How to sell a condominium in Singapore: the full process

Before you list: the groundwork

Selling well starts before the listing goes up.

• Know your numbers. Work out what you still owe on the mortgage, how much CPF you have used (it must be refunded to your CPF account, with accrued interest, when you sell), and whether Seller's Stamp Duty might apply.
• Check your timing. If you are buying your next home as well, the order in which you sell and buy affects your ABSD position and your cash flow.
• Get a real sense of value. Look at recent transacted prices for comparable units, not the asking prices of units still on the market.

Pricing the unit

Pricing is the single biggest decision in a sale. Price too high and the unit sits, the listing goes stale, and it often sells for less in the end; price too low and you leave money behind. A sound asking price is anchored to genuine recent transactions for comparable units - similar development or area, size, floor and condition - with a modest margin for negotiation. Our guide on pricing a property to sell goes into this in detail.

Preparing the unit

A clean, decluttered, well-lit home photographs better and shows better. Minor repairs, a deep clean and tidy, depersonalised rooms make a measurable difference to how buyers respond. You do not need a renovation - you need the unit to look cared for.

Marketing and viewings

The unit has to reach buyers, through listings, photographs and viewings. A licensed property agent markets the unit, qualifies buyers, arranges viewings and negotiates on your behalf; some owners choose to sell on their own. Either way the aim is genuine, qualified interest, not just foot traffic.

The Option to Purchase

When a buyer commits, the sale is formalised through an Option to Purchase. The buyer pays an option fee for the exclusive right to buy the unit within a stated period, then exercises the option by paying a further deposit and signing. From there the transaction moves to the lawyers.

Completion

Completion is the legal handover, typically a couple of months after the option is exercised. The lawyers handle the transfer of title, the buyer's loan is disbursed, your outstanding mortgage is redeemed, the CPF you used is refunded to your CPF account with accrued interest, and the balance comes to you.

The costs, and what is left

Selling is not free. Expect agent's commission if you use an agent, legal and conveyancing fees, the redemption of any outstanding mortgage (with a possible penalty if you are inside a loan lock-in period), and Seller's Stamp Duty if you are selling within the holding period that attracts it. On top of that, the CPF refund - the CPF you used plus the interest it would have earned - goes back into your CPF account, not your pocket. The cash in hand after a sale is therefore often noticeably less than the headline price.

The honest summary

Selling a condominium is a sequence: prepare, price, market, secure an Option to Purchase, and complete. Pricing against real transactions is what most determines the outcome, and the costs - commission, legal fees, any Seller's Stamp Duty, and the CPF refund - mean the net proceeds are lower than the sale price. Speak to a conveyancing lawyer and a licensed salesperson, and confirm any Seller's Stamp Duty position with IRAS and the CPF refund with the CPF Board, before you commit to a timeline.