cent per annum. I’m going to make it two per cent though, because that will be the most typical rate by the end of 2017. That’s Donald Trump’s fault*.
(*Not a joke. American interest rate hikes cause interest rates to rise in Singapore as well).
I’m going to assume you take a 25 year loan, at two per cent interest. This means, via a formula more complex than calculus and less complex than nasi padang prices, that you will pay around $4,069 per month.
Yes, I know that’s more than some people’s entire salary (median income in Singapore is around $4,000 a month). Now you know just how rich some of your fellow Singaporeans really are. Ask your boss for a raise.
If it makes you feel better though, you can use your CPF OA to make the monthly repayments.
Over a period of 25 years, you would have paid around $1,220,700, for a $960,000 loan. For the record, this is also one of the cheapest loans you will ever get in your life. We bet that really makes your day, huh.
Oh, and that’s not the end of the costs. You see there’s…
3. The monthly maintenance fee
You know how HDB estates have a conservancy charge? Well condos have maintenance fees too, except you may notice condos have fewer residents than an HDB estate. You know what means?
It means the cost of maintenance is shared between fewer people. So now you know why developers bother to list the total number of units. A condo with 400 units will probably have sky high maintenance charges, whereas a condo with 1,500 units will probably have much lower costs.
Also, the bigger the unit you own, the bigger your share of the maintenance fees.
For a typical mass market condo with 1,400 square feet, you can expect a maintenance fee of about $300 a month. That’s an approximation. Fancier condos can cost more, and luxury condos with concierge services can have maintenance fees in excess of $1,000 a month.
Oh wait, we’re not done yet. There’s still the price of…


Property Advice10 Things a First Time Condo Buyer Should Look Out For To Avoid Regret
by Druce Teo4. Renovations
Unless you sleep on the bare concrete, you’ll have to renovate.
This will cost at least $30,000. We know that because of highly accurate horoscope readings. Or maybe we know because the maximum renovation loan granted by banks is $30,000, or up to six months of your income (whichever is higher), and contractors plan around that. One of those two reasons is true.
Contractors will generally demand 20 per cent upfront, and 20 per cent as each stage of the renovation is completed.
This is where ezbuy can save you a ton of money. If you see furnishings that you like, don’t buy it from a big designer store. Mark-ups for branding and marketing can be as high as 60 to 100 per cent.
Instead, check out ezbuy’s huge furniture selections, and see if you can find a more competitively priced version. And if you use ezbuy Prime, you can have anything shipped over for $2.99, no matter how absurdly bulky or heavy it is. Yes, even if it’s a 200 kilo bed. Only three per cent of our interns leave without hernias.
And after you’ve done all that, and painted the walls (around $1,500 to $2,000 for most four to five room units), you can start working out the…

5. Property tax
Your property tax depends on the Annual Valuation (AV) of your home. The AV is based on how much the government thinks you could rent your property for (even if you don’t rent it). So if your property could be rented out for $3,000 a month, you would have an AV of $36,000.
(At the time of writing, Singapore’s rental market has taken a worse beating than a henchman in a kung-fu movie, so a rental income of $3,000 for a mass market condo really is possible. That’s almost no different from some HDB flats).
The Inland Revenue Authority of Singapore (IRAS) has a tiered system used to calculate the property tax; but for simplicity’s sake, an AV of $36,000 means you’d pay $1,120 a year.

Good luck with getting that condo!
Just remember, what seems impossible and out of reach, can become a reality with slow and constant effort. Your CPF contributions are probably higher than you think, as your employer tops up and additional 16 per cent; and compounded over 10 or 20 years, you can probably afford more than you imagine.
Looking for furniture for your new home? Browse our home & garden section for more inspiration!
This article was first published on ezbuy’s online shopping & lifestyle blog.
ezbuy.sg is Singapore’s largest global online shopping platform offering you unbeatable savings.!
Like ezbuy Singapore on Facebook now to receive the latest updates on promotions, discounts and more.
Druce Teo
Druce is the Chief Editor at the Stacked Editorial. He was first interested in property since university but never had any aspiration to become an agent, so this is probably the next best thing.Read next from Property Advice

Property Advice Why I Sold My 40-Year-Old Jurong Flat For A Newer Bukit Panjang One: A Buyer’s Case Study

Property Advice 5 Ways To Get A Better Price For Your Property When The Market Is Changing

Property Advice 5 Telltale Signs to Watch Before Property Prices Move In Singapore

Property Advice Condo Vs HDB Price Gap Analysis: Singapore Estates Where Resale HDBs Present A Clearer Value Case Than Condos
Latest Posts

Landed Home Tours We Toured One Of Singapore’s Most Expensive Landed Estates — Is It Really Worth The Price?

Singapore Property News Singapore’s Population Just Hit 6.11M: What Does That Mean for Housing Demand?

Property Market Commentary The Best Condo Rental Yields Near International Schools In Singapore Isn’t Where You’d Expect

On The Market The Cheapest 3-Bedroom Condos in Singapore You Can Buy Right Now Under $1.2M

Singapore Property News Record $1.27M Sale Makes This 30-Year-Old HDB The Town’s Priciest Yet

New Launch Condo Analysis Skye At Holland Pricing Review: How It Compares To Nearby Resale And New Launches

On The Market Three Rare Bungalows With Unique Design Hit The Market For $13.98m – Each With Over 9,300 Sq Ft Of Space

Pro Are Older One- and Two-Bedders in District 10 Holding Up Against the New Launches? We Break It Down

Property Market Commentary Are Singapore’s Oldest HDB Flats Finally Losing Value? A 2025 Price Update

Singapore Property News The World’s Real Estate Is Now Worth US$393 Trillion In 2025. Here’s Where Singapore Fits In

Property Trends The Room That Changed the Most in Singapore Homes: What Happened to Our Kitchens?

Editor's Pick We Toured A Unique Landed Street Where No One Has Sold a Property for 14 Years

Singapore Property News Why Old ECs Now Make More Sense Than Million-Dollar Flats

Editor's Pick Skye At Holland Condo Review: Attractive Entry Price To Holland Village From $2,598 PSF

On The Market A Rare 1930s Art Deco Home In Alexandra With 33,000 Sq Ft of Land Is Up For Rent
