Selling your home in Singapore can feel straightforward: agree on a price, hand over the keys, collect the money. In practice, the price a buyer pays and the cash that lands in your bank account are two different numbers. This guide walks you through what happens in between, so there are no surprises on completion day.
What "sales proceeds" actually means
"Sales proceeds" is the cash left over after everything that has to be paid from the sale has been paid. Think of it as a waterfall, where the selling price flows down and several things are deducted along the way:
Selling price
minus outstanding home loan redemption (the balance you still owe the bank, which must be cleared)
minus CPF refunds (money returned to your own CPF account)
minus selling costs (agent, legal, and other fees)
equals your cash proceeds.
The two deductions that catch first-time sellers off guard are the CPF refund and the effect of GST on fees. We will cover both below.
The CPF refund: the part that surprises people most
If you used your CPF savings to buy your home, you must refund that money to your CPF Ordinary Account (OA) when you sell. This refund has two parts:
- The CPF principal you used, meaning the amounts drawn from your OA for the downpayment, the monthly loan instalments, and the stamp duty.
- The accrued interest, meaning the interest that money would have earned at 2.5% per year had it stayed in your CPF account instead of going into the property.
Here is the reassuring part: this money is not lost. It goes straight back into your own CPF account, where it keeps earning interest and can be used for your next property or your retirement. It is genuinely yours. It is simply not cash in your pocket on completion day, which is why it reduces the cash figure.
If you own the property with others, each co-owner (up to four) has their own separate refund based on what they personally used. You can find the exact figures, principal and accrued interest, in your CPF property withdrawal statement on the my cpf portal at cpf.gov.sg. It is worth pulling this early, because accrued interest grows over time and is often larger than people expect.
Selling costs
Three types of cost usually come out of the sale:
Agent commission
If you engage a property agent, commission is commonly 1% to 2% of the selling price and is negotiable. GST of 9% applies on top of the commission. The GST is easy to overlook: 1% on a $1,000,000 sale is $10,000, but $10,900 after GST.
Legal and conveyancing fees
A conveyancing lawyer handles the paperwork and transfer of title. Fees are typically around $2,500 to $3,500.
Other costs
These may include outstanding property tax, management or maintenance fees, and any early loan redemption charges your bank imposes. These vary, so check your own loan and statements.
A worked example
Suppose you sell a condo at $1,500,000 with a $400,000 outstanding loan and a total CPF refund of $350,000 (principal plus accrued interest, across all owners). You engage an agent at 1.5% and pay $3,000 in legal fees.
| Item | Amount |
|---|
| Selling price | $1,500,000 |
| Less: outstanding loan redemption | ($400,000) |
| Less: CPF refund (to your own CPF) | ($350,000) |
| Less: agent commission, 1.5% incl. 9% GST | ($24,525) |
| Less: legal fees | ($3,000) |
| Cash proceeds | $722,475 |
So a $1,500,000 sale leaves about $722,475 in cash, plus $350,000 back in CPF that remains yours.
What happens in a negative sale
A negative sale is when the loan redemption, CPF refund, and costs together add up to more than the selling price. In that situation:
The bank loan must always be fully redeemed. If the proceeds are not enough to clear it, you top up the shortfall in cash.
For CPF, the rules are generally kinder. When a property is sold at market value and the proceeds are not enough to make the full CPF refund, CPF does not require you to top up the shortfall in cash. The refund is capped at the available proceeds. This means a market-value sale will not usually leave you owing cash to CPF, though it may leave less going back into your account.
This is an area with exceptions, so confirm your own position with the CPF Board.
Timing: stamp duty and when you get paid
If you sell within the property's holding period, Seller's Stamp Duty (SSD) may apply. SSD is a tax on selling soon after buying, and the rate depends on how long you have held the property. We have not detailed the rates here, but factor it in if your purchase was recent.
Your cash proceeds are typically paid out on legal completion, the day ownership formally transfers to the buyer, not when you sign the option or exercise it.
Estimate your own numbers
Every sale is different, so use the calculator above to model your own figures. If refinancing or an upcoming purchase depends on the proceeds, speak to a Cashew advisor before you list. Getting the numbers right early helps you plan your next move with confidence.
Sarah Chen
