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Singapore New Launch Condo Buying Guide 2026: Everything You Need to Know Before You Sign

Singapore New Launch Condo Buying Guide 2026: Everything You Need to Know Before You Sign

by | Jun 19, 2026 | Buying Guide, Financial Planning, Investment Analysis, Laws, Regulations & Policies, Property Investment, Resources & Tools

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Quick Answer: New Launch Condo Buying Guide 2026

  • What it is: A new launch condo is sold directly by the developer, typically before or during construction. You pay in stages as the building progresses.
  • Key costs: Buyer’s Stamp Duty (BSD) of up to 6% plus Additional Buyer’s Stamp Duty (ABSD) ranging from 0% (Singapore Citizens buying their first property) to 60% (foreigners) — due within 14 days of exercising the OTP.
  • No valuation: Unlike resale, new launches do not require a bank valuation. You finance up to 75% of the purchase price via a bank loan.
  • Wait time: Expect two to five years for the keys if buying under construction. Completed units (TOP) are available for immediate occupation.
  • ABSD remission for upgraders: Singapore Citizen couples selling their HDB flat within six months of the new purchase can claim back the 20% ABSD paid on their second property.
  • 2026 landscape: CCR new launch prices have trended upward, with recent GLS awards (River Valley Green Parcel C at S$1,730 psf ppr) signalling higher future launch prices in prime locations.

What Is a New Launch Condo?

A new launch condominium is a private residential development sold directly by a licensed developer — not by a previous owner. In Singapore, new launches are typically marketed during two windows: pre-launch (exclusive VIP previews before the official sales gallery opens) and the official launch (when all units are released to the public).

Unlike a resale transaction where you buy from an individual who has already lived in or rented out the unit, a new launch is a developer-to-buyer sale. The Urban Redevelopment Authority (URA) regulates the developer and the sale under the Housing Developers (Control and Licensing) Act (Cap. 130). Developers must obtain a Sale Licence before selling any units.

New launches come in two forms. Under-construction projects are the most common: the development has received planning approval but has not obtained TOP (Temporary Occupation Permit). You pay progressively as construction milestones are met — a legally governed payment schedule under the Sale and Purchase Agreement (S&PA). Completed new launches (projects that have just obtained TOP) require full payment upfront, similar to a resale transaction, but you are buying directly from the developer with no prior owner.

Who Can Buy a New Launch Condo in Singapore?

Private residential property (including condominiums and apartments) is largely open to all buyers, subject to Additional Buyer’s Stamp Duty (ABSD) and certain landed property restrictions. The Residential Property Act (Cap. 274) restricts foreigners from buying landed residential property without prior SLA approval, but condominiums are freely purchasable by foreigners — albeit at a steep ABSD rate of 60% as at 2026.

The table below summarises eligibility and ABSD rates for a new launch condo purchase:

New launch condo BSD and ABSD stamp duty costs by buyer profile Singapore 2026
Figure 1: BSD + ABSD Stamp Duty Costs by Buyer Profile at S$1.5M New Launch Condo (June 2026 Rates)
Buyer Profile ABSD Rate (2026) BSD on S$1.5M ABSD on S$1.5M Total Stamp Duty
Singapore Citizen — 1st property 0% S$44,600 S$0 S$44,600
Singapore Citizen — 2nd property 20% S$44,600 S$300,000 S$344,600
Singapore Citizen — 3rd+ property 30% S$44,600 S$450,000 S$494,600
Singapore Permanent Resident — 1st 5% S$44,600 S$75,000 S$119,600
Singapore Permanent Resident — 2nd+ 30% S$44,600 S$450,000 S$494,600
Foreigner (any property) 60% S$44,600 S$900,000 S$944,600

BSD rates: 1% on first S$180,000; 2% on next S$180,000; 3% on next S$640,000; 4% on next S$500,000; 5% on next S$1.5M; 6% on remainder. ABSD rates effective from 27 April 2023. Source: IRAS.

The New Launch Buying Process: Step by Step

Buying a new launch condo follows a structured legal process governed by the Controller of Housing and the Sale and Purchase Agreement. Here are the key stages:

  1. Engage a property solicitor: Appoint a law firm to advise on the S&PA before you commit. Legal fees for a new launch are typically S$2,500–S$4,500.
  2. Obtain an AIP (Approval-in-Principle) from your bank: Most developers require this before you can book a unit. Your bank assesses your TDSR (Total Debt Servicing Ratio, capped at 55%) and MSR (Mortgage Servicing Ratio, 30% for HDB flats) to determine the maximum loan.
  3. Pay the Booking Fee: Upon selecting your unit, you pay 5% of the purchase price in cash as a booking fee. The developer issues you an Option to Purchase (OTP).
  4. Exercise the OTP (within 3 weeks): Within 21 days, you must exercise the OTP by signing the S&PA and paying the remaining 15% downpayment (cash or CPF Ordinary Account). Total upfront: 20% (5% cash + 15% cash/CPF).
  5. Pay BSD and ABSD: Due within 14 days of exercising the OTP. These must be paid before the S&PA can be stamped by IRAS. Failure to pay on time incurs a penalty of up to four times the stamp duty.
  6. Drawdown mortgage: Once the S&PA is stamped, your bank releases the loan. For under-construction units, the loan is drawn down progressively.
  7. Progress payments: As the developer completes each construction stage, the corresponding payment instalment is due. See Figure 2 below.
  8. TOP and key collection: When the building receives its Temporary Occupation Permit, you collect your keys and do a defects inspection. The final 5% is typically withheld as a defects retention sum, released at the Certificate of Statutory Completion (CSC) stage.
New launch condo progress payment schedule Singapore 2026
Figure 2: Progress Payment Schedule for a New Launch Condo Under Construction (Typical Private Residential Project)

For a completed new launch (unit at TOP or CSC), the entire purchase price is due at completion — typically 20% downpayment upfront and 80% financed by the bank. This is similar to a resale transaction in timing, but the Deferred Payment Scheme (DPS), if offered, allows you to defer the balance of the downpayment to TOP, paying only the booking fee upfront.

Financing a New Launch: LTV, TDSR and CPF

Banks can lend up to 75% of the purchase price for a new launch condo (the first loan, assuming no existing property loans). This is the Loan-to-Value (LTV) ratio set by the Monetary Authority of Singapore (MAS).

Your loan quantum is also constrained by the TDSR: total monthly debt obligations — including the new mortgage, car loans, personal loans, and credit card minimums — must not exceed 55% of gross monthly income. MAS requires banks to stress-test the TDSR at 4% per annum, regardless of the actual rate offered, to ensure you can service the loan even if rates rise.

CPF Ordinary Account (CPF OA) funds can be used for:

  • The 15% balance of the downpayment (after paying 5% cash)
  • Monthly mortgage instalments (reduces the cash you need each month)
  • Legal fees and stamp duty (BSD only — ABSD cannot be paid with CPF)

Note that CPF withdrawals accrue interest at 2.5% per annum (the CPF OA rate). When you eventually sell the property, all CPF principal drawn plus accrued interest must be refunded to your CPF account before you can pocket any cash proceeds.

New Launch vs Resale Condo: Key Differences

New launch condo versus resale condo comparison Singapore 2026
Figure 3: New Launch vs Resale Condo — Key Differences at a Glance (Singapore 2026)

Choosing between a new launch and a resale condo involves trade-offs across price, wait time, financing, and negotiation power. New launches are priced by the developer — there is limited room for negotiation, though unit selection, floor level, and stack choice are typically available. Resale condos are priced by individual sellers and are often open to negotiation, including Cash Over Valuation (COV) in sellers’ markets or discounts in buyers’ markets.

On financing, new launches do not require a bank valuation — you borrow against the purchase price. For resale units, the bank will commission an independent valuation; if the bank’s valuation is lower than the agreed price, you must fund the shortfall in cash (COV cannot be financed).

Worked Example: SC Couple Buying a S$1.8M New Launch in the OCR

Mr and Mrs Tan are a Singapore Citizen couple. They currently own an HDB flat in Tampines (with three years left before MOP). They wish to purchase a 3-bedroom new launch condo in the Outside Central Region priced at S$1,800,000 as their second property. Here is the full cost breakdown:

Item Amount Notes
Booking fee (5% cash) S$90,000 Paid on unit selection
Balance downpayment (15%) S$270,000 Cash or CPF OA, due on OTP exercise
Buyer’s Stamp Duty (BSD) S$54,600 Due within 14 days of OTP exercise
ABSD (20% — SC 2nd property) S$360,000 Due within 14 days; refundable on remission
Legal fees (solicitor) S$3,200 Approximate
Bank loan (75% LTV) S$1,350,000 @2.8% 30yr = S$5,578/mth
Monthly TDSR (S$12,000 gross income) S$5,578 (46.5%) Below 55% cap — PASS

ABSD Remission Plan: As a Singapore Citizen couple, the Tans are entitled to a full ABSD remission if they sell their HDB flat within six months of the new launch’s Temporary Occupation Permit (TOP) date. They must apply to IRAS for the remission within six months of TOP. If successful, IRAS refunds S$360,000 — reducing the net stamp duty outlay to just S$54,600 (BSD only). The six-month window begins at TOP, not at the purchase date, giving upgraders time to plan their HDB sale around the completion of their new unit.

Total cash needed before remission: S$90,000 + S$54,600 + S$360,000 + S$3,200 = S$507,800 (of which S$270,000 can be CPF).

