Frequently Asked Questions (FAQ) for Property Valuation and Online Tools

Property valuation is the process of determining the estimated worth of a property. It's essential for homeowners, buyers, and sellers to understand the value of their property accurately, as it impacts various financial decisions such as buying, selling, or refinancing.

Online valuation tools are digital platforms designed to provide estimates of property values based on various factors such as location, size, and recent sales data. While they offer quick estimates, it's important to note that they serve as guides rather than definitive values.

For both HDB flats and private properties, online tools analyze market trends, recent property sales, and other relevant information to generate approximate values. Users input property details, and the tools use algorithms to calculate estimates based on available data.

While online tools provide quick estimates, their accuracy may vary. Factors such as property condition, unique features, and recent renovations may not be fully captured by these tools. Therefore, it's recommended to use them as a starting point and supplement with professional advice.

Online tools may oversimplify the valuation process and not account for specific nuances of individual properties. They also may not consider factors such as recent renovations or upgrades that could affect property value.

Homeowners can use online tools as a preliminary step to get a general idea of their property's value. However, it's essential to supplement this information with other sources such as professional appraisals or market analysis for a more comprehensive understanding.

Homeowners can consult with real estate professionals or appraisers for personalized guidance on property valuation. These experts can provide insights into local market trends, property features, and other factors that may affect property value.

This FAQ section aims to address common questions related to property valuation and the role of online tools, providing clarity and guidance for homeowners navigating the valuation process for HDB flats and private properties. Alternatively refer to our blog to find out more.

Subsidised housing includes properties such as flats bought directly from HDB, resale flats purchased with CPF housing grants, Design, Build and Sell Scheme (DBSS) flats, Executive Condominium (EC) units bought from property developers, and other forms of housing subsidy like those under the Selective En bloc Redevelopment Scheme (SERS) or HUDC estate privatisation.

You are required to pay the resale levy if you are listed as a core applicant or core occupier in a flat application to buy a second subsidised flat from HDB. If you are purchasing a resale flat or private residential property instead, you do not need to pay the resale levy.

The resale levy amount is determined when you book your second subsidised flat. Payment is typically made using the net proceeds from the sale of your first subsidised flat and/or cash. If the first flat was sold after key collection for the second flat, the levy is deducted from the net proceeds upon sale. If the first flat was sold before key collection, the levy is paid in cash upon key collection for the second flat.

The resale levy amounts depend on the type of subsidised housing sold. For example, for 2-room flats, the levy is $15,000 for households and $7,500 for recipients of CPF Housing Grants (Singles). For Executive Condominiums, the levy is $55,000. These amounts are fixed regardless of the resale price.

For subsidised flats sold before 3 March 2006, a percentage graded resale levy applies based on the resale price or 90% of its market valuation, whichever is higher. The percentage varies depending on the flat type and whether the seller received a CPF Housing Grant.

Yes, exemptions or waivers may apply in certain situations, such as if you and your spouse are aged 55 and above, have sold your first subsidised flat before 3 March 2006, and are right-sizing to a new 3-room or smaller flat. In such cases, the interest on the resale levy may also be waived.

If you have questions about the amount of resale levy payable or need further assistance, you can contact HDB via the e-Feedback form for clarification and guidance.

Both the sellers and buyers will have to pay an administrative fee of $40 for 1 to 2 rooms HDB flat and $80 for 3 rooms and bigger units. Fees payable are inclusive of GST.

After you sell off your HDB flat, you have to clear of any oustanding loan, refund  the CPF you have utillized for your HDB flat plus accrued interest and off set any payments dued to HDB. ( You can refer to our blog for a clearer illustration). You will need to pay off any service and conservancy charges up till completion date and property tax for the whole year. ( Buyers will then reimburse the balance amount of the property tax from completion date till end of the year during completion)

Once HDB accepts the resale submission, HDB will schedule a resale completion date 8 weeks from the acceptance date. Both sellers and buyers will receive a SMS notification once the appoint has been scheduled. You can login to My Flat Dashboard for more information.

You will only receive any cash balance via cheque during  completion date after repaying back of outstanding mortgage loan, CPF refunds plus accrued interest, outstanding payment, cash deposit received from buyer for a positive sales transaction. Do check out our blog to find out how HDB deducts the monies.

It is stipulated that you can only sell or rent out the HDB after fulfiling the minimum occupation period (MOP) set out for your unit. During this period of time, you have to physically reside in the unit.

Buyers who are taking up mortgage loan or utilizing CPF for the purchase are required to apply for a valuation report once the option is granted by the sellers.

The cost of valuation for a HDB flat is at $120 inclusive of GST. 

The price difference between the selling price and valution will have to be paid in the form of cash by the buyers. Also known as Cash Over Valuation (COV).

ABSD is a tax imposed on certain property transactions in Singapore, in addition to the usual Buyer's Stamp Duty (BSD). It applies to certain categories of property buyers, such as foreigners, entities, and Singapore Permanent Residents (PRs) purchasing their second or subsequent residential property.

Different categories of property buyers are subject to ABSD. This includes foreigners, entities, and Singapore PRs purchasing their second or subsequent residential property. The rate and eligibility criteria vary depending on the buyer's profile and the type of property being purchased.

ABSD rates are calculated based on the purchase price or market value of the property, whichever is higher. The rates vary depending on the buyer's profile, such as citizenship status and the number of residential properties already owned.

Yes, certain categories of property buyers may be eligible for ABSD exemptions or remissions. For example, Singaporeans purchasing their first residential property may be exempt from ABSD. Additionally, married couples may qualify for remission if one spouse is a Singaporean citizen or PR.

ABSD is payable within 14 days from the date of the Option to Purchase (OTP) or Sale and Purchase Agreement (SPA), whichever is earlier. Failure to pay ABSD within the stipulated timeline may result in penalties and interest.

The IRAS website provides detailed information about ABSD rates, eligibility criteria, and exemptions. Additionally, individuals can consult with tax professionals or real estate experts for personalized advice and guidance.

ABSD can be paid electronically via the IRAS website using various payment methods such as GIRO, credit card, or internet banking. Detailed instructions on how to make ABSD payments are available on the IRAS website.

Failure to pay ABSD within the specified timeline may result in penalties, late payment interest, and enforcement actions by IRAS. It's crucial for property buyers to adhere to the payment deadlines to avoid additional costs and legal consequences.

In certain circumstances, property buyers may be eligible to apply for a refund of ABSD. This includes situations where the property sale falls through or if the property is subsequently transferred to a family member. However, conditions and criteria apply, and individuals should refer to the IRAS website for more information.

Seller’s Stamp Duty (SSD) is a tax imposed on property owners who sell their residential property within a specified holding period.

SSD applies to residential properties purchased on or after 20 February 2010.

    •    Sold within the first year: 12%
    •    Sold within the second year: 8%
    •    Sold within the third year: 4%
    •    Sold after three years: No SSD

    •    Sold within the first year: 16%
    •    Sold within the second year: 12%
    •    Sold within the third year: 8%
    •    Sold within the fourth year: 4%
    •    Sold after four years: No SSD

SSD is calculated based on the higher of the sale price or the market value of the property at the time of sale.

Yes, certain transfers such as those between family members due to inheritance or divorce may be exempt from SSD.

The SSD must be paid within 14 days of the sale transaction being signed in Singapore, or within 30 days if the transaction is signed overseas.

Late payment of SSD may result in penalties. It’s important to adhere to the payment timelines to avoid additional charges.

Yes, in certain circumstances, property owners can apply for remission of SSD. Each case is assessed on its own merits.