Selling a Condo Before TOP in Singapore: Sub-Sale Basics, SSD and What Sellers Should Check

Key takeaways

• A condo bought from a developer can be sold before TOP. The buyer signs a fresh Sale and Purchase Agreement with the developer.
• IRAS counts a unit in a building under construction as residential property, so SSD can apply to a sub-sale.
• Your holding period is measured from your purchase date, which IRAS defines by reference to the Option to Purchase, the Sale and Purchase Agreement or the transfer, not by TOP or key collection.
• SSD is payable within 14 days after the date of sale and is based on the price or market value, whichever is higher.
• CEA’s seller checklist asks you to check your loan or CPF redemption, any negative sale, the buyer’s identity and how the developer will be notified before you issue the OTP.

Background

When you buy a new launch unit, you sign a Sale and Purchase Agreement with the developer and pay in stages while the project is built. If you sell before the project is completed, you are not transferring a finished home. Instead, the buyer takes over your purchase from the developer.

The Housing Developers Rules set out how this works. Under Rule 16, where a purchaser intends to assign or has assigned all rights, title and interest under the agreement with the developer, the developer must, if the buyer asks in writing, enter into a new agreement with the buyer. That new agreement is meant to place the developer and the buyer in the same position as if the buyer had replaced the original purchaser, unless the Controller approves changes under the Rules. CEA’s buyer checklist reflects this: the sub-sale buyer will be required to sign a fresh Sale and Purchase Agreement with the developer.

URA’s transaction data covers new sales, resales and sub-sales. URA notes that resale and sub-sale transactions are based on caveats lodged with the Singapore Land Authority.

Latest guidance

The IRAS SSD declaration form for residential properties was updated on 4 July 2025. CEA’s agreements and checklists page was last updated on 14 August 2026, and the CEA sub-sale checklists for sellers and buyers are dated 28 December 2020. Rule 16 of the Housing Developers Rules was last amended with effect from 28 June 2023. All sources were reviewed on 13 November 2026.

This article does not report a new policy. For residential property bought on or after 4 July 2025, IRAS lists a four-year SSD schedule. Rates and rules can change, so confirm the position that applies on your dates with IRAS or your lawyer.

Who is affected

This guide is for owners who bought an uncompleted private condominium or apartment from a licensed housing developer and are thinking of selling before the project is completed.

It is most relevant if your plans have changed during construction, if your purchase date is still within the SSD holding period, or if you used a bank loan or CPF savings for the progress payments made so far. For the wider selling process, see the guide to selling private property.

Who is not affected

This is not the process for selling a completed condo. If your project already has its title and you hold the unit as a completed home, the pre-OTP seller checklist is the better starting point.

HDB flats, executive condominiums, commercial and industrial property follow different rules that this article does not cover. This article does not give tax, legal or loan advice for a specific transaction.

What remains unchanged

• The price and terms of the sub-sale still have to be agreed between you and the buyer.
• Your agreement with the developer remains in force until the buyer takes over under the new agreement.
• SSD is assessed on your own purchase date and the date of sale, not on how far construction has progressed.
• The headline price is not the same as the cash you receive after the loan, CPF refund and sale costs.
• No sale price, timeline or completion outcome is guaranteed.

Planning considerations

1. Confirm your purchase date

IRAS’s SSD declaration form takes the date of purchase as the date of exercise of the Option to Purchase, the date of the Sale and Purchase Agreement, or the transfer date where those do not apply. Find your own date in your option and agreement documents. Do not estimate your holding period from TOP, key collection or the date you expect to move in.

2. Work out whether SSD applies

IRAS states that SSD applies to residential property sold within the holding period, and that a residential unit includes one in a building under construction. The date of sale is generally the date the buyer exercises the Option to Purchase, or the date of the Sale and Purchase Agreement. SSD is computed on the selling price or market value, whichever is higher, and is payable within 14 days after the date of sale. The Seller’s Stamp Duty guide explains the rules in more detail.

3. Check your loan, CPF and any negative sale

CEA’s sub-sale seller checklist asks you to check mortgage liability and redemption with CPF Board or your bank before you issue the OTP. It also asks you to check whether the sale would be a negative sale, in which case you may need to refund the option monies into your CPF account. Ask your bank for the redemption position and check your CPF usage before you agree a price.

4. Plan how the developer will be notified

The CEA checklist asks the seller to notify the developer of the intention to assign, or the assignment of, rights under the developer agreement, as stated in Rule 16 of the Housing Developers Rules. The buyer can then require the developer to enter into the new agreement. The Rules allow the developer to charge the buyer a capped fee and recover capped solicitor costs, so ask your lawyer to set out the documents, costs and timing before the OTP.

5. Prepare your documents for the buyer

CEA’s buyer checklist asks sub-sale buyers to see the seller’s Sale and Purchase Agreement with the developer, and to obtain information on documents provided by the developer and any side letter or supplementary agreement. Gather these early so the buyer and their lawyer can review them without delaying the deal.

6. Run the standard buyer checks

Before issuing the OTP, CEA asks sellers to verify the buyer’s name, the validity of their NRIC or passport, the company registration where the buyer is a company, and the buyer’s bankruptcy status. If the unit is not strata-titled and the buyer is a foreigner, check whether they have approval-in-principle from the Singapore Land Authority before you agree to sell. CEA also suggests stating in the OTP that the option deposit be held in your lawyer’s conveyancing account or with the Singapore Academy of Law.

7. Check prices and plan the next step

URA’s residential transaction search shows recorded sub-sale and resale prices, which can help you test your asking price against the market. Work out your likely net position after SSD, the loan, CPF refund and sale costs before you commit. The private-property selling page explains how Melvin supports pricing, buyer positioning and timing. Legal, tax and loan matters remain with your lawyer, IRAS and your bank.

FAQ

This article provides general educational information. Stamp duty, loan, CPF and conveyancing matters depend on the actual transaction and should be confirmed with IRAS, your bank, CPF Board or a professional adviser before a binding commitment is made.