Total cash needed after remission: S$507,800 − S$360,000 = S$147,800 (net of CPF drawdown).

Why New Launches Matter in Singapore’s 2026 Property Market

New launches remain a cornerstone of Singapore’s private property market. URA data shows 17,032 private residential units were unsold at end Q1 2026 — a substantial pipeline, yet concentrated in certain segments and locations. Developers have been selective about launches, absorbing units from completed projects before launching new ones, which has kept absorption rates healthy.

Land acquisition costs directly influence new launch prices. The recent Government Land Sales (GLS) results are instructive: the River Valley Green Parcel C site closed on 18 June 2026 with a top bid of S$1,730 psf ppr — a new benchmark for the River Valley and Zion precinct. Translated to end-buyer prices, analysts project launches on this site could command S$3,200–S$3,800 psf, making it among the priciest new launches in 2027–2028.

For first-time SC buyers, new launches in the OCR and RCR remain the most accessible entry point into private property. ABSD at 0% on a first purchase, coupled with current bank fixed rates at 1.35–1.40% and SORA-pegged rates at ~1.27%, make 2026 a financially favourable environment compared to the 3%+ rate environment of 2024.

What Might Come Next for New Launches

The GLS pipeline for 2H2026 is set to add further supply in growth corridors including Jurong Lake District and Tengah. As completed CCR projects are absorbed, developers are likely to accelerate new launches in 2027, particularly in the RCR where demand from HDB upgraders remains strong. Watch for the formal award of River Valley Green Parcel C — when the project eventually launches (est. 2027–2028), it will set a new price ceiling for District 9 condominiums. URA Q2 2026 flash estimates, due in early July, will provide the next major data point on whether price momentum is moderating.

Frequently Asked Questions: New Launch Condo Singapore 2026

Can I use my HDB flat as collateral for a new launch condo loan?

No. HDB flats cannot be used as collateral for private property loans. Your bank will assess your eligibility purely on income, existing liabilities, and the Loan-to-Value limits set by MAS. Your HDB flat is considered a separate asset. If you still have an outstanding HDB loan, it will be factored into your TDSR calculation, reducing the maximum loan amount for your new launch purchase.

Is there a minimum cash requirement when buying a new launch?

Yes. At least 5% of the purchase price must be paid in cash as the booking fee. If your LTV is limited to 75%, the remaining 20% downpayment (after the 5% booking) can be paid using CPF OA funds. Additionally, ABSD cannot be paid with CPF — it must be funded in cash. For SC second-property buyers at the S$1.5M–S$2M price range, the ABSD alone can represent S$300,000–S$400,000 in cash outlay (refundable on remission).

What happens if I miss the 14-day deadline to pay BSD and ABSD?

Under the Stamp Duties Act, stamp duty must be paid within 14 days of the date of execution of the Sale and Purchase Agreement (in Singapore) or within 30 days if the agreement is executed overseas. Late payment incurs a penalty of up to four times the outstanding stamp duty. IRAS does consider applications for remission of late payment penalties on a case-by-case basis, but this is not guaranteed. Engage your solicitor well in advance to ensure stamp duty is paid on time.

Can foreigners buy a new launch condo in Singapore?

Yes, with restrictions. Foreigners can freely buy non-landed private residential properties such as condominiums and apartments, subject to paying ABSD at 60% of the purchase price as at 2026. Foreigners cannot purchase landed residential property (terrace houses, semi-detached, bungalows) without prior approval from the Singapore Land Authority (SLA) under the Residential Property Act. The 60% ABSD rate, introduced in April 2023, has significantly reduced foreign buyer activity — accounting for under 5% of new launch transactions in 2025–2026.

What is the Deferred Payment Scheme (DPS) and how does it work?

The Deferred Payment Scheme (DPS) applies to completed new launch units (those that have already obtained TOP). Under DPS, you pay only a small initial amount (typically 5–10% of the purchase price) at booking, and defer the remaining balance until you exercise the OTP and arrange financing. This gives buyers a window of 3–6 months to sell an existing property and arrange their finances before committing fully. DPS is offered at the developer’s discretion and typically carries a slight price premium over the normal payment scheme. It is not available for under-construction projects.

How are new launch condo prices set? Can I negotiate?

New launch prices are set by the developer, guided by recent comparable sales, land cost, construction cost, and projected profit margins. Developers typically release units at carefully calibrated prices by stack, floor, and facing, often with a price ladder (higher floors cost more). There is limited room to negotiate the base price, though you may negotiate on inclusions, car park allocation, or fit-out upgrades. Buyers do, however, benefit from developer incentives such as early-bird discounts, stamp duty absorption (increasingly rare post-2023 ABSD hikes), and legal fee rebates during soft launches.

What should I check before signing the Option to Purchase?

Before signing the OTP for any new launch, verify the following: (1) the developer’s Sale Licence number (from the Controller of Housing at the Ministry of National Development); (2) that the development charge and differential premium, if any, have been paid and the Grant of Written Permission is in order; (3) your AIP is confirmed and the loan quantum covers 75% of the purchase price; (4) your solicitor has reviewed the S&PA, particularly the defects liability period, the completion milestone schedule, and the developer’s liability for delays; and (5) you have a clear plan for BSD, ABSD, and downpayment financing, with cash reserves confirmed. Do not sign under pressure — the standard OTP gives you 21 days to exercise, and legitimate developers do not pressure you to sign immediately.

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Disclaimer: This article is for general informational purposes only and does not constitute financial, legal, or property advice. Stamp duty rates, LTV limits, and ABSD rules are subject to change by the Singapore government. Always verify current rates with the Inland Revenue Authority of Singapore (IRAS) at iras.gov.sg, the Urban Redevelopment Authority (URA) at ura.gov.sg, and the Monetary Authority of Singapore (MAS) at mas.gov.sg. Consult a licensed property solicitor, mortgage broker, and financial adviser before committing to any property purchase.

Singapore EC Resale Guide 2026: Complete Guide to Buying an Executive Condominium Resale

Singapore EC Resale Guide 2026: Complete Guide to Buying an Executive Condominium Resale

by | Jun 17, 2026 | Buying Guide, Financial Planning, HDB Buying Guide, Investment Analysis, Property Investment, Resources & Tools

Quick Answer: Singapore EC Resale 2026

  • ECs are a hybrid housing class — built by private developers but subject to HDB eligibility rules for the first 10 years. After 10 years from completion, they are fully privatised and open to all buyers including foreigners.
  • 5-year MOP before you can sell in the open market (to Singapore Citizens and PRs only). 10 years before foreigners may buy.
  • No HDB loan for EC resale — bank loan only, regardless of citizenship. CPF OA funds are available for SC and SPR buyers.
  • EC resale prices averaged S$1,200–S$1,240 per square foot (PSF) in Q1 2026, up from S$760 PSF in 2019 — a 63% increase over 7 years.
  • ABSD applies to EC resale purchases for 2nd-and-above properties; SC first-property buyers pay 0% ABSD even within the 5-to-10-year window.
  • No income ceiling for resale EC buyers — income limits only apply to new EC applications.
  • The Ethnic Integration Policy (EIP) applies to EC resale within the 5-to-10-year window (before full privatisation).
  • CPF withdrawal limits and the Withdrawal Limit (WL) / Valuation Limit (VL) framework apply to EC resale purchases the same way they do for private condos.

What Is an Executive Condominium and Who Administers EC Resale?

The Executive Condominium (EC) is a uniquely Singaporean housing class — sometimes called a “sandwich-class” product — built by private developers on land sold by the Housing and Development Board (HDB) at subsidised prices. ECs look identical to private condominiums from the outside, with full condo facilities (swimming pool, gymnasium, BBQ pits, guard house), but they carry a set of HDB-derived restrictions during the first decade of their existence.

HDB administers EC eligibility rules under the Housing and Development (Executive Condominium Housing Scheme) Act 1996 (Cap 129A). The Urban Redevelopment Authority (URA) tracks EC transaction data and publishes quarterly resale price statistics. The Inland Revenue Authority of Singapore (IRAS) administers stamp duties on EC resale transactions — Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), and Seller’s Stamp Duty (SSD where applicable). This guide reflects rules as at June 2026.

Singapore EC executive condominium lifecycle from launch to full privatisation 5 year MOP 10 year
Figure 1: The EC lifecycle — from HDB-controlled launch to full privatisation at year 10. The resale window opens at the 5-year MOP mark.

EC Resale: The Two Distinct Windows

Understanding the timeline is essential because EC resale operates under fundamentally different rules depending on when you buy:

Window 1 — After 5-Year MOP, Before 10-Year Full Privatisation

Once the EC’s 5-year MOP has been served (calculated from the date of the Temporary Occupation Permit, not key collection), the original HDB-scheme owner may sell to Singapore Citizens or Singapore Permanent Residents in the open market. During this window, HDB eligibility restrictions still apply:

  • Eligible buyers: Singapore Citizens and Singapore PRs only (foreigners cannot buy).
  • The Ethnic Integration Policy (EIP) applies — buyers must comply with the ethnic quota for the block and neighbourhood.
  • No income ceiling applies to resale buyers (income limits are only for new EC applicants).
  • Bank loan only — HDB loans are not available for any EC purchase, new or resale.

