Singapore property returns comparison

The model assumes the household can afford the condo route. If they choose HDB instead, the upfront and annual cashflow difference is invested at the selected investment return.

Hold net worth equals property value minus loan and unpaid developer balance, plus the HDB route's invested difference. Sale view deducts selling costs, SSD, subsidy recovery, and outstanding loan.

BSD and ABSD are calculated on price or market value, whichever is higher, then rounded down to the nearest dollar. ABSD uses buyer profile and existing property count. Replacement-home remissions and treaty edge cases are not assumed.

Both routes use the same years-to-completion input for fairness. The HDB route can use either the HDB concessionary loan inputs or the same bank-loan rate, tenure, and LTV selected for the condo route. HDB bank-loan mode keeps the HDB completion/key-collection timeline; it only changes the loan assumptions. The condo new-launch route follows a simplified version of the standard progressive-payment schedule: buyer equity is treated as upfront outlay, construction loan drawdown is staged up to 60% before TOP, 85% of the price is due by TOP/key collection, and the final 15% is folded into the first post-TOP amortising year. MSR/TDSR warnings use stress-test rates; projected cashflow uses the selected loan rates.

The model auto-calculates Enhanced CPF Housing Grant from monthly income for Singapore Citizen family/couple or single profiles using the selected auto grant profile. Manual grant adjustment is added separately for cases the model cannot infer.

CPF used for downpayment and mortgage instalments is tracked with accrued interest. CPF refund changes sale cash proceeds, but is still counted as household net worth.

Property tax uses owner-occupied rates effective from 1 January 2025 or non-owner-occupied rates effective from 1 January 2024, based on the selected mode. Temporary one-off rebates are not modelled. Maintenance, S&CC, parking, and insurance inflate at the selected annual cost inflation rate.

Standard flats default to a 5-year MOP. Plus and Prime flats default to a 10-year MOP, and can include subsidy recovery. Sale before MOP is shown only as an illustrative balance sheet view.

Renovation and furnishing are treated as costs in the first year after completion. They are not automatically assumed to increase resale value.

The selected return should be interpreted as net of platform fees, fund expense ratios, withholding tax, cash drag, and behavioural gaps.

SSD uses the residential rates for properties acquired on or after 4 July 2025: 16%, 12%, 8%, and 4% if sold within years 1, 2, 3, and 4 respectively. Earlier purchase-date regimes are not modelled.