The Seller’s Stamp Duty (SSD) was introduced more than a decade ago in 2010 in a bid to curb speculation and disincentivise house flipping in the real estate market. Since then, sub-sales of condos have been steadily declining, with numbers spiking again in 2021.
Looking at the numbers over the last decade (since 2012), the top 3 districts with the most sub-sales are: • District 19 (Hougang/ Punggol/ Sengkang): 986 sub-sales • District 18 (Pasir Ris/ Simei/ Tampines): 653 sub-sales • District 15 (East Coast): 480 sub-sales The areas with the lowest number of sub-sales are: • District 6 (City Hall/ Clarke Quay): 0 sub-sales • District 25 (Admiralty/ Woodlands): 27 sub-sales • District 7 (Beach Road/ Bugis/ Rochor): 42 sub-sales
| District | Number of sub sales from 2012 |
| 1 | 51 |
| 2 | 65 |
| 3 | 210 |
| 4 | 188 |
| 5 | 337 |
| 6 | 0 |
| 7 | 42 |
| 8 | 57 |
| 9 | 272 |
| 10 | 246 |
| 11 | 192 |
| 12 | 417 |
| 13 | 170 |
| 14 | 477 |
| 15 | 480 |
| 16 | 418 |
| 17 | 143 |
| 18 | 653 |
| 19 | 986 |
| 20 | 88 |
| 21 | 79 |
| 22 | 197 |
| 23 | 276 |
| 24 | 0 |
| 25 | 27 |
| 26 | 75 |
| 27 | 317 |
| 28 | 233 |
What is a sub-sale?
Sub-sales occur when a property is bought from a developer and sold to another buyer before the development is completed and receives the Certificate of Statutory Completion (CSC). While the terms CSC and Temporary Occupation Permit (TOP) are often used interchangeably amongst property owners, they mean different things.
A development can only be open for residential living after obtaining an TOP. Remaining works such as completing the swimming pool or other amenities can be carried out in the meantime. On the other hand, in order to get the CSC, there are more requirements that the development needs to meet to certify that it is completely done. The legal completion dates for TOP and CSC may be completely different. Just because the condo has residents already living there doesn’t mean it has obtained its CSC. According to the Building and Construction Authority (BCA) guidelines, the general period given to developers to obtain the CSC is one year after obtaining TOP. 
Seller’s Stamp Duty (SSD)
Bought a private property last year and want to flip it this year for a fat profit? Not so fast. Owners looking for a sub-sale opportunity need to factor in the Seller’s Stamp Duty (SSD), which will take a hefty bite out of your sale proceeds. Paying SSD is compulsory if you decide to sell your residential property within four years of purchase. The rate is based on the property’s market valuation or selling price (whichever is higher). Here’s the SSD rates for properties bought from March 11, 2017, to July 3, 2025 and from 4 July 2025 onwards:
| Holding Period | SSD Rate from July 4, 2025 | Old SSD Rate (from March 11, 2017, to July 3, 2025) |
|---|---|---|
| Up to 1 year | 16% | 12% |
| Over 1 year and up to 2 years | 12% | 8% |
| Over 2 years and up to 3 years | 8% | 4% |
| Over 3 years and up to 4 years | 4% | 0% (No SSD payable) |
| Over 4 years | 0% (No SSD payable) | 0% (No SSD payable) |
Example: You purchase a condo for S$2 million. You decide to sell it next year. This means you have to pay a 16% SSD of S$320,000. Not factoring in the myriad of other legal fees, you need to sell your unit for at least S$2.32 million just to break even. You should only sell your unit four years after signing the sales and purchase agreement (S&P) to avoid paying SSD.
Want to sub-sell your unit?
If you’ve already signed the S&P and the developer has not yet conveyed the legal title of the unit to you, you’ll need to inform the developer of the sub-sale. This can be done through the agent in charge of your purchase. The developer will then enter into a new S&P agreement with the sub-purchaser, with the same terms and conditions you received when purchasing the unit.
