Financial Preparation

• Determine your total investment budget (property + ABSD + transaction costs + reserves)
• Establish a currency exchange strategy (SGD is relatively stable but fluctuates)
• Research historical USD/SGD or CAD/SGD exchange rates
• Set up international wire transfer capabilities with your home bank
• Consider opening a Singapore bank account (increasingly challenging for non-residents)
• Evaluate tax implications in both Singapore and your home country
• Arrange financing if needed (pre-approval for a Singapore mortgage)
• Budget for the 60% ABSD for foreign buyers on residential property
• Plan for at least 25% cash down payment (more likely 35-40% for foreigners)

Market Research

• Identify target regions and property types based on investment goals (CCR, RCR, OCR)
• Research neighborhood-specific price trends and rental yields
• Join online forums for property investors (PropertyGuru, SRX forums)
• Subscribe to property market reports (ERA, PropNex, Knight Frank, JLL)
• Study the URA Master Plan for future development zones
• Analyze MRT (metro) expansion plans and new infrastructure projects
• Research tenant demographics and rental demand in target areas
• Plan a preliminary market visit to evaluate areas firsthand
• Understand cooling measures and their impact on your investment strategy

Professional Network Development

• Connect with Singapore property lawyers specializing in foreigner purchases
• Identify real estate agencies with experience handling foreign investors
• Research property management companies
• Establish contact with currency exchange specialists
• Find a Singapore-based tax accountant familiar with non-resident concerns
• Connect with mortgage brokers experienced with foreigner financing
• Consider engaging a buyer’s agent to represent your interests
• Research reputable property inspection services for due diligence

Expert Tip: Singapore’s property market operates differently from North American markets, with the concept of an “Option to Purchase” (OTP) rather than a direct purchase offer. When you find a property you wish to purchase, you’ll pay an option fee (typically 1% of the purchase price) to the seller to secure an exclusive option to purchase the property within a specified timeframe (usually 2-3 weeks). This gives you time to conduct due diligence and arrange financing. If you decide to proceed, you’ll exercise the option by signing the purchase agreement and paying the remainder of the deposit (typically 4-5% of the purchase price). If you choose not to proceed, you’ll forfeit the option fee.

Important Note: Some investors previously used foreign trusts or layered corporate structures to avoid ABSD. Singapore now has strict anti-avoidance provisions, and authorities scrutinize transactions closely. Attempting to circumvent ABSD through artificial arrangements can result in penalties up to four times the duty avoided, plus potential criminal charges. Always seek professional legal and tax advice to ensure compliance with Singapore regulations.

Banking Setup

• Singapore Bank Account Options:
  • Local banks: DBS, OCBC, UOB offer services for foreigners but have increasingly strict onboarding requirements
  • International banks: Citibank, HSBC, Standard Chartered often easier for foreigners with existing relationships
  • Private banking services: Available for high-net-worth individuals (typically S$250,000+ relationship)
  • Digital alternatives: Multi-currency accounts with services like Wise, Revolut, or Nium
• Typical Requirements:
  • Passport/identification
  • Proof of address in home country
  • Source of funds documentation
  • Reference letters from existing bank
  • Employment or business verification
  • In-person application (increasingly required)
  • Singapore mobile number (for digital banking)
  • Residential address in Singapore (for some accounts)
• Alternative Approach: Many foreign investors complete property transactions through their lawyer’s client account and then set up property management arrangements with direct transfers to overseas accounts.

Financing Options

Foreign buyers in Singapore can access local mortgage financing, though with stricter terms than citizens or permanent residents:

1. Singapore Bank Mortgages for Foreigners:
   • Maximum Loan-to-Value (LTV): 75% for first property (vs. 80-90% for citizens)
   • Loan tenure: Maximum 30 years for residential properties
   • Age limit: Loan tenure + borrower’s age cannot exceed 65-75 years
   • Total Debt Servicing Ratio (TDSR): Monthly debt obligations cannot exceed 55% of income
   • Interest rates: Both fixed and floating options available, typically SORA (Singapore Overnight Rate Average) plus spread
   • Documentation: Income verification, credit assessment, property valuation
   • Currency considerations: Loans disbursed in SGD; monthly repayments in SGD
2. International Financing Options:
   • International banks with presence in both home country and Singapore
   • Offshore lending secured against global assets
   • Private banking mortgage solutions for high-net-worth clients
   • May offer financing in USD or home currency, reducing exchange rate risk
3. Home Equity Financing:
   • Utilizing equity from properties in North America
   • Home equity lines of credit (HELOCs) from home country
   • Refinancing existing properties to release capital
   • Often more favorable interest rates than Singapore foreign borrower mortgages

