Interested to buy a new launch condo? From highly sought-after mixed-use developments to cosy boutique residences, you can pick and choose from a myriad of options to suit your taste, housing needs, and lifestyle.
If you’re ready to make it yours, you’ll need to understand the payment process, which occurs in phases once the construction commences – up to its completion.
Here, we’ve put together a handy timeline for you to refer to and stay on track on all your payments.
Timeline for Buying a New Launch Condo
|Day 1||Secure your preferred unit by paying a 5% booking fee in cash.|
The developer will issue the Sales & Purchase Agreement (S&P) and Option to Purchase (OTP) to exercise.
|Within 8 weeks from exercising OTP||Down payment||15% (Cash or CPF)|
|Within 14 days from signing the S&P||Buyer’s Stamp Duty (BSD)||First $180,000: 1%|
Next $180,000: 2%
Next $640,000: 3%
Remaining Amount: 4%
|Additional Buyer’s Stamp Duty (ABSD) (if applicable)||Singapore Citizen1st residential property: N.A.|
2nd residential property: 12%
3rd residential property: 15%
Singapore PR1st residential property: 5%
2nd residential property: 15%
|Est. 6–9 months||Foundation work||10%|
5% (Cash or CPF)
5% (Bank loan)
|Est. 6–9 months||Reinforced concrete framework||10%|
|Est. 3–6 months||Partition walls||5%|
|Est. 3–6 months||Roofing||5%|
|Est. 3–6 months||Door, window frames, electrical wiring (without fittings), and piping.||5%|
|Est. 3–6 months||Car park, roads, and drains serving the housing project.||5%|
|Est. 3–6 months||The building, roads, drainage, sewerage works in the housing estate, connection of water, electricity, and gas supplies.|
Typically, the TOP is released at this stage, which means you can collect your keys and move in!
|Est. 1–12 months||Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion will be issued).||15%|
This article was originally published on Ohmyhome, your one-stop property solution.