Window 2 — After 10-Year Full Privatisation

After 10 years from the EC’s completion (TOP date), the development is fully privatised and HDB restrictions are lifted entirely. From this point, the EC is treated identically to any private condominium for all purposes:

  • Eligible buyers: Singapore Citizens, Singapore PRs, foreigners, and companies.
  • No EIP applies.
  • ABSD at full private condo rates applies to foreigners (60% from February 2023).
  • Seller’s Stamp Duty (SSD) obligations for original buyers were served under private-condo rules.

EC Resale Price Trends 2019–2026

Singapore EC resale price trends median PSF 2019 to Q1 2026
Figure 2: EC resale median transacted price per square foot (PSF) 2019–Q1 2026. Prices rose 63% from S$760 PSF to S$1,240 PSF over seven years.

EC resale prices have outperformed many market segments over the post-COVID recovery and tightening cycle. The key drivers of EC resale price appreciation include:

  • Supply scarcity: EC launches are far fewer in number than HDB BTO launches, and the total stock of ECs is limited. With only a handful of projects entering the resale window each year, demand consistently outpaces supply.
  • Upgrader demand: ECs appeal primarily to HDB upgraders — households who have served their HDB MOP and are looking to move into condo-style living at a price point below new private launches. This demand is structural and persistent.
  • Location quality: Most ECs are sited in mature or established towns (Tampines, Sengkang, Jurong, Woodlands) with good MRT and bus connectivity, making them attractive as primary residences rather than pure investment plays.
  • No income ceiling at resale: Resale buyers face no income ceiling, unlike new EC applicants who are capped at S$16,000/month household income. This broadens the resale buyer pool considerably.

As at Q1 2026, industry figures show median EC resale prices at approximately S$1,200–S$1,240 PSF, with some mature-estate ECs transacting above S$1,400 PSF. This compares to typical new EC launch prices of S$1,350–S$1,500 PSF — meaning a well-located resale EC is often priced comparably to a new launch, but with the benefit of knowing the actual unit and finished state.

Eligibility, Restrictions and Stamp Duties

Singapore EC resale eligibility who can buy SC SPR foreigner MOP rules 2026
Figure 3: EC resale eligibility by buyer category and timing window — from MOP to full privatisation.
Buyer Profile 5–10 Yr Window After 10 Yrs ABSD (1st Property SC) ABSD (2nd Property SC)
SC only household Eligible Eligible 0% 20%
SC + SPR household Eligible Eligible 5% (on full purchase price) 20%+ (SC rate applies)
Full SPR household Eligible Eligible 5% 30%
Foreigner Not eligible Eligible 60% 60%
Singapore company Not eligible Eligible 35% 35%

Buyer’s Stamp Duty (BSD)

BSD applies to all EC resale purchases at the standard residential rates: 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, 5% on the next S$1,500,000, and 6% on the remainder above S$3,000,000. BSD is administered by IRAS and must be paid within 14 days of the date of acceptance of the Option to Purchase (OTP).

CPF and Loan Rules

Bank loan only — HDB loans are not available for any EC purchase, including resale. The maximum Loan-to-Value (LTV) ratio is 75% of the property value (or purchase price, whichever is lower) for a first housing loan from a bank, subject to the Mortgage Servicing Ratio (MSR) of 30% of gross monthly income and the Total Debt Servicing Ratio (TDSR) of 55%, both administered by the Monetary Authority of Singapore (MAS).

CPF Ordinary Account (OA) funds may be used to service the loan and pay the downpayment for SC and SPR buyers, subject to the CPF Withdrawal Limit (WL) and Valuation Limit (VL) rules. Once CPF withdrawals hit the VL (equal to the lower of the purchase price or valuation), further withdrawal requires the property’s remaining lease to cover the youngest buyer to age 95.

The Resale Process: From OTP to Keys

The EC resale process is broadly similar to a private condominium resale and is governed by the Conveyancing and Law of Property Act (Cap 61) and standard Law Society of Singapore conditions of sale. Key milestones include:

Step Timeline Key Actions
1. Option to Purchase (OTP) Day 0 Seller grants OTP; buyer pays 1% option fee (typically). OTP is valid 14 days.
2. Exercise OTP Day 7–14 Buyer exercises OTP, pays 4% exercise fee (cash); BSD due within 14 days of exercise.
3. HDB resale checklist (if applicable) Day 7–14 Required if seller is an original HDB-scheme EC owner within the 5–10 year window.
4. Engage solicitors Day 7–21 Both parties engage conveyancing solicitors (same firm only with conflict-of-interest waiver).
5. Secure bank loan & CPF approval Week 2–6 Letter of Offer from bank; CPF OA withdrawal letter of authority.
6. Completion Week 8–12 Balance purchase price paid; keys handed over; SLA caveat registered.

Worked Example: The Lim Family, EC Resale in Sengkang

Mr and Mrs Lim are Singapore Citizens with a combined gross income of S$14,000/month. They are currently in HDB MOP (completed in March 2026) and are looking to upgrade to a 4-bedroom EC resale unit in Sengkang priced at S$1,480,000. The EC obtained its TOP in 2019 and has been in its resale window since 2024.

Stamp duties:

  • BSD: 1% x S$180,000 = S$1,800 + 2% x S$180,000 = S$3,600 + 3% x S$640,000 = S$19,200 + 4% x S$480,000 = S$19,200 = S$43,800
  • ABSD: 0% — SC household, first property (HDB sold simultaneously with EC purchase, remission applied)
  • Total stamp duties: S$43,800

Financing:

  • Bank loan: 75% LTV = S$1,110,000 (bank offers S$1,110,000 at 3.1% for 25 years)
  • Monthly instalment: approximately S$5,324/month; MSR = 38.0% — EXCEEDS 30% MSR cap
  • MSR adjustment: Maximum loan at 30% MSR = S$4,200/month. Reverse-engineer loan: approximately S$878,500 at 3.1% for 25 years.
  • Revised LTV: S$878,500 / S$1,480,000 = 59.4%. Downpayment: S$601,500 (5% cash S$74,000 + 20% CPF/cash S$226,000 + additional S$301,500).

Note: The Lims should explore a 30-year tenure — at 3.1% for 30 years, S$1,110,000 = approximately S$4,740/month (MSR 33.9%, still above cap). Even at 30 years, the MSR constraint limits their borrowing. The EC at S$1,480,000 may be at the upper end of their budget. A S$1,300,000 unit would produce MSR of ~30.0% (just within cap) at 30 years, making it the comfortable maximum.

Why ECs Represent a Compelling Upgrader Proposition

From a financial-planning perspective, ECs offer something private condominiums typically do not: the ability to tap CPF housing grants at the new-launch stage (up to S$30,000 for first-timer families), combined with private condo facilities and a historically strong resale trajectory. The “wait and see” option that many HDB upgraders exercise — waiting for EC resale after MOP rather than committing to new private — reflects the consensus that EC resale offers better value-for-money than a new private launch of comparable size and location.

For investors buying a fully privatised EC (post-10-year window), the product trades essentially as a private condominium with a slightly lower absolute price. Rental yields on mature ECs have ranged from 3.0% to 4.5% gross as at early 2026, broadly comparable to the OCR private condominium market.

What Might Come Next: EC Policy and Supply Outlook

This section is editorial speculation and does not constitute confirmed government policy.

The government has signalled its intent to calibrate EC supply to demand, with the 2H2026 Government Land Sales (GLS) programme including two EC sites. With approximately 5,000–6,000 new EC units expected to enter the market annually over 2026–2029 from recent launches, supply in the resale window should gradually increase. This may exert some moderation on the near-term price trajectory, though structural upgrader demand is expected to remain supportive. Any change to the income ceiling for new EC applicants (currently S$16,000/month) could affect the buyer pool for new launches without directly impacting resale eligibility.

Frequently Asked Questions

Can I use my CPF to buy an EC resale unit?

Yes, Singapore Citizens may use their CPF Ordinary Account (OA) savings to pay for the downpayment and service the mortgage on an EC resale purchase, subject to the CPF Withdrawal Limit (WL) and Valuation Limit (VL). The VL is equal to the lower of the purchase price or the property’s valuation at the time of purchase. Once CPF withdrawals reach the VL, you may only continue withdrawing if the property’s remaining lease covers the youngest buyer to at least age 95. Singapore PRs may use their CPF OA too, but the rules on VL and lease coverage apply equally to them.

Is ABSD payable on an EC resale purchase?

It depends on your profile and property count. For a Singapore Citizen purchasing their first residential property (i.e., the HDB flat has been or will be sold), ABSD is 0%. For a Singapore Citizen purchasing a second property, ABSD is 20% on the full purchase price. SC + SPR joint buyers pay 5% ABSD on any purchase. PRs purchasing their first property pay 5%; second property 30%. Foreigners pay 60% regardless of property count. ABSD is administered by IRAS and must be paid within 14 days of the OTP exercise date.

What is the difference between the EC MOP and the HDB MOP?

Both are 5-year periods, but they are measured from different dates. The HDB MOP for BTO flats is measured from the date of flat possession (key collection). The EC MOP is measured from the date the Temporary Occupation Permit (TOP) is issued for the development — not from when individual buyers receive their keys, and not from the Sales & Purchase agreement date. This means that if you purchased an EC before TOP was issued (i.e. at launch), your MOP countdown does not start until the building physically completes and receives its TOP.

Can an EC resale buyer get an HDB loan?