Currency Management

The Singapore Dollar (SGD) is one of Asia’s most stable currencies, but exchange rate management remains important:

• Exchange Rate Considerations:
  • SGD historically less volatile than many Asian currencies
  • Managed float system by Monetary Authority of Singapore (MAS)
  • Monitor SGD against USD/CAD trends for favorable conversion windows
  • Consider currency impact on both property acquisition and rental income
• Currency Services:
  • Specialized services like Wise, OFX, or XE typically offer better rates than banks
  • Forward contracts can lock in exchange rates for future payments
  • Multi-currency accounts to hold SGD when exchange rates are favorable
  • Regular payment services for ongoing mortgage payments
• Income Repatriation:
  • No exchange controls or restrictions on repatriating funds from Singapore
  • Consider timing of rental income transfers to optimize exchange rates
  • Be aware of potential withholding taxes in specific situations
  • Maintain accurate records for tax reporting in both countries

Currency management can significantly impact your overall investment returns. Singapore’s strong regulatory framework and stable monetary policy make the SGD less volatile than many regional currencies, but long-term currency trends should still be factored into your investment calculations.

Property Search Resources

• Online Property Portals:
  • PropertyGuru – Singapore’s largest property portal
  • 99.co – User-friendly interface with map-based search
  • SRX Property – Comprehensive data on transactions and valuations
  • EdgeProp – Property news and listings
• Property Agencies:
  • Major agencies: PropNex, ERA, Huttons, OrangeTee, Knight Frank, JLL, CBRE
  • Many agents represent both buyers and sellers (dual agency common in Singapore)
  • Commission typically paid by seller (no cost to buyer for standard agency services)
  • Look for CEA (Council for Estate Agencies) registered agents
• Developer Sales:
  • New launch condominiums sold directly by developers
  • Show flats available for viewing before construction
  • Payment typically progressive during construction
  • Often include developer incentives and discounts
  • Floor plans, 3D renders, and virtual tours available online
• Government Resources:
  • Urban Redevelopment Authority (URA) – Official planning authority with transaction data
  • URA Master Plan – Comprehensive development plans for all areas
  • URA Space – Interactive map showing land use, plot ratios, and zoning

Property Viewing Trip Planning

For overseas investors, an efficient property viewing trip is essential:

1. Pre-Trip Research:
   • Identify 15-20 potential properties before arrival
   • Schedule viewings in advance (Singapore property market moves quickly)
   • Research neighborhoods, amenities, and transportation options
   • Arrange meetings with lawyers, mortgage providers, and agents
   • Research recent transactions in target developments
   • Study URA Master Plan for future developments near potential properties
2. Trip Logistics:
   • Singapore is compact but traffic can be heavy; plan travel time between viewings
   • Stay in a central location to minimize commuting time
   • Schedule viewings in geographical clusters
   • Plan 4-7 days for comprehensive property hunting
   • Consider scheduling during weekdays when agents are more available
   • Be prepared for Singapore’s hot, humid climate during property viewings
3. During Viewings:
   • Take detailed photos and videos
   • Ask about maintenance fees, sinking funds, and property history
   • Check noise levels at different times of day if possible
   • Verify room sizes and natural lighting conditions
   • Inquire about tenant history if previously rented
   • Test air conditioning, water pressure, and other facilities
   • Check for signs of water damage or structural issues
4. Consider using a buyer’s agent who can:
   • Pre-screen properties to save time
   • Arrange efficient viewing schedules
   • Represent your interests in negotiations
   • Provide market insights not available to overseas buyers
   • Continue the search process after you return home

Property Evaluation Criteria

Assess potential investments using these key criteria:

