When buying or selling your property in Singapore, you may be familiar with the exorbitant property agent fees from 2%-5% commission rates plus Goods and Services Tax (GST). The GST is not automatically included in the commission.
The Council for Estate Agencies (CEA) Singapore explains that only GST-registered property agencies are allowed to charge and collect GST. Furthermore, whether the GST payable is factored into the commission is dependent on the outcome of the agreement between you and your property agent.
Here are sample scenarios and fees when selling and buying property in Singapore:
Sample Scenario: Fees When Selling Property in Singapore
| Property Price | $1,000,000 |
| Property Agent Commission Rate | 3% |
| Commission | $30,000 |
| GST 7% | $2,100 |
| Total Fees | $32,100 |
Sample Scenario: Fees When Buying Property in Singapore
| Property Price | $1,000,000 |
| Property Agent Commission Rate | 5% |
| Commission | $50,000 |
| GST 7% | $3,500 |
| Total Fees | $53,500 |
These fees do not include stamp duties and other legal fees involved in the transaction.
You may think, “That’s expensive.”
Good news! Ohmyhome Provides a Better Way
You don’t need to pay a 2%-5% agent commission when you transact your property with Ohmyhome. For HDB flat owners, here’s a sample scenario when you engage Ohmyhome’s agent service:
| Particulars | Selling Through Freelance Agents | Selling Through Ohmyhome Agents |
|---|---|---|
| Property Price | $380,000 | $380,000 |
| Property Agent Commission Rate | 2% | Fixed-Fee |
| Commission | $7,600 | $2,888 |
| GST 7% | $532 | $202.16 |
| Total Fees | $8,132 | $3,090.16 |
You will save $5,041.84 when selling your property through Ohmyhome in this scenario.
When buying HDB resale flat, here is the breakdown of fees:
| Particulars | Buying Through Freelance Agents | Buying Through Ohmyhome Agents |
|---|---|---|
| Property Price | $280,000 | $280,000 |
| Property Agent Commission Rate | 2% | Fixed-Fee |
| Commission | $5,600 | $2,288 |
| GST 7% | $392 | $160.16 |
| Total Fees | $5,992 | $2,448.16 |
You will save $3,543.84 when you buy an HDB resale flat through Ohmyhome in this scenario.
For condo sellers, agent commission is 1%.
Our team is committed to giving utmost priority to your property, utilising effective marketing strategies for the most efficient results. Since 2016, we have served over 8,000 happy customers.
When you engage our agent service, you also engage a whole company that is dedicated to providing you with a seamless housing transaction.