No. HDB concessionary loans are not available for any EC purchase — new or resale, within or outside the MOP window. This is a hard rule under the EC scheme: all EC financing must be through a licensed financial institution (bank or finance company). The absence of the HDB loan option means EC buyers must have at least 5% of the purchase price in cash (the minimum bank downpayment) and must qualify under the bank’s credit assessment, MSR, and TDSR criteria.

Does the Ethnic Integration Policy apply to EC resale?

Yes, but only within the 5-to-10-year window (before full privatisation). During this period, EC resale transactions are subject to the EIP quotas administered by HDB — the buyer’s ethnicity must not cause the EC block or neighbourhood to exceed its allocated proportion for that ethnic group. After full privatisation (10 years from TOP), the EIP ceases to apply and the EC trades as a fully private development with no ethnic quota restrictions. You can check EIP quota availability for a specific EC on the HDB e-Service portal.

What is the Seller’s Stamp Duty situation for EC resale sellers?

Seller’s Stamp Duty (SSD) for residential properties, administered by IRAS, applies when you sell within 3 years of purchase: 12% if sold in year 1, 8% in year 2, and 4% in year 3. For EC original owners, SSD is assessed from the date the Sales & Purchase agreement was signed (i.e. the launch purchase date). Since ECs typically have a 5-year MOP, any sale after MOP will be at least 5 years after purchase, well past the 3-year SSD window. For resale buyers who subsequently re-sell, the SSD clock restarts from their own purchase date.

Is there any income ceiling for buying an EC in the resale market?

No. The S$16,000/month household income ceiling only applies to applicants for new EC launches (where the developer applies HDB eligibility criteria at point of sale). It does not apply to EC resale buyers at any stage. A household earning S$50,000/month could freely purchase an EC resale unit after MOP without any income-related restriction. This is one of the key attractions of EC resale compared to applying for a new EC launch.

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Disclaimer

This article is produced by the LovelyHomes Editorial Team for general information purposes only. It is not legal, tax, or financial advice. EC eligibility rules, stamp duty rates, and CPF withdrawal limits are subject to change; always verify current requirements with hdb.gov.sg, iras.gov.sg, and mas.gov.sg before committing to any property transaction. Consult a licensed financial adviser and conveyancing solicitor for advice tailored to your circumstances.

HDB Resale Flat Prices Singapore 2026: Complete Guide to Trends, COV and Valuations

HDB Resale Flat Prices Singapore 2026: Complete Guide to Trends, COV and Valuations

by | Jun 16, 2026 | Buying Guide, Financial Planning, HDB Buying Guide, HDB Rules & Regulations, Investment Analysis, Resources & Tools

Quick Answer: HDB Resale Flat Prices in Singapore 2026

  • 4-room flats transact at a national median of S$498,000 in Q1 2026, up from S$448,000 in 2024.
  • 5-room flats reached a median of S$610,000 in Q1 2026; Executive Maisonettes hit S$710,000.
  • Mature estates like Bukit Timah and Queenstown command 4-room premiums above S$700,000.
  • The HDB Resale Price Index (RPI) stood at 183.1 in Q1 2026, up 8.7 points from Q1 2020.
  • Cash Over Valuation (COV) is the amount paid above HDB’s assessed value — it must be paid in cash, not CPF.
  • HDB resale prices are moderated by the Minimum Occupation Period (MOP), lease decay, and proximity grants.
  • Prices are expected to grow modestly (1–3% annually) through 2026, supported by tight BTO supply and strong household formation.

What Are HDB Resale Flat Prices and How Are They Set?

When you purchase a Housing and Development Board (HDB) resale flat, you are buying from a private seller in the open market — not directly from HDB. The price is negotiated between buyer and seller, but must reflect market conditions and is informed by HDB’s Comparable Transaction data and the official valuation commissioned by the buyer’s bank or HDB loan officer.

Unlike BTO (Build-To-Order) flats, where HDB sets the selling price with subsidies applied, resale flat prices are driven by supply and demand. Factors include the flat’s lease remaining, floor level, renovation condition, proximity to MRT stations and top primary schools, estate amenities, and recent comparable transactions in the same block or vicinity.

HDB monitors and reports resale transaction data every quarter via the HDB Resale Price Index (RPI) and releases median transaction prices by flat type and town. This transparency helps buyers and sellers negotiate from an informed position.

HDB Resale Prices by Flat Type: 2024 vs Q1 2026

Resale prices have risen consistently across all flat types since 2020. The table below and Figure 1 compare median transacted prices in 2024 versus Q1 2026.

HDB resale median prices by flat type 2024 vs Q1 2026 Singapore bar chart
Figure 1: Median HDB resale prices by flat type — 2024 vs Q1 2026. Source: HDB Resale Statistics.
Flat Type 2024 Median Q1 2026 Median Change
2-Room Flexi S$285,000 S$295,000 +3.5%
3-Room S$315,000 S$348,000 +10.5%
4-Room S$448,000 S$498,000 +11.2%
5-Room S$570,000 S$610,000 +7.0%
Executive / Maisonette S$658,000 S$710,000 +7.9%

Source: HDB Resale Statistics. Figures are national medians; individual transactions vary by town, floor, and condition.

Understanding the HDB Resale Price Index (RPI)

The HDB Resale Price Index (RPI) is published by HDB every quarter. It tracks the overall movement of resale flat prices relative to a base period (Q1 2009 = 100). It is the closest equivalent to a benchmark price index for the HDB resale market — similar in concept to the URA Private Residential Property Index for the private market.

In Q1 2026, the RPI stood at 183.1, meaning resale prices are 83.1% higher in nominal terms than they were in Q1 2009. The rate of increase has slowed significantly since the sharp pandemic-era run-up of 2021–2022, when prices rose almost 25 points in two years. The market has since entered a plateau phase with modest quarterly gains of 0.2–0.4%.

HDB Resale Price Index trend Q1 2020 to Q1 2026 Singapore
Figure 2: HDB Resale Price Index (RPI), Q1 2020 – Q1 2026. Base: Q1 2009 = 100. Source: HDB Resale Statistics.

The RPI is a useful trend indicator but does not tell you what any specific flat will transact at. The HDB Resale Portal’s Check Past Resale Transactions tool gives block-level data, which is far more actionable for buyers negotiating a specific unit.

HDB Resale Prices by Town: Where Are Prices Highest?

Resale prices vary enormously by location. The same flat type can fetch more than double in a mature, well-connected estate versus a young non-mature town. Figure 3 shows indicative Q1 2026 median 4-room prices for the ten most actively transacted towns.

HDB resale 4-room flat median prices by town Q1 2026 Singapore
Figure 3: Indicative median 4-room HDB resale prices by town, Q1 2026. Source: HDB Resale Statistics and LovelyHomes analysis.

Bukit Timah (S$810,000), Queenstown (S$720,000), and Bishan (S$660,000) lead the premium tier, driven by central location, proximity to top primary schools (Nanyang, Henry Park, Raffles Girls’), and strong upgrader demand. At the other end, Sengkang (S$495,000) and Hougang (S$510,000) remain among the most affordable mature-ish estates with good MRT coverage.

What Drives HDB Resale Prices?

Understanding the key price drivers helps buyers estimate fair value and sellers price competitively. The main factors are:

1. Location and connectivity. Proximity to MRT stations (within 500 metres) adds a meaningful premium. Flats within 1 km of top primary schools command a further uplift due to the MOE P1 registration priority system — see our guide to buying near top schools.

2. Remaining lease. HDB flats are sold on 99-year leases from the date of construction. A flat with 70 years remaining is worth more than one with 50 years, because CPF usage is restricted for flats with shorter leases — specifically, if the flat’s remaining lease cannot cover the youngest buyer to age 95, CPF usage is prorated. Banks also apply stricter LTV ratios on short-lease flats. The HDB Lease Buyback Scheme and Lease Top-Up programme can extend some leases, but this remains a minority option.

3. Flat condition and renovation. Buyers frequently pay a S$20,000–S$80,000 premium for freshly renovated units with quality kitchen and bathroom fittings, versus an unrennovated unit in the same block. However, overbuilt or highly customised renovations do not recover their full cost at resale.

4. Floor level and orientation. High-floor units with unobstructed views or favourable orientations (e.g., north-south facing to minimise afternoon sun) attract 5–15% premiums over low-floor equivalents in the same block.

5. Flat size (actual square footage). HDB flat-type naming covers a range of actual sizes. A “4-room” flat can be anywhere from 80 to 110 square metres depending on the development era. Buyers should always divide the asking price by the actual size in square metres to compare on a per-square-metre basis.

6. HDB upgrading works. Flats that have completed the Home Improvement Programme (HIP) or Neighbourhood Renewal Programme (NRP) typically command a S$20,000–S$40,000 premium over pre-HIP equivalents, as buyers factor in avoided costs and improved common-area aesthetics.

Cash Over Valuation (COV) Explained

One of the most misunderstood concepts in HDB resale is Cash Over Valuation (COV). When a buyer agrees to pay a price higher than the official valuation of the flat (determined by an accredited valuer appointed by HDB, the buyer’s bank, or HDB’s own valuation office), the excess is the COV — and it must be paid entirely in cash. CPF Ordinary Account funds can only be used up to the officially assessed market value.

For example, if a flat is valued at S$550,000 but the negotiated transacted price is S$575,000, the COV is S$25,000. This S$25,000 must come from cash savings, not CPF. It is paid on top of the standard cash and CPF downpayments for the loan.