• Location Factors:
  • Proximity to MRT stations (ideally within 500m)
  • Access to shopping malls, supermarkets, and amenities
  • School proximity (international and local schools)
  • Distance to Central Business District or regional commercial centers
  • Proximity to parks and recreational facilities
  • Planned infrastructure developments nearby
• Building Quality:
  • Age and condition of development
  • Developer reputation and track record
  • Quality of construction and finishing
  • Facilities and amenities within the development
  • Management and maintenance standards
  • Security features and access control
• Rental Potential:
  • Current rental yields in the area
  • Tenant demographic profile
  • Historical occupancy rates
  • Rental restrictions in management rules
  • Competition from nearby developments
  • Future supply pipeline in the area
• Financial Considerations:
  • Price per square foot compared to area average
  • Historical price appreciation in the development
  • Monthly maintenance fees and sinking fund contributions
  • Property tax assessment
  • Potential for en bloc (collective) sale
  • Remaining lease tenure (for leasehold properties)

Expert Tip: In Singapore, the strata area (which includes a share of common areas) is often 10-30% larger than the actual interior usable space. When comparing properties, ask for the floor plan showing the internal floor area to understand the true usable space you’re purchasing. Also, be aware that new launch properties often appear smaller in reality than in the show flat, as developers use smaller scale furniture in show units to create an illusion of spaciousness.

Legal Due Diligence

• ✓
  Title Search: Verify ownership, encumbrances, and restrictions
• ✓
  Strata Title Inspection: Review strata plan and share value
• ✓
  Management Corporation (MCST) Rules: Review by-laws and restrictions
• ✓
  Property Eligibility: Confirm property can be purchased by foreigners
• ✓
  URA Zoning Check: Verify land use and development potential
• ✓
  Lease Verification: For leasehold properties, confirm remaining lease
• ✓
  Approved Use Check: Ensure property can be used as intended
• ✓
  Legal Representation: Engage a Singapore property lawyer

Physical Due Diligence

• ✓
  Property Inspection: Professional assessment of physical condition
• ✓
  Size Verification: Confirm actual unit size matches strata title
• ✓
  Building Systems: Check air conditioning, plumbing, electrical
• ✓
  Facilities Inspection: Review condition of common areas and amenities
• ✓
  Maintenance Records: Request historical repairs and maintenance
• ✓
  Structural Integrity: Check for cracks or structural issues
• ✓
  Environmental Factors: Check for moisture issues, noise levels, orientation

Financial Due Diligence

• ✓
  Comparable Market Analysis: Verify price against recent transactions
• ✓
  Rental Market Research: Confirm realistic rental expectations
• ✓
  Maintenance Fee Review: Analyze historical fee increases
• ✓
  Management Corporation Finances: Review sinking fund adequacy
• ✓
  Tax Assessment: Verify annual property tax obligations
• ✓
  Financing Terms: Compare mortgage options and conditions
• ✓
  Cash Flow Analysis: Prepare detailed income and expense projections
• ✓
  ROI Calculation: Develop comprehensive return analysis

Expert Tip: Unlike many Western countries, Singapore does not have a standardized property inspection industry. Consider engaging a professional engineer or building surveyor to conduct a thorough inspection, especially for older properties. For resale condominiums, request the minutes of recent Annual General Meetings (AGMs) of the Management Corporation to identify any ongoing issues, disputes, or major expenditures planned that might impact your investment.

Option to Purchase (OTP) Stage

1. Property Selection: Identify property and negotiate price
2. Option Fee Payment: Typically 1% of purchase price
3. OTP Issuance: Seller issues Option to Purchase document
4. Due Diligence Period: Typically 2-3 weeks to investigate property
5. Decision: Choose to exercise option or let it lapse
6. Option Exercise: Pay additional 4% of purchase price and sign Sale & Purchase Agreement

The OTP system provides buyers with a legally binding right to purchase the property within the option period, while giving time to conduct due diligence, arrange financing, and make a final decision. If you decide not to proceed, you’ll forfeit the option fee.

Conveyancing Process

1. Appoint Lawyer: Engage a Singapore solicitor for conveyancing
2. Legal Due Diligence:
   • Title search and verification
   • Review of strata title (for condominiums)
   • Check for encumbrances or restrictions
3. Financing Arrangements:
   • Formal mortgage application
   • Property valuation by bank
   • Loan approval and documentation
4. Payment Timeline:
   • 1% option fee (initial payment)
   • 4% upon exercising option (within option period)
   • 15% within 8 weeks of option date (minus any CPF funds used)
   • Remaining 80% upon completion (from mortgage provider)
5. Stamp Duty Payment:
   • Buyer’s Stamp Duty (BSD) based on progressive rates (1-4%)
   • Additional Buyer’s Stamp Duty (ABSD) for foreigners (60%)
   • Must be paid within 14 days of signing purchase agreement
6. Completion:
   • Balance payment transferred
   • Property ownership transferred
   • Keys handed over to buyer
7. Post-Completion:
   • Registration with Land Authority
   • Notification to Management Corporation
   • Property tax registration
   • Utility account transfers

For resale properties, the timeframe from OTP to completion typically takes 8-12 weeks. For new developments (under construction), the process involves progressive payments according to construction milestones, with final completion upon obtaining the Temporary Occupation Permit (TOP).

