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.
Artist’s impression: The Santorini
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)|
|Additional Buyer’s Stamp Duty (ABSD) (if applicable)||Singapore Citizen|
|Est. 6-9 months||Foundation work|
|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%|
*figures updated on Dec 16, 2021 to reflect changes in purchase laws.
Looking for an HDB or private property?
Here’s how you can speed up your home search
Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need.
You can also call us at 6886 9009 to secure an appointment with any of our Super Agents or message us in the chatbox at the bottom, right-hand corner of the screen. You can also WhatsApp us at 9727 5270!