COV is common in popular estates and for well-renovated flats. Buyers should check the HDB Resale Portal at resale.hdb.gov.sg for recent transactions in the target block to gauge whether COV is likely and at what level before making an offer.

Worked Example: The Chew Family

Scenario: SC Couple Buying a 5-Room Flat in Tampines

Mr and Mrs Chew are Singapore Citizens. Mr Chew (34) earns S$6,200/month; Mrs Chew (33) earns S$5,100/month. Joint monthly income: S$11,300. They have S$120,000 in CPF Ordinary Account (combined) and S$60,000 in cash savings. They are first-time buyers and have never owned any property.

  • Target flat: 5-room HDB in Tampines, 92 sqm, lease commenced 2001 (remaining ~74 years), renovated 2022.
  • Negotiated price: S$640,000
  • Official valuation: S$618,000
  • COV: S$640,000 − S$618,000 = S$22,000 (cash, not CPF)
  • HDB loan (2.6% p.a., 25 years, LTV 80%): S$494,400 → monthly instalment S$2,240/month
  • MSR check: S$2,240 ÷ S$11,300 = 19.8% (below 30% MSR cap — PASS)
  • CPF downpayment: 20% × S$618,000 (valuation) = S$123,600 → covered by combined CPF OA of S$120,000 + S$3,600 top-up in cash
  • Cash required at exercise: COV S$22,000 + BSD S$12,950 + Legal S$2,800 + HDB admin fee S$80 + CPF shortfall S$3,600 = S$41,430
  • CPF Housing Grants applied: EHG S$50,000 (income S$11,300/mth, eligible) + Family Grant S$50,000 (resale 5-room) = S$100,000 total grants applied against purchase price via CPF OA

Result: The Chews’ effective net price after grants is S$540,000. Monthly instalment of S$2,240 is comfortably within the MSR. Their cash outlay of S$41,430 is manageable given their S$60,000 in savings. They retain approximately S$18,570 in liquid cash after the purchase.

Why HDB Resale Values Hold Up — and When They Don’t

Singapore’s public housing market has historically been resilient because HDB flats serve a fundamental shelter function for the majority of the population. Several structural factors support resale values:

Eligibility restrictions keep demand concentrated. Only Singapore Citizens and Permanent Residents may purchase HDB flats. This excludes the largest category of buyers (foreigners) who are entirely channelled into the private market. Within the eligible pool, demand is strong: household formation rates remain high, BTO supply takes 3–5 years to deliver, and the resale market is the only avenue for those needing a home now.

CPF integration creates a floor price. For most HDB buyers, CPF Ordinary Account savings constitute a large part of the downpayment. This effectively creates a price floor, as buyers are willing to commit CPF savings they might otherwise lose access to if they do not purchase a property. The CPF accrued interest mechanism means sellers must refund CPF usage plus accrued interest on sale, which effectively anchors the minimum sale price needed to recover the seller’s CPF commitment.

When values can soften. Short-lease flats (below 60 years remaining) face structural headwinds: CPF usage restrictions, tighter bank LTV, and lower pool of eligible buyers. Estates where residents have grown older without sufficient HIP investment, or where population resettlement has reduced catchment size, may also see below-average growth. A flat approaching 40–50 years of lease expiry may see steep valuation discounts.

What Might Come Next for HDB Resale Prices?

This section represents editorial analysis and forward-looking opinion, not a guarantee of future price performance.

The HDB resale market is likely to grow at a modest 1–3% annualised rate through 2026 and into 2027, based on the following dynamics. BTO supply delivered in 2023–2024 (from launches in 2020–2021) will start reaching MOP from 2025 onwards, gradually increasing resale supply. However, the June 2026 BTO exercise offering 6,900 flats in popular towns (Bishan, Bukit Merah, Ang Mo Kio) will only arrive on the resale market in 2031–2033 at the earliest.

Interest rate trends matter too. If the Singapore Overnight Rate Average (SORA) continues declining through 2026, bank loan attractiveness relative to the HDB loan (fixed at 2.6% p.a.) shifts. A sustained decline in SORA could bring more buyers back to the market, supporting demand for resale flats, particularly among those who prefer immediate occupation over the 3–5 year BTO wait.

Prime Location Public Housing (PLH) flats with 10-year MOPs, and any further cooling measures, could dampen speculative demand at the top end. However, the entry-level and mid-tier resale segments (3-room and 4-room in non-mature estates) appear structurally well-supported.

Summary Table: HDB Resale Prices at a Glance (Q1 2026)

Flat Type National Median Premium Town Range Affordable Town Range
2-Room Flexi S$295,000 S$380,000–S$450,000 S$220,000–S$270,000
3-Room S$348,000 S$480,000–S$650,000 S$280,000–S$330,000
4-Room S$498,000 S$650,000–S$900,000+ S$400,000–S$480,000
5-Room S$610,000 S$750,000–S$1,000,000+ S$490,000–S$570,000
Executive / Maisonette S$710,000 S$850,000–S$1,100,000+ S$580,000–S$660,000

Frequently Asked Questions: HDB Resale Flat Prices

How do I find out the recent transacted prices for a specific HDB block?

Use the HDB Resale Flat Prices tool on the official HDB website at resale.hdb.gov.sg. You can filter by town, flat type, street name, and period. The tool shows every registered resale transaction, including the transacted price, floor area, storey range, and flat model. This is the most reliable data source for gauging fair value for a specific unit. The URA Real Estate Information System (REALIS) also contains HDB transaction data for subscribers.

Are HDB million-dollar flats common, and what drives them?

HDB resale flats transacting above S$1,000,000 (colloquially called “million-dollar flats”) have become more frequent since 2022. They are overwhelmingly concentrated in mature central estates (Queenstown, Bishan, Toa Payoh, Ang Mo Kio) for large flat types (5-room, Executive Maisonette) on high floors with long remaining leases. In Q1 2026, approximately 80–120 units per quarter transact above S$1,000,000 — this represents less than 2% of total quarterly transactions and is not representative of the broader market. Most resale flats transact between S$300,000 and S$700,000.

Can I use CPF to pay COV?

No. Cash Over Valuation must be paid entirely in cash. CPF Ordinary Account funds can only be applied towards the purchase price up to the officially assessed valuation. If you agree to pay S$560,000 for a flat valued at S$540,000, the S$20,000 COV must come from your cash savings. This is an important planning point — buyers who have substantial CPF balances but limited cash savings may be unable to purchase a flat with a high COV without additional cash top-ups.

How does the Ethnic Integration Policy (EIP) affect resale prices?

The Ethnic Integration Policy (EIP) sets racial proportion limits for each HDB block and neighbourhood. If a block has already reached its Chinese, Malay, or Indian/Other quota for a given ethnic group, buyers of that ethnicity cannot purchase in that block — effectively reducing the pool of eligible buyers. When a block is at or near quota for a popular ethnic group, this can exert downward pressure on transacted prices because fewer buyers qualify. Conversely, a block with open quota availability across all ethnic groups attracts the widest buyer pool and tends to transact at or above comparable blocks with restricted quotas.

Does a shorter lease always mean a lower price?

Generally yes, but the discount is non-linear and depends on specific thresholds. Flats with more than 60 years remaining trade relatively normally. Once a flat’s remaining lease falls below 60 years, CPF restrictions begin to phase in — the amount of CPF that can be used is prorated based on how long the flat’s lease can cover the youngest buyer to age 95. Below 30 years remaining, the flat becomes effectively cash-only, dramatically reducing the buyer pool. Short-lease flats in desirable locations (e.g., Queenstown or Toa Payoh) may still trade at substantial absolute prices due to location premium, but will not appreciate at the same rate as longer-lease counterparts.

What happens to a flat’s price after HDB’s Selective En Bloc Redevelopment Scheme (SERS)?

When HDB announces a SERS for a block, the announcement itself typically causes an immediate uplift in nearby comparable flat prices as the market anticipates compensation plus new-flat allocation. However, SERS is administered selectively by HDB and cannot be applied for by residents — it is announced by HDB when redevelopment is deemed appropriate for planning reasons. Fewer than 5% of HDB estates have ever been selected for SERS, so it is not a reliable investment thesis for most buyers.

How do HDB resale prices compare internationally?

HDB resale flats remain remarkably affordable relative to comparable housing in global cities despite recent price growth. A national median 4-room flat at S$498,000 represents approximately 4–5 years of median household income for a dual-income SC couple — a price-to-income ratio that is far more favourable than Hong Kong, Sydney, or London. The key enabler is Singapore’s CPF-linked savings system, which channels mandatory pension contributions directly into housing affordability, and the Ethnic Integration Policy, which distributes demand across the island rather than concentrating it in a few prime postcodes.

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Disclaimer: The information in this article is for general educational purposes only and does not constitute financial, investment, or legal advice. HDB resale flat prices, Resale Price Index figures, grant amounts, and loan parameters are subject to change. Always verify current data directly with the Housing and Development Board (hdb.gov.sg), CPF Board (cpf.gov.sg), IRAS (iras.gov.sg), and the Monetary Authority of Singapore (mas.gov.sg). Property transactions involve significant sums — engage a licensed housing agent accredited by the Council for Estate Agencies (CEA) and a solicitor for conveyancing before committing to any purchase.