Transaction Costs

Budget for these typical transaction expenses:

• Buyer’s Stamp Duty (BSD):
  • First S$180,000: 1%
  • Next S$180,000: 2%
  • Next S$640,000: 3%
  • Remaining amount: 4%
• Additional Buyer’s Stamp Duty (ABSD):
  • 60% for foreign individuals
  • 35% for entities (plus additional 8% non-remittable for residential properties)
  • Significant cost factor when investing in Singapore residential property
• Legal Fees: S$2,500-5,000 for conveyancing services
• Valuation Fees: S$300-700 depending on property value
• Property Agent Commission: Typically paid by seller
• Mortgage Processing Fees: S$1,000-3,000 if financing
• Foreign Exchange Costs: Varies by provider (0.5-2% spread)

For foreign investors purchasing residential property, transaction costs primarily driven by the 60% ABSD can exceed 65% of the property value. This creates a significant barrier to entry and necessitates a long-term investment horizon to recover these upfront costs.

Expert Tip: Singapore has strict anti-money laundering regulations, and your lawyer will be required to conduct thorough source of funds verification. Prepare comprehensive documentation of your fund sources well in advance, including bank statements showing the build-up of funds, investment statements, business proceeds documentation, or inheritance records. Funds transferred from countries with weaker banking regulations may face enhanced scrutiny, potentially causing delays in the transaction process.

Administrative Tasks

• ✓
  Property Registration: Ensure title is properly registered with Singapore Land Authority
• ✓
  Management Corporation Registration: Register with condominium management
• ✓
  Utility Setup: Establish accounts with utility providers (SP Services)
• ✓
  Property Tax Registration: Register with Inland Revenue Authority (IRAS)
• ✓
  Insurance: Arrange property insurance coverage
• ✓
  Home Renovation Permit: If applicable, obtain management approval for renovations
• ✓
  Property Management Arrangements: Establish professional management for rental properties

Regulatory Compliance

Rental properties in Singapore must comply with numerous regulations:

• Minimum Rental Period:
  • Private residential properties: Minimum 3-month lease
  • HDB properties: Minimum 6-month lease
  • Strict prohibition on short-term rentals (Airbnb-style)
• Occupancy Limits:
  • Maximum 6 unrelated persons per property
  • Minimum 9 square meters per occupant
  • No partitioning of rooms without approval
• Foreign Worker Housing:
  • Special regulations if renting to work permit holders
  • Approval required from Urban Redevelopment Authority
  • Additional safety and occupancy standards
• Tenancy Agreements:
  • Must be in writing
  • Should specify all terms and conditions clearly
  • Standard agreements available from Council for Estate Agencies
• Rental Income Reporting:
  • Mandatory reporting to Inland Revenue Authority
  • Annual tax returns required
  • Penalties for non-declaration
• Management Corporation Rules:
  • Specific rules vary by development
  • May include restrictions on rental usage
  • Landlords responsible for tenant compliance

Non-compliance with these regulations can result in significant fines, legal action, and in some cases, forced sale of the property. The Singapore government actively enforces property regulations, particularly those related to unauthorized short-term rentals.

Record Keeping

Maintain comprehensive records for tax and legal purposes:

• Property Documents:
  • Sale and Purchase Agreement
  • Strata title documentation
  • Property tax receipts
  • Management fee statements
  • Insurance policies
• Financial Records:
  • All property-related expenses with receipts
  • Mortgage statements
  • Rental income records
  • Security deposit documentation
  • Currency exchange transactions
  • Annual tax filings
• Tenant Information:
  • Tenancy agreements
  • Tenant identification documents
  • Correspondence regarding maintenance
  • Inventory lists and condition reports
  • Renewal and termination notices
• Maintenance Records:
  • Repair receipts and documentation
  • Renovation approvals and permits
  • Contractor agreements
  • Warranty information
  • Inspection reports

Singapore’s digital government services make many administrative tasks manageable remotely. The MyProperty portal by IRAS allows property owners to manage tax matters online, while most utility providers and management corporations offer online payment and communication channels.

