Is It a Real Property Bargain? 6 Questions to Ask (2026)
Six questions to test any Singapore property deal in 2026: comparable prices, all-in costs, returns, hidden flaws, exit and the seller, with a worked example.
A real bargain is a home priced below what comparable homes actually sold for, and still sensible after you add every cost and test the return. A fake bargain is a “discount” off an inflated asking price, a freebie already built into the price, or a “guaranteed” return paid for by you. Six questions separate the two. Ask them in order, with numbers, before you commit any money.
At a glance
- Cheaper than what? Compare with recent sales of similar units in the same project, not with the asking price or a “market value” the seller quotes.
- All-in cost. Stamp duty, legal fees and your exit cost can erase a discount. For a second home, 20% ABSD dwarfs it.
- Return. A unit that is cheap per square foot but earns a poor yield is not a bargain.
- Flaws and exit. Ask why the price is low, and who will buy from you in four years.
- Pressure is a signal. If a deal cannot survive a week of checking, walk away.
1. Cheaper than what?
“Below market” means nothing until you name the market. Use actual transactions. URA’s private residential transaction search shows recent sales by project. Pull the last several sales of similar units in the same project, then adjust for size, floor, facing, condition and remaining lease. Compare price per square foot of strata area, and check the whole cycle, not just the last quarter.
Say a seller asks S$1.58m for a 1,000 sq ft resale condo unit, which is S$1,580 per sq ft. The agent says it is S$100,000 below market. This is an example, not a real listing. You find five recent sales of similar units in the same project:
| Sale | Price per sq ft |
|---|---|
| 1 | S$1,520 |
| 2 | S$1,545 |
| 3 | S$1,560 |
| 4 | S$1,575 |
| 5 | S$1,610 |
The median is S$1,560. The ask is S$20 per sq ft above it, about S$20,000 or 1.3% for this unit. It is not S$100,000 below anything. The “market value” in the pitch was the seller’s own number.
Also ask your bank for its valuation before you exercise the option. If the bank values the unit below your price, you must cover the gap in cash. CPF has the same logic: the limit on CPF use is based on the lower of price and valuation.
2. Is it still cheaper after all the costs?
The price is not your cost. On the S$1.58m unit:
- Buyer’s Stamp Duty is S$48,600.
- Legal and other fees might add about S$3,500 (an assumption; quotes vary).
- If this is your second home, a Singapore citizen pays 20% ABSD, which is S$316,000. A married couple can claim it back only by selling the first home within six months of buying a completed unit. A “S$100,000 saving” is small beside that.
- On exit, Seller’s Stamp Duty on homes bought from 4 July 2025 is 16%, 12%, 8% and 4% if you sell within the first, second, third and fourth year. A quick flip now costs far more than it did before 2025.
Discount and cost together give the real comparison. Our stamp duty guide lists every rate.
3. What does it earn?
Even a home you plan to live in has a return, because renting the same place is the alternative. For an investment, test the cash flow. The old formula still works:
First-year cash-on-cash return = (annual rent − loan repayments − fees − tax − insurance) ÷ total cash invested
Assume you buy the S$1.58m unit as your only property and rent it for S$4,100 a month. That is a gross yield of 3.1%, close to the Global Property Guide average for H1 2026. You borrow 75%, S$1.185m, over 30 years at 1.7%. That is within the 1.5% to 1.8% floating range seen after the September Fed hike, per the Business Times. The instalment is S$4,204 a month.
| Item | Per year |
|---|---|
| Rent (S$4,100 × 12) | S$49,200 |
| Vacancy (half a month) | −S$2,050 |
| Loan repayments (S$4,204 × 12) | −S$50,452 |
| Maintenance fees (S$400 a month, assumed) | −S$4,800 |
| Property tax, non-owner-occupied (annual value assumed equal to rent) | −S$7,776 |
| Insurance and repairs (assumed) | −S$1,500 |
| Cash flow | −S$17,378 |
Cash invested is S$395,000 down payment, S$48,600 stamp duty and S$3,500 fees, or S$447,100. The first-year cash-on-cash return is about −3.9%. That is harsh, because about S$30,500 of the repayments is principal, which builds your equity. Leave principal out and the cash return is about +2.9%. Either way, the unit’s net yield is only about 2.1%. See our guide to rental yield. If you rely on price growth to make the deal work, say so openly. At the bank’s 4% test rate the instalment would be S$5,657, so check you can survive higher rates. Our mortgage calculator lets you test this.