Singapore Strata-Titled Landed Property Guide 2026: Cluster Houses, MCST Fees, Eligibility and Stamp Duties

Singapore Strata-Titled Landed Property Guide 2026: Cluster Houses, MCST Fees, Eligibility and Stamp Duties

by | Jun 13, 2026 | Buying Guide, Condo & Strata Rules, Investment Analysis, Landed Buying Guide, Landed Property Rules, Laws, Regulations & Policies, Property Investment

🏡 Quick Answer: Strata-Titled Landed Property Singapore 2026

  • Strata-titled landed (also called cluster housing) combines the feel of a landed home — your own ground floor, private garden or yard — with a shared strata scheme managed by a Management Corporation (MCST), similar to a condo.
  • Not a “restricted residential property” under the Residential Property Act (Cap. 274): Singapore Permanent Residents (PRs) may purchase cluster houses freely without Singapore Land Authority (SLA) approval. Foreigners also may buy, subject to ABSD.
  • Foreigners pay 60% ABSD (same as any private residential property). PRs pay 5% ABSD on their first purchase; 30% on subsequent. Singapore Citizens pay 0% ABSD on their first purchase.
  • Prices range from S$2.5 million (cluster terrace, OCR/RCR) to S$12 million+ (cluster bungalow, prime districts). About 15–25% below equivalent standalone landed in the same location.
  • Monthly MCST maintenance fees typically run S$300–S$700 for cluster terraces, S$500–S$1,200 for cluster bungalows, covering pool, gym, landscaping, security, and lift maintenance.
  • Same BSD and LTV rules as private condos — progressive BSD 1–6%, LTV 75% (first property), TDSR 55%.
  • Seller’s Stamp Duty (SSD) applies within 4 years of purchase at 16%/12%/8%/4% (new regime from 4 July 2025).
  • AV-based property tax: strata landed AV is assessed like a condo (rental comparison), not at the higher rates typical of standalone landed.

What Is Strata-Titled Landed Property?

Singapore’s property market features two broad categories of landed homes. The first — and most familiar — is standalone landed property: your own land title, no shared management, complete independence. The second, less understood but increasingly popular among upgraders and foreign buyers, is strata-titled landed property, more commonly called cluster housing.

A strata-titled landed development consists of multiple individual landed units (terraces, semi-detached houses, or bungalows) built within a single fenced development on a shared piece of land. Each owner holds a strata title under the Land Titles (Strata) Act (Cap. 158), which confers:

  1. Ownership of a defined strata lot (your house, including the ground floor footprint and any private yard or garden).
  2. A proportionate share in the common property — swimming pool, gymnasium, BBQ pavilions, guard house, landscaped gardens, driveways, and visitor parking.

The development is governed by a Management Corporation (MCST) under the Building Maintenance and Strata Management Act (BMSMA, Cap. 30C), administered by the Building and Construction Authority (BCA). The MCST collects monthly management fees and sinking fund contributions, maintains common facilities, and passes by-laws binding on all unit owners — exactly as in a condominium development.

Well-known strata-landed developments in Singapore include Luxus Hills (Sengkang, D19), Watercove (Sembawang, D27), The Cassia (East Coast, D15), Straits at Joo Chiat (D15), Fernvale Lea (Sengkang), and Jervois Prive (Holland, D10). Many are built to semi-luxury specifications with communal facilities rivalling mid-tier condos.

Singapore strata-titled landed property price ranges 2026 cluster terrace semi-D bungalow
Figure 1: Price ranges for strata-titled landed property types vs equivalent standalone landed in Singapore (2026). Cluster terraces are typically 15–25% cheaper than standalone equivalents in the same area. Source: URA Realis caveats, LovelyHomes analysis.

The Critical Legal Distinction: Why PRs and Foreigners Can Buy Cluster Houses

The Residential Property Act (RPA, Cap. 274) restricts foreigners and PRs from purchasing certain categories of Singapore residential property without SLA approval — specifically “restricted residential properties”, which include standalone terrace houses, semi-detached houses, detached houses, and Good Class Bungalows.

Strata-titled landed properties are explicitly excluded from the RPA’s restricted category. Because each unit is held on a strata title (rather than a freehold/leasehold land title for the soil beneath), it falls outside the RPA’s definition of restricted residential property. This has a profound practical implication:

  • Singapore Citizens: May purchase any cluster house freely. No approvals required.
  • Permanent Residents: May purchase cluster houses freely — no CRP (Clearance to Purchase Residential Properties) or SLA approval needed, unlike standalone landed homes.
  • Foreigners (non-PR): May purchase cluster houses freely — again, no SLA approval, unlike standalone landed which is generally only available to SCs and is rarely approved for foreigners. The 60% ABSD still applies.

This eligibility advantage makes strata-titled landed a strategic entry point for PRs who want the feel of a landed home but cannot yet obtain SLA approval for standalone landed, and for high-net-worth foreigners seeking a premium Singapore address with genuine ground-floor living.

Singapore strata landed property eligibility matrix SC SPR foreigner 2026
Figure 2: Eligibility to purchase by buyer nationality — strata-titled landed (green across all buyer types) vs standalone landed (restricted for PRs, prohibited for foreigners). Source: Residential Property Act (Cap. 274), SLA guidelines 2026.

Stamp Duties, Financing and Legal Process

Buyer’s Stamp Duty (BSD)

Strata-titled landed properties attract the same progressive BSD as any private residential property, administered by IRAS under the Stamp Duties Act. For a cluster terrace purchased at S$3.8 million:

BSD Band Amount Subject Rate BSD Payable
First S$180,000 S$180,000 1% S$1,800
Next S$180,000 S$180,000 2% S$3,600
Next S$640,000 S$640,000 3% S$19,200
Next S$500,000 S$500,000 4% S$20,000
Next S$1,500,000 S$1,500,000 5% S$75,000
Above S$3,000,000 S$800,000 6% S$48,000
Total BSD S$3,800,000 Effective 4.41% S$167,600

Additional Buyer’s Stamp Duty (ABSD)

ABSD applies at the same rates as for any private residential purchase: SC first property 0%, SC second 20%, SC third+ 30%; SPR first 5%, SPR second 30%; foreigner 60%. There are no ABSD concessions specific to strata landed — the strata nature of the title does not affect ABSD liability.

Financing: LTV, TDSR and CPF

Bank financing for cluster housing follows the same framework as private condos: LTV up to 75% of the lower of purchase price or market valuation (first property, no outstanding loans), subject to a 55% Total Debt Servicing Ratio (TDSR) and 30% Mortgage Servicing Ratio (MSR, applicable only for HDB purchases). CPF Ordinary Account may be used for the downpayment and monthly instalments on residential strata landed property, subject to the Valuation Limit and Withdrawal Limit rules.

Seller’s Stamp Duty (SSD)

The four-year SSD regime introduced on 4 July 2025 applies fully to cluster housing: sell within Year 1 = 16%, Year 2 = 12%, Year 3 = 8%, Year 4 = 4%. Hold beyond four years and no SSD applies.

Understanding MCST Fees and What They Cover

Unlike standalone landed homeowners who manage their own upkeep entirely, cluster house owners pay monthly MCST contributions. These comprise two components:

  • Management fund contributions (monthly): cover day-to-day operating expenses — security guard services, pool maintenance, landscaping, utilities for common areas, lift maintenance (where applicable), pest control, and MCST administrative costs.
  • Sinking fund contributions (monthly): set aside for long-term capital expenditure — repainting the development, replacing pool pumps, resurfacing driveways, upgrading the guard house, major structural repairs.

Typical monthly MCST fees in 2026 (all-in):

Property Type / Size Low-End (S$/mth) High-End (S$/mth) Typical Facilities
Cluster terrace, 2,000–2,800 sqft S$300 S$500 Pool, BBQ, 24hr security
Cluster terrace, 2,800–3,500 sqft S$400 S$650 Pool, gym, playground, guard
Cluster semi-D, 3,500–5,000 sqft S$500 S$900 Pool, gym, clubhouse, tennis
Cluster bungalow, 4,000–6,000 sqft+ S$700 S$1,300 Full resort facilities, lift

Before purchasing, check the MCST’s Annual General Meeting (AGM) minutes (last two years), the current sinking fund balance relative to the development’s age and size, and whether any special levies are pending. An underfunded sinking fund in an ageing development is a red flag — residents may face unexpected large levies. Sellers are obliged to disclose outstanding MCST debts to buyers as part of completion.

Worked Example: SPR Couple Buying Cluster Terrace

Mr and Mrs Patel — SPR Joint Purchase, Cluster Terrace, S$3.8 Million

Property: Cluster terrace, 2,800 sqft built-up, private garden, Sengkang (D19). New launch from developer.
Buyer profile: Mr Patel (Indian national, SPR); Mrs Patel (Indian national, SPR). Joint purchase. First property for both.

Stamp duties:
BSD: S$167,600 (4.41% effective rate on S$3.8M — calculated in full above).
ABSD: 5% × S$3.8M = S$190,000 (SPR first property).
Total stamp duties: S$357,600.

Financing:
LTV 75%: bank loan S$2,850,000. Downpayment 25%: S$950,000 (minimum 5% cash = S$190,000; balance S$760,000 may use CPF OA if available).
Assume S$190,000 cash + S$420,000 CPF + S$340,000 cash top-up (balance of 25%).
Bank loan S$2.85M @ 3.0% p.a., 30-year term → monthly instalment ~S$12,010/mth.
Gross income needed for TDSR 55%: S$12,010 / 0.55 = S$21,836/mth joint — Mr Patel S$14,000 + Mrs Patel S$10,000 = S$24,000/mth. TDSR PASS (50.0%).

