A first-time Singapore Citizen buyer of a S$1,000,000 condo needs approximately S$54,600 in cash and a further S$245,400 from CPF Ordinary Account as of 2026. Total upfront commitment is around S$300,000, of which the cash component is 5% of the property price plus stamp duties and incidental fees.
Cash vs CPF breakdown for a first condo
| Item | Cash needed | CPF eligible | Total |
|---|---|---|---|
| 5% Cash downpayment | S$50,000 | S$0 | S$50,000 |
| 20% CPF/cash downpayment | S$0 | S$200,000 | S$200,000 |
| BSD (S$1M) | S$0 | S$24,600 | S$24,600 |
| Legal fees | S$2,500 | S$0 | S$2,500 |
| Valuation + admin | S$500 | S$0 | S$500 |
| Option fee (typically 1% of price) | S$10,000 (cash, refundable via OTP) | S$0 | — |
| Total cash out-of-pocket | S$53,000 | — | — |
| Total CPF used | — | S$224,600 | — |
Payment timeline: cash vs CPF
The cash and CPF are not paid in one lump sum. The typical resale condo timeline:
- OTP signing (Day 0): 1% option fee in cash. Source: CEA.
- Exercise OTP (Day 14): Top up to 5% total option exercise fee, all cash.
- Completion (Day 56–84): Remaining 20% downpayment (CPF + cash flex), stamp duties, legal fees, valuation fees. Loan disbursement happens here.
For new launch projects, the cash and CPF are paid in progressive instalments tied to construction milestones (Foundation, Walls, Ceiling, etc.) under the Standard Payment Scheme.
CPF use conditions
To use CPF OA for a private property, your remaining property lease must extend beyond age 95 of the youngest borrower under the Pro-Rated Valuation Limit framework. Source: CPF Board.
For freehold or 999-year leasehold property, this is always met. For 99-year leasehold property, calculate carefully: a 25-year-old buyer of a 99-year leasehold with 70 years remaining cannot use full CPF after age 70.
The full CPF-for-property mechanics live in our CPF Property Guide.
Frequently asked questions
Can BSD be paid in cash?
Yes. BSD can be paid from cash, CPF, or a combination. Most buyers use CPF when sufficient OA balance is available.
What's a typical option fee?
For resale condos: 1% of purchase price upon OTP signing, refundable if you don't exercise the OTP (subject to the seller's terms). For new launches: a separate booking-fee schedule applies.
How is the 5% cash component verified?
Banks require proof of cash savings (typically 3–6 months of bank statements) showing funds available before the OTP exercise.