4. What is wrong with it, and why is the seller selling?
A genuine discount usually has a reason, and some reasons are fine. A seller may need cash quickly, or have bought elsewhere. Others are flaws you inherit:
- A short or shrinking lease. If the remaining lease does not cover the youngest buyer to age 95, CPF usage is pro-rated, and your pool of future buyers shrinks.
- A weak stack. Next to the bin centre, facing a road, or with a blocked view.
- A poorly run estate. Low sinking fund, deferred repairs or a coming special levy.
- En bloc hopes. Do not pay for them. The lower collective sale thresholds passed in September 2026 have no start date yet.
Ask how long the unit has been on the market, and whether the price has dropped. A unit listed for months at a falling price tells you something about demand.
5. Who will buy it from you?
A good buy is easy to sell. Check how often units in the project change hands and how many similar homes are for sale. Supply is high in 2026. URA counted 15,810 unsold units with planning approval at the end of June, and the 2026 land sales programme confirms 9,320 more homes. Private prices rose 1.4% in URA’s Q3 2026 flash estimate, but a few good quarters do not make every unit liquid. If your plan needs a sale within four years, price in Seller’s Stamp Duty and a slower market.
- Non-landed (condos and apartments)
- Landed
Latest: Non-landed 51,677 (Q2 2026); Landed 1,109 (Q2 2026).
This is a wider count than URA's headline figure of homes with planning approval (42,472 at Q2 2026, which includes ECs): it also counts projects with provisional permission and sites that are only planned.
Table view
| Period | Non-landed (condos and apartments) | Landed |
|---|---|---|
| Q2 2026 | 51,677 | 1,109 |
| Q1 2026 | 48,111 | 1,332 |
| Q4 2025 | 47,358 | 1,322 |
| Q3 2025 | 46,787 | 1,336 |
| Q2 2025 | 48,474 | 1,316 |
| Q1 2025 | 44,134 | 1,335 |
| Q4 2024 | 45,934 | 1,337 |
| Q3 2024 | 44,997 | 1,368 |
| Q2 2024 | 49,598 | 1,370 |
| Q1 2024 | 46,335 | 1,369 |
| Q4 2023 | 47,191 | 1,370 |
| Q3 2023 | 46,146 | 980 |
| Q2 2023 | 53,472 | 823 |
| Q1 2023 | 51,703 | 887 |
| Q4 2022 | 53,846 | 946 |
| Q3 2022 | 54,171 | 934 |
| Q2 2022 | 53,879 | 962 |
| Q1 2022 | 52,802 | 970 |
| Q4 2021 | 52,602 | 953 |
| Q3 2021 | 51,176 | 925 |
| Q2 2021 | 51,386 | 1,004 |
| Q1 2021 | 49,910 | 996 |
| Q4 2020 | 51,449 | 954 |
| Q3 2020 | 51,514 | 940 |
| Q2 2020 | 52,116 | 939 |
| Q1 2020 | 51,222 | 863 |
| Q4 2019 | 52,514 | 899 |
| Q3 2019 | 53,757 | 788 |
| Q2 2019 | 54,737 | 864 |
| Q1 2019 | 56,130 | 998 |
| Q4 2018 | 56,602 | 1,000 |
| Q3 2018 | 57,156 | 1,034 |
| Q2 2018 | 54,402 | 921 |
| Q1 2018 | 50,907 | 1,180 |
| Q4 2017 | 49,618 | 1,234 |
| Q3 2017 | 41,858 | 1,196 |
| Q2 2017 | 43,465 | 1,199 |
| Q1 2017 | 43,457 | 1,255 |
| Q4 2016 | 47,016 | 1,352 |