Expert Tip: Consider appointing a local representative in Singapore through a Power of Attorney if you’ll be managing your property remotely. This representative can handle urgent matters, attend management corporation meetings, and manage administrative tasks that require physical presence. Many law firms and property management companies offer these services for foreign owners, providing a local point of contact for both tenants and authorities.

Singapore Tax Obligations

• Buyer’s Stamp Duty (BSD):
  • Progressive rates from 1-4% based on purchase price
  • Applicable to all property purchases regardless of buyer status
  • Must be paid within 14 days of signing purchase agreement
• Additional Buyer’s Stamp Duty (ABSD):
  • 60% for foreign individuals purchasing residential property
  • 35% for entities plus additional 8% non-remittable for residential property
  • Substantially lower rates for Singapore citizens and permanent residents
  • Payable at same time as BSD
• Property Tax:
  • Annual tax based on property’s Annual Value (estimated annual rental)
  • Owner-occupied residential: Progressive rates from 4-16%
  • Non-owner-occupied residential: Progressive rates from 11-27%
  • Commercial/industrial: 10% flat rate
  • Payable annually or in monthly installments
• Rental Income Tax:
  • Taxed at non-resident rate of 22% (no progressive rates)
  • Allowable deductions include mortgage interest, property tax, insurance, maintenance
  • Depreciation (Capital Allowances) not deductible for residential properties
  • Annual tax return filing required (by April 15 each year)
• Seller’s Stamp Duty (SSD):
  • Applies if selling within 3 years of purchase
  • 12% if sold in first year
  • 8% if sold in second year
  • 4% if sold in third year
  • Designed to discourage short-term speculative purchases
• Goods and Services Tax (GST):
  • No GST on residential property transactions
  • 8% GST applies to commercial property transactions (increasing to 9% in 2024)
  • GST applies to agent commissions and legal fees

Home Country Tax Obligations

Both Singapore and the U.S./Canada have tax treaties that help prevent double taxation, though mechanisms vary. Singapore’s tax system is relatively straightforward, with no capital gains tax (for properties held long-term) and no inheritance/estate tax, making tax planning simpler in some respects than other jurisdictions.

Tax Planning Strategies

• Entity Structure: Evaluate whether personal ownership or company structure optimizes tax position
• Mortgage Interest: Properly structure financing to maximize tax-deductible expenses
• Expense Tracking: Maintain meticulous records of all allowable expenses
• Holding Period Strategy: Plan to hold property beyond the SSD period (3 years)
• Commercial vs. Residential: Commercial properties face lower ABSD but different market dynamics
• Permanent Residency: Consider long-term benefits of Singapore PR status for property investors
• Professional Management: Ensure compliant record-keeping and reporting
• Joint Ownership: Evaluate tax implications of different ownership structures

Singapore’s property-related taxes are generally straightforward but can be substantial for foreign buyers due to the high ABSD. Tax rules do change periodically with government policy adjustments, making regular consultations with tax professionals advisable for long-term investors.

Expert Tip: Singapore and the United States have an income tax treaty, but there is no estate tax treaty between the countries. This creates potential for double taxation on death for U.S. citizens or residents who own Singapore property. For Canadian investors, there is a more comprehensive tax agreement with Singapore. In both cases, cross-border tax planning with advisors familiar with both jurisdictions is essential to optimize your tax position and avoid unintended tax consequences, particularly for higher-value investments.

Selecting a Property Manager

Evaluate potential property managers using these criteria:

• Experience with Foreign Investors:
  • Track record serving international clients
  • Systems for remote communication and reporting
  • Understanding of cross-border tax implications
  • Experience with international wire transfers
• Professional Credentials:
  • CEA (Council for Estate Agencies) registration
  • Professional certifications (CEHA, REAC)
  • Membership in professional associations
  • Professional indemnity insurance
• Service Coverage:
  • Tenant evaluation process
  • Maintenance response protocols
  • Handling of tenant disputes
  • Emergency procedures
  • Regular inspection schedules
• Communication and Reporting:
  • Frequency and detail of financial reports
  • Online portal access
  • Responsiveness to owner inquiries
  • Accommodation of time zone differences
  • Transparency in fee structure

