How to buy a new launch condo in Singapore

2022 Guide to Buying New Launch Condo in Singapore

Ohmyhome

Ohmyhome

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.

condo-buying-timeline-buying-new-launch-condo-singapore-the-santorini

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

TimelineStepsPayment
Day 1Secure 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.

5% (Cash)
Within 8 weeks from exercising OTPDown payment15% (Cash or CPF)
Within 14 days from signing the S&PBuyer’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 Citizen

 

  • 1st residential property: N.A.
  • *2nd residential property: 17%
  • *3rd residential property: 25%

Singapore PR

  • 1st residential property: 5%
  • *2nd residential property: 25%
Est. 6-9 monthsFoundation work
  • 10%
  • 5% (Cash or CPF)
  • 5% (Bank loan)
Est. 6-9 monthsReinforced concrete framework10%
Est. 3-6 monthsPartition walls5%
Est. 3-6 monthsRoofing5%
Est. 3-6 monthsDoor, window frames, electrical wiring (without fittings), and piping.5%
Est. 3-6 monthsCar park, roads, and drains serving the housing project.5%
Est. 3-6 monthsThe 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!

25%
Est. 1-12 monthsFinal 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?

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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!

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