Last reviewed: 19 May 2026
Pre Selling Singapore Condo Before TOP: Sub-Sale Rules, Stamp Duty, and What the Market Pays
By Winfred Quek · CEA R073319H · Crestbrick
Rates and thresholds change. The current figures are kept in one place: the Singapore property rules reference.
Facts verified: May 2026 · Sources linked below
Seller's Stamp Duty (SSD) on Sub-Sales
| Year of Sale (from purchase date) | SSD Rate | SSD on $1.5M Sub-Sale |
|---|---|---|
| Within 1 year | 16% | $240,000 |
| 1 to 2 years | 12% | $180,000 |
| 2 to 3 years | 8% | $120,000 |
| 3 to 4 years | 4% | $60,000 |
| More than 4 years | 0% | $0 |
SSD is calculated on the higher of the sub-sale consideration or market value. It is payable by the seller. The 4 year schedule shown applies to residential property purchased on or after 4 July 2025. The buyer of the sub-sale unit is not subject to SSD but does pay BSD (and ABSD based on their own profile).
The Sub-Sale Process
- Check your SPA with the developer: most have a clause requiring written consent for sub-sales
- Engage a property agent and/or lawyer to find a buyer
- Apply to developer for consent to novate or assign the SPA
- Developer charges an admin fee ($500 to $3,000) and issues a letter of consent
- Lawyer prepares the Deed of Assignment or Novation Agreement
- Buyer pays BSD (and ABSD if applicable), you pay SSD
- Caveat lodged at SLA; appears publicly on URA REALIS within 14 days
Novation vs Assignment
Assignment: You assign your rights under the SPA to the buyer but remain liable on certain obligations. More common for simple sub-sales.
Novation: The buyer steps fully into your shoes: the original SPA is novated to them, releasing you from all obligations. More comprehensive and preferred by buyers. Developer's consent is required.
Profit Calculation: Sub-Sale Example
| Item | Amount |
|---|---|
| Original launch price (Year 1 purchase) | $1,500,000 |
| BSD paid on purchase | $44,600 |
| Payments made under PPS (progress payments) | $300,000 |
| Sub-sale price in Year 4 | $1,800,000 |
| SSD at 4% of $1.8M | −$72,000 |
| Developer admin fee + legal | −$5,000 |
| Agent commission (~1%) | −$18,000 |
| Net profit before tax | $160,400 |
When is the Best Window to Sub-Sell?
The optimal sub-sale window is 3.5 to 4 years from launch: SSD is at its lowest (4%), the project is typically nearing or past TOP (buyers can see physical progress), and the price premium over launch has had time to build.
Sub-sales in year 1 (16% SSD) destroy profit unless the market has risen dramatically. Sub-sales after TOP (post completion) are simply resales: no sub-sale process needed, standard resale procedures apply.
What Sub-Sale Prices Look Like
Active new launches with MRT proximity and strong take up rates typically see sub-sale premiums of 10 to 25% over launch price when sold at the 3 to 4 year mark. Projects in poor locations or oversupplied submarkets may trade flat or at a discount even before TOP.
Check URA REALIS for caveat data on comparable units in the same project to understand the current sub-sale price band before negotiating.
Related reading
- New launch investment returns data
- New launch vs resale: which wins?
- New launch vs resale by district 2026
- Property exit strategy in Singapore
- Seller stamp duty in Singapore
Use the Stamp Duty Calculator to run the numbers on your situation.
Want to run the numbers on your situation?
Book a Free 30 Min SessionSub-Sale vs Resale vs New Launch: The Three Markets Compared
| Sub-Sale (Before TOP) | Resale (After TOP) | New Launch (Developer) | |
|---|---|---|---|
| What you buy | Rights under the SPA | Completed, titled unit | Uncompleted unit from developer |
| Immediate occupancy? | No wait for TOP | Yes | No 2 to 4 years wait |
| SSD applies to seller? | Yes 16/12/8/4/0% by year | Yes same SSD schedule | N/A developer not subject to SSD |
| Typical price vs launch | +10 to 25% in strong markets | Market rate by project age | Launch price (VVIP discount possible) |
| Price negotiability | Moderate seller wants exit | Higher wider comparable pool | Low developer fixed pricing |
| Renovation needed? | Not until TOP plan ahead | Usually yes budget $60K to $150K | Bare unit full renovation needed |
How to Price Your Sub-Sale Unit
What Most Sub-Sellers Get Wrong
- Underestimating SSD in years 1 and 2. SSD of 16% on a $1.8M sub-sale = $288,000. This is often larger than the total appreciation gain. Year 1 sub-sales almost never make financial sense.
- Forgetting BSD is a separate sunk cost. BSD paid on your original purchase ($44,600 on a $1.5M unit) does not offset your SSD liability; both are payable independently.
- Assuming the buyer has no leverage. Sub-sale buyers know you want to exit. Price competitively vs comparable developer units and recent sub-sale caveats, or expect long marketing periods.
- Miscalculating the cost basis. Your true cost includes all progress payments made under the PPS schedule not just the initial 5 to 20% booking fee. By year 3, you may have deployed $400K to $500K in CPF and cash.
Frequently Asked Questions
Does the buyer of my sub-sale unit pay ABSD based on my purchase date or their own?
The sub-sale buyer pays BSD and ABSD based on their own profile at the time they acquire your unit: their nationality, property count, and citizenship status. Your purchase history is irrelevant to their stamp duty calculation. ABSD is assessed on the sub-sale price (or market value, whichever is higher).
Can I sub-sell without the developer's consent?
Most SPAs require the developer's written consent for any assignment or novation. Marketing and selling without consent exposes you to breach of contract. Always check your SPA assignment clause, or have a lawyer review it, before assuming consent is not needed. A few older SPAs and smaller developers do not require consent, but this is uncommon.
What if I cannot find a sub-sale buyer before TOP?
You are still committed to completing the purchase. Your obligations under the SPA remain in force. If you cannot fund the completion payment, you risk forfeiting all progress payments already made and potentially facing the developer for any shortfall if they resell the unit at a lower price. Always have a clear completion plan before buying new launch units as a short term investment.
Related: New Launch Investment Returns Data · Seller Stamp Duty Singapore · New Launch vs Resale
Frequently asked questions
What is a sub-sale in Singapore property?
A sub-sale is when a buyer sells their new launch condo unit before the project receives its Temporary Occupation Permit (TOP). The seller is selling their rights under the Sale and Purchase Agreement (SPA) with the developer, not a completed property. Sub-sale caveats are publicly visible on URA REALIS.
What stamp duty applies to a Singapore sub-sale?
Seller's Stamp Duty (SSD) applies: 16% if sold within 1 year of purchase, 12% within 2 years, 8% within 3 years, 4% within 4 years, and 0% if held for more than 4 years. This 4 year schedule applies to residential property bought on or after 4 July 2025. SSD is calculated on the higher of the sub-sale price or market value. There is no additional ABSD on sub-sales, only SSD for the seller.
The information and insights on this page are for informational purposes only. Sub sale rules, Seller's Stamp Duty rates and developer consent requirements can change, and every Sale and Purchase Agreement carries its own assignment clause, so figures and examples here are illustrative, not a valuation or a substitute for reviewing your own SPA. This page is not legal, financial, or professional advice. Conduct your own due diligence and seek qualified advice. CEA R073319H. Crestbrick Pte Ltd L31010886H.
How does this apply to your own numbers?
General rules only take you so far. What actually decides your move is your financing, your timeline, and what you already own. A Property Portfolio Analysis maps your real position, so you are deciding on your own figures rather than a rule of thumb.
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