Other cost considerations
You need to consider more than just the SSD when selling a sub-sale. Buyer’s Stamp Duty. You would’ve had to pay Buyer’s Stamp Duty (BSD) when you first purchased your unit. Just like the SSD, the BSD is based on the higher of your property purchase price or market valuation. Here are the current BSD rates:
| Purchase price or market value of property | BSD rates for residential properties |
| First S$180,000 | 1% |
| Next S$180,000 | 2% |
| Next S$640,000 | 3% |
| Remaining amount | 4% |
On a S$2 million property, here’s the BSD you need to pay:
| Market value of property | BSD rate | Calculation | Total |
| First S$180,000 | 1% | 1% x S$180,000 | S$1,800 |
| Next S$180,000 | 2% | 2% x S$180,000 | S$3,600 |
| Next S$640,000 | 3% | 3% x S$640,000 | S$19,200 |
| Remaining S$1,000,000 | 4% | 4% x S$1,000,000 | S$40,000 |
| BSD Payable: S$1,800 + S$3,600 + S$19,200 + S$40,000 = S$64,600 | |||
Agent fees. You pay zero property agent commission when you first purchase a new launch unit from the developer. However, if you choose to engage an agent to assist in your sub-sale, you need to pay your agent 2% to 4% of the selling price. The commission will likely be co-shared between both your agent and the buyer’s agent.
CPF accrued interest. To ensure all Singaporeans have enough funds for retirement, the government requires that accrued interest be returned to your CPF Ordinary Account (OA) at 2.5% per annum. This would be the amount of interest you would’ve earned if you didn’t use your CPF OA for your home downpayment and to service your monthly home loans.
Let’s say you bought your condo at S$2 million.
Your loan-to-value (LTV) limit is 75%, which means a downpayment of 25% (5% cash and 20% from your OA).
Downpayment amount taken from OA S$2 million x 20% = S$400,000
If you held your condo for two years before selling it via sub-sale, you will need to pay accrued interest.
Accrued interest S$400,000 x 2.5% x 2 years = S$20,250
Total amount to be returned to CPF S$400,000 + S$20,250 = S$420,250
This amount will go back into your OA, which you can then use for future property transactions. If you allocate more cash towards your downpayment, you can pay lesser accrued interest.
Total cost considerations
Now that we’ve addressed all the cost concerns, let’s see how they add up on a S$2 million property sold after two years. BSD: S$64,600 SSD (12%): S$240,000 Agent fees (2%): S$40,000 Accrued interest: S$20,250 Total costs = S$364,850 After totalling all costs, you need to sell your property at S$2,364,850 just to break even.
Still wanting to sell your property before TOP? Here’s how you can save more
• Wait as long as possible to decrease or avoid paying SSD. After 4 years, there’s zero SSD payable. • Use more cash instead of CPF OA when paying your downpayment to decrease the CPF accrued interest payable. • Market the unit yourself to a direct buyer to save on agent fees (although we don’t recommend this, as the process for a sub-sale can get complicated and lengthy).
Why some choose to buy a sub-sale property
Compared to purchasing resale unit, buying a sub-sale means getting a brand new unit. Those looking for a shorter TOP period may choose to purchase a sub-sale and cut the waiting time. 
| Average price (S$) psf | ||||||||
| Location | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| CCR | S$1,870 | S$2,008 | S$1,981 | S$2,170 | S$2,317 | S$2,197 | S$2,326 | S$2,484 |
| RCR | S$1,387 | S$1,391 | S$1,465 | S$1,589 | S$1,708 | S$1,663 | S$1,788 | S$1,854 |
| OCR | S$1,108 | S$1,129 | S$1,152 | S$1,186 | S$1,268 | S$1,286 | S$1,309 | S$1,448 |
The average price psf has generally been climbing year-on-year for condos island-wide, but is it climbing fast enough for you to turn a profit on your sub-sale? As with all properties, resale prices depend heavily on location, what buyers are looking for at that point in time (proximity to schools, amenities, transport, connectivity etc.) and the market condition (cooling measures, interest rates, etc.). As long as you can find a willing buyer who can accept your price, it’ll be possible to break even or even make a profit. 
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Considering to sell a unit through a sub-sale? Let us connect you with a property consultant.
If you found this article helpful, check out Sub-sale: What property sellers and buyers need to know and Seller’s Stamp Duty: Things to know before selling your property within three years.
About Jamie Wong
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
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If I would like to sub-sale my condo and already more than 3 years of purchase, is possible to take back all BSD and ABSD payment already made in earlier?
No, you won’t be able to get a refund for BSD and ABSD. While there is ABSD remission, it is only applicable for married couples selling the first property within 6 months of buying the second property.