MCST: S$480/mth (pool, gym, 24hr guard, landscaping).
Property tax (OO, est. AV ~S$48,000): ~S$3,160/yr (OO rate).
Total upfront costs: BSD + ABSD + legal S$4,500 + 25% downpayment = S$357,600 + S$4,500 + S$950,000 = S$1,312,100.
Monthly holding costs: Mortgage S$12,010 + MCST S$480 + property tax S$263 = ~S$12,753/mth.

Note: As SPR buyers, Mr and Mrs Patel enjoy one key advantage over standalone landed: no SLA approval required. Had they bought a standalone terrace, they would first need CRP clearance from the SLA — a discretionary process with no guaranteed outcome. The cluster house route removes that uncertainty entirely.

Singapore strata landed vs condo vs standalone landed cost comparison 2026
Figure 3: Comparative one-off and recurring costs for a S$3.5M property across three categories — strata-titled landed (pink), private condo OCR 4BR (navy), and standalone landed terrace (warm). MCST fees are the main added recurring cost for cluster housing vs standalone. Source: IRAS, LovelyHomes calculations, 2026.

Strata Landed vs Standalone Landed: The Trade-Off

The choice between cluster housing and standalone landed involves meaningful trade-offs:

Factor Strata-Titled Landed (Cluster) Standalone Landed
Eligibility (PR) ✅ No approval needed ⚠️ CRP required from SLA
Eligibility (Foreigner) ✅ Permitted (+60% ABSD) ❌ Generally not permitted
Freehold land ownership ❌ Share in common land ✅ Your land title
Renovation freedom ⚠️ Limited by MCST by-laws ✅ Subject only to URA/BCA rules
Shared facilities ✅ Pool, gym, BBQ, security ❌ Self-funded only
Monthly MCST fees ⚠️ S$300–S$1,300/mth ✅ None
Security ✅ Guardhouse, access control ⚠️ Self-arranged
Privacy ⚠️ Shared driveway, neighbours ✅ Highest privacy
Price (equivalent location) ✅ 15–25% cheaper ❌ Price premium
Capital appreciation ⚠️ Slightly lower vs standalone ✅ Historically stronger

What Might Come Next

Strata-titled landed remains a niche but growing segment of Singapore’s residential market. Several trends may shape the sector in the near term. First, the continued rise in standalone landed prices — driven by very limited GLS supply — is pushing more upgraders towards cluster housing as an accessible landed alternative. Second, developers have increasingly favoured mixed strata-landed and condo components within the same development (e.g., Jervois Prive), blurring the boundary between condo and landed lifestyle. Third, the government has shown no intention of reclassifying strata-landed as “restricted” under the RPA, so PR and foreigner access is expected to remain in place. However, ABSD policy for foreigners (currently 60%) is a political lever — any material change would affect foreign demand for this segment immediately.

Frequently Asked Questions

Is a cluster house the same as a townhouse? What about a shophouse?

The terms overlap informally but have distinct legal meanings in Singapore. A cluster house is a strata-titled landed residential unit within a development — each unit has its own ground floor, private yard/garden, and may span multiple storeys. A townhouse typically refers to a multi-storey cluster unit with a similar configuration, though the term is not defined in statute. Both are strata-titled landed in legal terms. A shophouse, by contrast, is a conservation building with commercial use on the ground floor; it is categorised as a non-residential or mixed-use property and carries a different BSD/property tax regime, plus distinct SLA rules for foreign purchasers (who generally may buy shophouses with mixed commercial use).

Can an SPR buy a cluster house on a HDB concession loan?

No. HDB concessionary loans are available only for the purchase of HDB flats. Private residential properties — including strata-titled landed cluster houses — must be financed through commercial bank loans, subject to the LTV cap of 75% (first property), TDSR 55%, and the prevailing mortgage rates offered by licensed financial institutions. There is no government-subsidised loan for private property in Singapore regardless of the buyer’s residency status.

What renovations am I allowed to carry out in a cluster house?

MCST by-laws typically prohibit or restrict works that affect the common property, structural elements, or the external facade of the development. You generally need MCST approval before making external alterations (e.g., installing a patio cover, enlarging windows), carrying out structural works, or adding fixtures that penetrate the boundary wall between your unit and common property. Internal works (painting, flooring, kitchen and bathroom fittings) are usually permitted without MCST approval but may require prior notification if they create noise or affect building services. For all works, standard URA development control rules and BCA building regulations apply — a licensed contractor must be engaged for structural work. Unlike standalone landed owners who deal only with URA/BCA, cluster house owners have an additional layer of MCST approval to navigate.

If I own a cluster house, can I also own an HDB flat?

No. If you (or any occupier of your household nucleus listed in your HDB application) owns a private residential property — including a strata-titled cluster house — you are not eligible to own an HDB flat simultaneously, subject to limited exceptions. HDB rules require flat owners to dispose of any private residential property within six months of purchasing an HDB flat (for resale flats), and bar current private property owners from applying for BTO flats. ECs privatised after 10 years are treated as private property for HDB eligibility purposes. If you already own an HDB flat, buying a cluster house requires you to sell the flat within six months of the cluster house purchase, unless you are beyond the HDB Minimum Occupation Period (MOP) and comply with the HDB’s concurrent ownership rules.

Does strata-titled landed property qualify for ABSD remission for SC upgraders?

Yes. The ABSD upgrader remission available to Singapore Citizen (SC) married couples applies to strata-titled landed purchases in the same way as to any private residential property. If an SC married couple purchases a cluster house while still owning an HDB flat, they pay 20% ABSD upfront on the cluster house, then apply for a refund after selling the HDB flat within six months of the cluster house’s Temporary Occupation Permit (TOP) issue date or date of purchase (for resale cluster houses). The ABSD remission is a refund — IRAS does not waive the payment upfront. The eligibility requirements (SC couple, at least one spouse must be SC, no third residential property) are identical to those for upgrading to a private condo.

How is property tax assessed on a cluster house compared to a standalone landed home?

Property tax is based on Annual Value (AV), which IRAS determines by referencing comparable rental transactions. For a cluster house, IRAS typically looks at rental transactions for similar strata-landed properties in the same development or nearby comparable cluster developments. Because cluster houses rent at slightly lower rates per sqft than equivalent standalone landed (partly due to the shared driveway and MCST constraints), their AVs tend to be assessed somewhat lower than standalone equivalents of the same floor area, making property tax marginally more favourable. For a cluster terrace with AV around S$45,000–S$55,000 owner-occupied, the annual tax would be approximately S$3,000–S$4,640 under the 2026 owner-occupier schedule — comparable to a large CCR condo, and well below the S$12,000–S$20,000 that a standalone terrace of similar rental value would attract under non-OO rates.

What should I look for in the MCST accounts before buying a cluster house?

Request the last two years of AGM minutes and the current MCST financial statements (management fund balance and sinking fund balance). Key red flags: sinking fund below S$500,000 for a development older than 10 years with more than 30 units (may signal deferred maintenance); pending special levies for major works; recurring disputes in AGM minutes about unpaid contributions; and a high percentage of units with overdue MCST fees (signals financial stress in the development). Also check whether there are any pending legal actions against the MCST or individual owners, and whether the MCST has current insurance covering the common property. A well-managed MCST with a healthy sinking fund and regular maintenance is a key quality-of-life factor in cluster living and supports property values.

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Disclaimer

This article is intended for general informational purposes only and does not constitute legal, tax, or financial advice. Eligibility rules, stamp duty rates, MCST regulations, and ABSD rates for strata-titled landed property are governed by Singapore statute and administrative guidelines that are subject to change by the relevant authorities. The Singapore Land Authority (SLA) administers the Residential Property Act; the Building and Construction Authority (BCA) administers the BMSMA; and IRAS administers stamp duties and property tax. Readers should obtain independent legal, tax, and financial advice specific to their circumstances before entering into any property transaction. Price and market data are illustrative based on industry information current as at June 2026.

Peck Hay Road GLS Awarded to CDL-Hong Leong JV at S$1,865 PSF PPR: What Buyers Need to Know

Peck Hay Road GLS Awarded to CDL-Hong Leong JV at S$1,865 PSF PPR: What Buyers Need to Know

by | Jun 12, 2026 | GLS & Land Sales, Investment Analysis, Market News, Market Reports, Property News, Property Trends

📌 Quick Answer: Peck Hay Road GLS Award (June 2026)

  • Winner: City Developments Limited (CDL) and Hong Realty (a Hong Leong Group subsidiary) joint venture, with a top bid of S$542.4 million or S$1,865 per square foot per plot ratio (psf ppr).
  • Four bids were received when the tender closed on 11 June 2026, with the CDL-Hong Leong JV coming in 8.4% above the second-highest bidder (Sunway MCL Land & CSC Land Group at S$1,720 psf ppr).
  • Development potential: The 0.55-hectare site in the Newton area (District 11, CCR) has a gross plot ratio of 4.9 and is expected to yield approximately 315 private residential units.
  • Projected launch price: Industry observers estimate an average selling price of approximately S$3,600–S$4,000 psf, based on the winning land rate and current CCR construction costs.
  • Market signal: The confident bidding — four bids, strong premium over second — reflects continued developer conviction in prime Singapore residential despite global headwinds.