| Q3 2016 | 47,702 | 1,383 |
| Q2 2016 | 50,339 | 1,507 |
| Q1 2016 | 56,015 | 1,582 |
| Q4 2015 | 57,867 | 2,292 |
| Q3 2015 | 61,715 | 2,462 |
| Q2 2015 | 64,437 | 2,774 |
| Q1 2015 | 69,520 | 2,823 |
| Q4 2014 | 72,279 | 2,909 |
| Q3 2014 | 76,383 | 2,981 |
| Q2 2014 | 80,476 | 3,157 |
| Q1 2014 | 83,044 | 3,355 |
| Q4 2013 | 86,541 | 3,477 |
| Q3 2013 | 86,981 | 3,744 |
| Q2 2013 | 90,948 | 3,825 |
| Q1 2013 | 91,408 | 3,804 |
| Q4 2012 | 92,370 | 3,860 |
| Q3 2012 | 88,084 | 3,785 |
| Q2 2012 | 89,087 | 3,784 |
| Q1 2012 | 85,954 | 3,885 |
| Q4 2011 | 85,724 | 3,807 |
| Q3 2011 | 82,460 | 3,872 |
| Q2 2011 | 83,241 | 4,001 |
| Q1 2011 | 76,128 | 4,044 |
| Q4 2010 | 75,514 | 3,963 |
| Q3 2010 | 69,054 | 3,933 |
| Q2 2010 | 68,544 | 3,914 |
| Q1 2010 | 63,729 | 3,942 |
| Q4 2009 | 62,240 | 4,186 |
| Q3 2009 | 57,880 | 4,209 |
| Q2 2009 | 58,189 | 4,423 |
| Q1 2009 | 59,880 | 4,614 |
| Q4 2008 | 61,357 | 4,872 |
| Q3 2008 | 62,481 | 4,982 |
| Q2 2008 | 66,516 | 5,127 |
| Q1 2008 | 68,960 | 5,248 |
| Q4 2007 | 69,066 | 5,056 |
| Q3 2007 | 65,868 | 4,853 |
| Q2 2007 | 61,159 | 4,453 |
| Q1 2007 | 53,556 | 4,352 |
| Q4 2006 | 49,053 | 4,452 |
| Q3 2006 | 49,402 | 4,357 |
| Q2 2006 | 47,753 | 4,498 |
| Q1 2006 | 44,665 | 4,397 |
| Q4 2005 | 43,448 | 4,458 |
| Q3 2005 | 42,121 | 4,737 |
| Q2 2005 | 41,227 | 4,684 |
| Q1 2005 | 42,349 | 4,350 |
Source: URA (via SingStat). Data to Q2 2026. Licences and notices
6. Who is selling it to you, and who else is buying?
Test the seller as well as the unit.
- Is the developer licensed? URA’s home buyers’ guide says developers of four or fewer units need no licence, may use their own contracts and need not hold buyers’ payments in a project account. Take more care there.
- Is the “freebie” already in the price? Furniture packages, rebates and rental guarantees are paid for by you through the price. Ask for the price with and without them.
- Why are you being asked to buy here? If a project is sold mainly to overseas buyers or at roadshows, ask why local buyers are not snapping it up, and where the resale market is. See 5 things to know about overseas property.
- Are you being rushed? A “blank cheque” for a booking fee is not a commitment to buy, and you can ask for it back. If you do not exercise a developer’s option, it may keep 25% of the booking fee. Neither is a reason to skip your checks.
Our guide to new launch versus resale covers the contract rules in more detail.
Bottom line
A bargain survives all six questions: it is below recent comparable sales, still cheap after all the costs, earns a return that beats your alternatives, has no flaw you cannot fix, can be sold later, and comes from a seller you can check. If a deal fails on even one, price in the problem or walk away. This is general information, not advice on a particular purchase.
