Buyer guide
How much should you offer for a Singapore house?
The short answer
Start with comparable sales, not the asking price
The asking price is a starting position, often set high to leave room to negotiate. What matters is the going rate: what flats like the one you want have recently changed hands for. Pull recent sales of the same flat type in the same block or the blocks next door, then widen to the same town if there are too few. Compare on a per-square-foot basis so a larger or smaller unit does not throw the numbers off.
Adjust for the things that move price
No two flats are identical. Nudge your estimate up or down for storey height (higher floors usually command a premium), remaining lease (a shorter lease is worth less and limits how much CPF and loan you can use), floor area, and renovation and condition (a freshly done unit is worth more than one you will gut). Distance to an MRT station and daily amenities matters too. These adjustments turn raw comparables into a fair value for the specific unit in front of you.
Set three numbers, then hold the line
- Opening bid. A few percent below the going rate. It signals a serious, informed buyer and leaves room to negotiate up.
- Target price. The fair value from your adjusted comparables. This is the number you actually expect to pay.
- Hard ceiling. The most you will pay before the deal stops making sense. Above this, you walk. Decide it before you fall in love with the flat.
Watch the valuation and COV
For a resale flat, your loan and CPF are based on the official valuation, not on the price you agree. If you agree to pay more than the valuation, the difference is Cash Over Valuation, and it comes entirely from your own cash. Factor this in before you stretch. Our guide to COV breaks down how it works and how to avoid overpaying it.
Budget for the full cost, not just the price
The purchase price is only part of what leaves your account. Add Buyer's Stamp Duty (a progressive duty that rises with price), legal fees, a valuation fee, an optional buyer's agent commission, and renovation, which varies widely by flat age and how much you change. A flat you can afford on paper can still be a stretch once these land. Remember too that CPF can only be used when the remaining lease covers the youngest buyer to age 95, and lenders limit loans on flats with short remaining leases.
How to actually make the offer
Once you and the seller agree on a price, the seller grants an Option to Purchase in exchange for an option fee, and you exercise that option within the option period. The Option locks in the price, so all your negotiating happens before you sign, not after. Do your sums first, decide your three numbers, and only then sit down at the table.
Common questions
Should I offer above the valuation?
Only if the flat and location genuinely justify it and you have the spare cash. Anything above the valuation is Cash Over Valuation, paid entirely in cash on top of your deposit and stamp duty. It cannot be covered by a loan or by CPF.
How far below the asking price should my first offer be?
It depends on how far the asking sits above recent comparable sales. If the asking is already close to the going rate, a small discount is realistic. If it is well above, anchor closer to what similar flats actually sold for and justify it with the data.
What if there are no recent sales in the exact block?
Widen your net. Look at the blocks next door first, then the same town for the same flat type, similar storey, and similar remaining lease. A slightly wider comparison beats guessing from the asking price.
Does a renovated flat justify a higher offer?
Yes, within reason. A move-in-ready unit saves you renovation cost and time, so it can be worth more than a flat you plan to strip back. Just make sure the premium you pay is less than what the renovation would have cost you.
See your three numbers for any flat
Enter a block and flat type and SGHaus returns an opening bid, a target price, and a hard ceiling, backed by recent comparable sales. Selling instead? Get a pricing report.