Singapore’s heat is relentless, and the fast-paced urban lifestyle can leave you dreaming of your cool, quiet retreat. For many, that means securing an executive apartment in Singapore—your slice of serenity amid the city’s relentless buzz. Whether you’re drawn to sleek condominiums or executive flats in Singapore, it’s important to understand the financial landscape before diving in. From hefty upfront costs to regular maintenance fees, let’s explore what it takes to foot the bill for a private apartment in Singapore.
The Upfront Costs of Apartment Ownership
Buying a private apartment in Singapore isn’t a casual weekend activity—it’s a long-term financial commitment that begins with a substantial upfront cost. Property prices vary widely depending on location, unit size, and facilities and a modest unit in the outskirts might start at around S$900,000, while prime districts quickly push the price into seven-figure territory.
Alongside the base price, there’s the Buyer’s Stamp Duty (BSD), calculated in tiers based on property value so if you already own property, you’ll also be looking at Additional Buyer’s Stamp Duty (ABSD), which can significantly inflate the final amount you’ll pay. These taxes are not optional and can catch many by surprise if not accounted for early.
Financing your purchase requires at least a 25% downpayment—split between cash and CPF funds—while the rest is usually covered by a housing loan. The maximum loan tenure is capped at 30 years for private properties, and your eligibility will be assessed based on your income, financial obligations, and the Total Debt Servicing Ratio (TDSR) guidelines.
Monthly Financial Responsibilities
Once the keys are yours, the monthly obligations begin—regular, necessary, and very real. First up: mortgage repayments, these are dependent on the size of your loan, the interest rate, and your repayment period. A loan of S$800,000 at an interest rate of 3% across 25 years would equate to a monthly payment of roughly S$3,800—this will be your largest recurring expense by far.
Next, we have maintenance fees. Condominiums typically charge residents a monthly fee to cover the upkeep of shared amenities such as swimming pools, gyms, and security services so depending on the size of your unit and the grandeur of the facilities, expect to pay between S$250 and S$700 each month. Executive apartments in Singapore tend to fall into a similar range, particularly once they are fully privatised.
There’s also property tax. For owner-occupied private apartments, rates start lower but scale with property value. If you’re renting out the apartment, expect a steeper tax bracket. Utilities, too, can’t be ignored—electricity, water, gas, and broadband will collectively cost you somewhere between S$200 and S$400 per month, depending on your usage.
Renovation and Furnishing: Dressing Up Your Space
Purchasing a private apartment in Singapore is just the beginning—you’ll also need to make it liveable. Many private apartments in Singapore are sold unfurnished, meaning you’re starting with a blank slate. Renovation costs vary depending on taste, layout changes, and material choices. For basic updates—painting, lighting, cabinetry—you might spend around S$30,000. A more refined, design-conscious interior can easily double or triple.
Furnishing adds another layer. Budget-conscious homeowners might spend around S$10,000 on essential furniture and appliances. A more elaborate set-up involving designer furnishings, customised wardrobes, or smart home technology will push your spending even higher. Even seemingly minor additions like blinds, lighting fixtures, and bathroom fittings can make a noticeable dent in your budget.
Don’t forget to allocate a contingency fund for unexpected expenses such as renovation hiccups—like concealed pipework issues or electrical rewiring—which can appear mid-project, often with little warning and no easy fix. A financial cushion can save you from panic-induced compromise when those surprises arise.
Owning a private apartment in Singapore is an exercise in financial precision and long-term planning because it’s more than paying for a roof over your head; it’s committing to a lifestyle that balances comfort, privacy, and urban convenience. From acquisition costs to daily running expenses, the total price tag is hefty—but for many, the peace and independence it offers are worth every dollar.
If you want to explore executive apartments in Singapore without the hassle, contact Aurealis Serviced Residence today to discover stylish living options tailored for comfort and ease. Our team will walk you through your next chapter where city living feels most rewarding.
