Renting a condo in Singapore takes more cash up front than many people expect. Here is a worked example on this two-bedroom at OUE Twin Peaks (taking a rent of S$7,200 a month as an example), based on common practice; the LOI and tenancy agreement set the final terms.
With the LOI: good-faith deposit
When you sign the letter of intent (LOI), you pay a good-faith deposit, usually one month's rent: S$7,200. Once the owner accepts, it becomes part of the security deposit.
When you sign the lease: deposit and first month
The security deposit is usually one month's rent per year of lease. For one year, that is S$7,200 plus the first month's rent of S$7,200: S$14,400 in total, including the good-faith deposit. For two years, the deposit is two months (S$14,400), so S$21,600 in total.
| Lease | Deposit | First month | Total at signing |
|---|---|---|---|
| 1 year | S$7,200 | S$7,200 | S$14,400 |
| 2 years | S$14,400 | S$7,200 | S$21,600 |
Around move-in: utilities and internet
Utilities are usually opened in the tenant's name, and a deposit may be needed; internet is set up with a provider of your choice. These depend on your situation, and we will walk you through them before you move in.
Every home's page has a calculator: pick the home and lease length to see the total you pay when you sign.