Singapore’s Newton District Gets a New Landmark: Peck Hay Road GLS Awarded

The Government Land Sale (GLS) site at Peck Hay Road, Newton, has been awarded to a joint venture between City Developments Limited (CDL) and Hong Realty Private Limited, a subsidiary of the Hong Leong Group, following the close of the tender on 11 June 2026. The winning bid of S$542.4 million — equivalent to S$1,865 psf per plot ratio — sets a new benchmark for land rates in the Newton corridor and is the highest price paid for a residential GLS site in the District 11 area in recent memory.

The site sits within a short walk of Newton MRT Station (North-South Line and Downtown Line interchange) in the prime Core Central Region (CCR), minutes from the Orchard Road shopping belt. It is a rare land parcel in a district that has seen virtually no new GLS activity in recent years, making the award a significant event for luxury property buyers and investors who have been waiting for a premium new launch in Newton.

Peck Hay Road GLS tender results 2026 — all four bidders land rate and total bid CDL Hong Leong winner
Figure 1: Peck Hay Road GLS Tender Results — four bids received; CDL-Hong Leong JV won at S$1,865 psf ppr, 8.4% above the second bidder (S$1,720 psf ppr). Tender closed 11 June 2026.

The Bid Results: Four Credible Bids Signal Developer Confidence

The tender drew four bids from established developers — a healthy response by Singapore GLS standards in 2026, where some suburban sites have attracted only two or three bids. The bid results in full:

Bidder Total Bid Land Rate (psf ppr) Premium vs 2nd
CDL & Hong Realty JV 🏆 S$542.4M S$1,865 +8.4%
Sunway MCL Land & CSC Land Group JV S$500.2M S$1,720 —
China Overseas Land & Investment S$460.3M S$1,583 —
Hong Leong Holdings & TID JV S$459.5M S$1,580 —

Source: URA, tender results 11 June 2026. Land area: 5,578 sqm (0.55 ha). GFA: 27,330 sqm. Gross plot ratio: 4.9. Maximum 315 residential units.

The spread between the highest and lowest bids — roughly 18% — is relatively tight for a prime CCR site, suggesting broad alignment among developers on the land’s underlying value. The 8.4% premium that CDL-Hong Leong paid over the second bidder is, by itself, a meaningful commitment to capturing this particular site, likely driven by both parties’ existing pipeline management and brand positioning in the District 11 premium segment.

Notable: Hong Leong Group entities placed two separate bids — via the CDL-Hong Realty JV (winner) and via Hong Leong Holdings-TID JV (fourth place). This is not unusual for large property groups with multiple subsidiaries; different legal entities bid independently and the group as a whole gains optionality on the outcome.

Site Details and Development Parameters

The Peck Hay Road GLS site is located at the intersection of Peck Hay Road and Bukit Timah Road — a prestigious address within the Newton estate. Key development parameters set by URA in the tender conditions:

Parameter Specification
Land area 5,578 sqm (approximately 0.55 hectares)
Gross plot ratio 4.9
Maximum GFA (residential) 27,330 sqm
Permitted use Residential
Estimated unit count Approximately 315 units
Tenure 99-year leasehold
District District 11, Core Central Region (CCR)
Nearest MRT Newton (NS21/DT11) — approximately 300m

The 99-year leasehold tenure is standard for GLS sites in Singapore’s CCR. The site’s location within a short walk of Newton MRT — one of only two MRT interchanges south of the PIE in the CCR — gives it exceptional connectivity: Downtown Line trains reach Marina Bay in approximately 12 minutes, and North-South Line trains reach Orchard in two stops.

Newton CCR corridor GLS land rates historical context 2016-2026 — Peck Hay Road new benchmark psf ppr
Figure 2: Newton and CCR corridor GLS land rates in historical context — the Peck Hay Road award at S$1,865 psf ppr sets a new benchmark for the Newton/CCR precinct, exceeding the previous Bukit Timah Road benchmark of S$1,720 psf ppr (2022).

What Will the Future Development Be Called and How Much Will It Cost?

CDL and Hong Leong have not yet released a project name or official launch timeline. Based on the winning land rate of S$1,865 psf ppr, plus typical construction costs, professional fees, developer profit margin, and marketing costs in the current environment, industry observers estimate a break-even cost of approximately S$3,100–S$3,300 psf and an anticipated average launch price of S$3,600–S$4,000 psf — potentially pushing above S$4,000 psf for premium high-floor or penthouse units with city or Bukit Timah Hill views.

At S$3,800 psf, a typical 1,000 sqft 2-bedroom unit would be priced at approximately S$3,800,000. A 1,500 sqft 3-bedroom unit would approach S$5,700,000. This places the development squarely in CCR luxury territory, targeting high-net-worth buyers — predominantly Singapore Citizens and Permanent Residents given the 60% ABSD applicable to foreigners.

The typical timeline from GLS award to project launch in Singapore is 18–30 months, meaning the Peck Hay Road development could expect to preview in late 2027 or 2028. CDL has a strong track record in the CCR, having previously developed Gramercy Park (84 units, Grange Road) and New Futura (124 units, Leonie Hill), both considered exemplars of luxury Singapore residential design.

What This Means for the Newton Property Market

The award has several implications for Newton and broader CCR buyers and sellers:

Benchmark land rate effect: At S$1,865 psf ppr, this site establishes a new data point that developers, valuers, and banks will reference in assessing residual land values and resale property prices in the Newton, Novena, and Moulmein precincts. Owners of existing CCR condos in the area may find that their properties are valued slightly higher in subsequent bank valuations, reflecting the premium paid for new land.

Supply context: With only approximately 315 units, this development will not materially alter CCR supply dynamics. The total CCR pipeline (units under construction or recently launched but unsold) remains manageable, and the Newton micro-market has seen almost no significant new launches since the Neu At Novena and Pullman Residences projects. The scarcity of prime Newton new launches is itself a pricing support for the future development.

Buyer profile: At the projected S$3,800–S$4,000 psf, this development will largely serve the Singapore affluent and ultra-high-net-worth segment, alongside institutional and family-office buyers. Given the 60% ABSD applicable to foreign nationals (with limited FTA exemptions for US, Swiss, and selected other nationals), the buyer pool will be predominantly local, supplemented by Permanent Residents and FTA-exempt nationalities.

Frequently Asked Questions

What is a GLS tender, and how does it work?
A Government Land Sale (GLS) tender is the process by which the Singapore Land Authority (SLA), on behalf of the government, releases state land for private development by selling it to the highest qualified bidder. GLS sites are released on a Confirmed List (sites that will definitely be tendered) or a Reserve List (sites that can be triggered by developer application). The Peck Hay Road site was on the Confirmed List for the 1H 2026 GLS Programme. Developers submit sealed bids by the tender closing date; the site is typically awarded to the highest bidder, provided the bid exceeds the government’s reserve price. The winning developer pays the full bid price to the state and then develops the land within the conditions set by the Planning Permission.
What is “psf ppr” and why is it used for GLS bids?
PSF PPR stands for “per square foot per plot ratio.” It is the standard metric for comparing GLS bids because it normalises land costs across sites of different sizes and different development densities. For example, a site with a gross plot ratio (GPR) of 4.9 can yield 4.9 times its land area in gross floor area (GFA). Multiplying the site area by the GPR gives the allowable GFA. The land cost per square foot of GFA is then a direct input into the developer’s break-even cost analysis. A higher psf ppr means a higher land cost per unit of development floor area, which in turn implies a higher launch price is needed to achieve a viable profit margin.
When will the CDL-Hong Leong Newton development launch?
No official launch timeline has been announced. Typically, after a GLS award the developer spends 6–12 months on design, planning, and regulatory approvals (including URA Written Permission) before commencing construction, and a further 12–18 months before the first public preview. Based on this typical timeline, the Peck Hay Road development is likely to preview in late 2027 or mid-to-late 2028. LovelyHomes will publish a dedicated New Launch project page when CDL-Hong Leong announces the project name, preview date, and unit mix.
Can foreigners buy units in this development?
Yes — private condominiums in Singapore are open to foreign buyers. However, foreigners pay a 60% Additional Buyer’s Stamp Duty (ABSD) on the full purchase price in addition to the standard Buyer’s Stamp Duty (BSD). At an estimated purchase price of S$3.8M per unit, the ABSD alone would be S$2.28M, making the total acquisition cost approximately S$6.1M+ for a foreign buyer. Nationals from the United States, Switzerland, Iceland, Liechtenstein, and Norway are exempt from ABSD under their respective Free Trade Agreements with Singapore, making the development more accessible to buyers from those countries.
What other CCR GLS sites are coming up?
The River Valley Green (Parcel C) tender — a mixed-use site in District 9 — closes on 18 June 2026. The outcome of that tender will provide another data point on developer appetite for prime Singapore residential land in mid-2026. Beyond that, the 2H 2026 GLS Programme (announced 3 June 2026) includes one CCR confirmed-list residential site. LovelyHomes will publish coverage of each GLS award as results are announced.

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Further Reading: Singapore CCR Property and Market Analysis

Disclaimer: This article is based on publicly available information from URA, property research platforms, and industry commentary as of 12 June 2026. Projected launch prices and development timelines are illustrative estimates based on land rate analysis and historical precedents — they are not confirmed by CDL, Hong Leong Group, or any official source. Property prices, market conditions, and government policy may change. This article does not constitute an offer to buy or sell any property, nor financial or investment advice. Readers should conduct their own due diligence and consult a licensed property agent and financial adviser before making any property investment decision. For official GLS information, visit URA.gov.sg.

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