Management Agreement Essentials

Ensure your property management contract includes these key elements:

• Service Scope: Detailed description of all included and excluded services
• Fee Structure: All management fees, commissions, and additional charges
• Contract Term: Duration and termination conditions
• Reporting Schedule: Frequency and format of financial reports
• Maintenance Authority: Maximum spending limit without owner approval
• Tenant Selection Criteria: Standards for tenant screening
• Rental Collection Process: Methods and handling of late payments
• Inspection Frequency: Regular property inspection schedule
• Security Deposit Handling: Process for deposit management
• Legal Compliance: Manager’s responsibility for regulatory compliance

For foreign investors, a reliable property manager is particularly valuable given the strict regulatory environment in Singapore. Choose a manager with specific experience serving international owners and with systems designed to facilitate remote oversight.

Expert Tip: In Singapore’s competitive rental market, property condition can significantly impact both rental rates and vacancy periods. Consider allocating a specific maintenance budget for your property manager to use at their discretion for minor improvements and repairs between tenancies. This approach can help maintain or increase rental values and reduce vacancy periods, particularly in older properties competing with newer developments. Many management firms offer “make-ready” packages between tenants that refresh the property to maximize appeal to prospective renters.

Exit Options

Sale Process

When selling your Singapore property:

1. Pre-Sale Preparation:
   • Property presentation and staging
   • Minor repairs and refreshment
   • Professional photography and floor plans
   • Gathering of all documentation
   • Tenant notification if applicable
2. Agent Engagement:
   • Select an agent with experience in your property type/area
   • Agree on marketing strategy and commission structure
   • Exclusive listing vs. multiple agency approach
   • Set realistic price expectations based on market comparables
3. Marketing Phase:
   • Online listings on major portals
   • Property viewings (typically agent-conducted)
   • Advertisement in appropriate channels
   • Open houses if appropriate
4. Offer and Option Process:
   • Buyer negotiation through agent
   • Option to Purchase (OTP) issuance
   • 1% option fee collection
   • 2-3 week option period
   • Exercise of option and 4% additional payment
5. Conveyancing Process:
   • Lawyer engagement for sale documentation
   • Discharge of existing mortgage if applicable
   • Progress payment collection
   • Completion (typically 8-12 weeks after OTP)
   • Property handover coordination
6. Post-Sale Requirements:
   • Profit remittance management
   • Tax reporting in Singapore and home country
   • Cancellation of property tax account
   • Utility account closure

The Singapore selling process is relatively structured and transparent, with the Option to Purchase system providing clarity for both buyers and sellers. The process typically takes 3-4 months from listing to completion, depending on market conditions and property type.

Market Exit Timing Considerations

Several factors should influence your exit timing decision:

• Seller’s Stamp Duty (SSD): Consider holding until after the 3-year SSD period to avoid substantial duties
• Market Cycles: Singapore typically experiences 7-10 year property cycles; selling during upswings maximizes returns
• Government Policy Changes: Policy adjustments can significantly impact market conditions; monitor cooling measures and potential relaxations
• Currency Exchange Rates: Monitor SGD against your home currency for favorable conversion windows
• Interest Rate Environment: Higher rates typically reduce buyer demand and price growth
• Master Plan Updates: URA Master Plan revisions every 5 years can impact property values
• Supply Pipeline: Monitor new launch schedules in your area that might compete with your property
• Lease Depreciation: For leasehold properties, values may decline more rapidly as remaining lease shortens
• En Bloc Potential: Properties in aging developments in prime areas may benefit from collective sale opportunities
• Regional Infrastructure: Major infrastructure improvements like new MRT lines can positively impact values

Singapore’s property market is highly regulated and actively managed by the government, making policy understanding critical for exit timing. The Urban Redevelopment Authority (URA) and Monetary Authority of Singapore (MAS) regularly adjust measures to maintain market stability, which can create both challenges and opportunities for investors seeking to exit.

Expert Tip: Unlike many other countries, Singapore does not impose capital gains tax on property sales, making exit timing decisions primarily driven by market conditions rather than tax considerations. However, the Seller’s Stamp Duty (SSD) creates a strong incentive to hold properties for at least three years. For properties with en bloc potential, joining the collective sale committee can provide inside information on the development’s collective sale prospects and timing. This insight can be valuable in deciding whether to sell individually or wait for the potentially higher returns of an en bloc sale.