Calculation audit
Core assumptions
Fair comparison frame
Condo is assumed affordable. HDB savings are invested at the selected return.
Net worth view
Hold view: property value minus debt, plus HDB investments. Sale view also deducts sale costs, SSD and subsidy recovery.
BSD and ABSD
BSD and ABSD use the higher of price or market value, rounded down. The model covers individual buyers only; remissions, trusts, entities and developers are excluded.
| Property value band | Marginal BSD rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remaining amount | 6% |
| Buyer profile | First property | Second property | Third and subsequent |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Singapore Permanent Resident | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
See IRAS for joint-buyer, remission, trustee, entity and developer cases.
Loans
Both routes use the same completion period. HDB can use HDB-loan or selected bank-loan terms. Condo uses a simplified progress schedule: 20% upfront, loan draw to 60% by TOP, 85% due at TOP, final 15% after TOP.
Housing grants
Auto EHG follows official income bands for SC family/couple or single profiles. Manual grants are added separately.
CPF
CPF housing use accrues interest for sale refund. The refund reduces cash proceeds, not household net worth.
Property tax and recurring costs
Uses current owner-occupied or non-owner-occupied residential rates. Temporary rebates are excluded. Recurring costs inflate yearly.
HDB restrictions
Standard defaults to 5-year MOP; Plus/Prime to 10 years. Plus/Prime can include subsidy recovery. Pre-MOP sale is illustrative.
Renovation
Booked in the first post-completion year. No resale uplift is assumed.
Investment return
Use a net return after fees, taxes, cash drag and behaviour.
Seller's Stamp Duty
For acquisitions from 4 Jul 2025: 16%, 12%, 8% and 4% if sold in years 1 to 4.