1. Evaluate Your Property's Value
Before listing your property, it's important to know how much it’s worth. Engage a professional valuer or use online valuation tools to get an estimated market value. Property portals like PropertyGuru or SRX also provide quick, data-driven insights based on recent transactions.
A proper valuation helps you:
Set a competitive asking price
Avoid overpricing or undervaluing your home
Justify the price to potential buyers
2. Check Your Eligibility to Sell
If your property is still under a Minimum Occupation Period (MOP), you may not be eligible to sell it yet. While MOP usually applies to HDBs, certain ECs (Executive Condominiums) also have selling restrictions within the first 5 years.
For private properties, the main concern is Seller’s Stamp Duty (SSD). SSD applies if you sell within three years of purchase. The rates are:
12% if sold in Year 1
8% if sold in Year 2
4% if sold in Year 3
So, check when you bought the property and calculate accordingly.
3. Engage a Property Agent (Optional)
Hiring a property agent can simplify the process, especially if you're unfamiliar with legal or marketing aspects.
Benefits of hiring an agent:
Professional marketing (photos, listings, staging)
Access to network and potential buyers
Negotiation support
Paperwork and legal assistance
Choose a CEA-registered property agent with experience in your area or type of property.
4. Prepare the Property for Viewing
First impressions matter. Ensure your home is clean, tidy, and well-lit. Minor repairs, a fresh coat of paint, and decluttering can significantly boost appeal.
Tips for better viewings:
Fix leaking taps, squeaky doors, or cracked tiles
Neutralize odors and improve lighting
Use minimal decor to help buyers envision their future home
Schedule viewings during daylight hours for best lighting
5. List Your Property Online
Most buyers search online before contacting agents. List your home on trusted property portals like:
PropertyGuru
99.co
SRX
EdgeProp
Include high-quality photos, a compelling description, and key facts like:
Size (in sqft)
Number of bedrooms/bathrooms
Tenure (freehold/leasehold)
Nearby amenities and schools
Asking price and negotiable terms
6. Receive Offers and Negotiate
Once offers start coming in, review them carefully. Consider not just the price, but also:
Buyer’s financial standing
Timeline for completion
Flexibility for temporary occupation
Cash over valuation (if applicable)
Negotiate professionally to reach a win-win agreement. Your agent can help you evaluate and handle multiple offers.
7. Grant the Option to Purchase (OTP)
Once both parties agree, you will issue the Option to Purchase (OTP) to the buyer. This is a legal document stating the terms of the sale.
Buyer pays 1% of the purchase price as option fee
The OTP is valid for 14 days (unless otherwise stated)
During this period, you can’t sell the unit to anyone else
8. Exercise of OTP and Sale & Purchase Agreement
If the buyer decides to proceed, they will "exercise" the OTP by paying the remaining 4% (for a total of 5% downpayment). This must be done within the option period.
Both sides will then proceed to sign the Sale & Purchase Agreement, and your law firm or agent will assist in filing the necessary paperwork with the Singapore Land Authority (SLA).
9. Settle Outstanding Loans and Taxes
Before completion, you’ll need to:
Pay off any outstanding home loan
Pay Seller’s Stamp Duty (if applicable)
Clear any property tax or maintenance fees
Notify your MCST or management office (for condos)
Your solicitor will usually handle these settlements using proceeds from the sale.
10. Completion and Handover
Completion usually occurs 8 to 12 weeks from OTP exercise. On the agreed completion date:
Legal transfer of property takes place
Buyer pays the remaining balance
You hand over the keys and vacate the unit
Ensure all utilities are settled and transferred to the new owner.
Why Selling Is a Good Time Now
Singapore’s private property market remains resilient, especially in desirable areas. If you're considering selling now, it might be the perfect time due to:
Limited new supply in mature estates
Strong rental demand
Foreign investor interest in freehold properties
Upgrading opportunities with new ECs and condos
Consider an Upgrade: Boulevard Coast Jalan Loyang Besar EC
If you're selling your private property with the intent to upgrade or change location, consider exploring Boulevard Coast Jalan Loyang Besar EC. This brand-new executive condominium offers premium waterfront living with full facilities and a prime location close to Pasir Ris and Loyang.
? Check out Boulevard Coast Jalan Loyang Besar EC here
It’s an excellent option for families, young couples, and investors looking for long-term value in the East.
Final Thoughts
Selling a private property in Singapore requires planning, patience, and knowledge of the process. By following these 10 steps — from valuation to legal completion — you can achieve a smooth and profitable transaction. Whether you're reinvesting, relocating, or retiring, selling smart is key to unlocking your property's full potential.
