Buying a new launch condo in Singapore

 timthumb.phpBuying a Singapore new launch condo project

Booking of unit
To book a unit, buyer will require to prepare a down payment of 20% of the purchase price and stamp duty and ABSD if applicable

Buyer to pay booking fee and developer issue Option to Purchase (OTP)
1) 5%-10% Booking fee for booking of unit (Cash Only)

Within 14 days from OTP
Developer must prepare the Sale & Purchase (S&P) agreement to lawyer

Within 21 days from S&P
Buyer must exercise OTP and sign the S&P

Within 14 days of exercise OTP
2) Stamp Duty of about 3% (Cash/CPF) and ABSD if applicable
3) 15% Downpayment within 8 weeks from OTP (Cash/CPF)

Progressive payment schedule

- 10% payment for completion of foundation (around 6-9mths)
– 10% payment for completion of concrete framework (around 6-9mths)
– 5% payment for completion of brick walls (3-6mths)
– 5% payment for completion of electrical, plastering, plumbing, doors & windows (3-6mths)
– 5% payment for completion of car parks, roads, and drain (3-6mths)
– 25% payment upon TOP
– 15% payment upon certilficate of statutory completion (CSC)

Ps: I am a real estate agent with Dennis Wee Group. I am available for a no-obligation discussion for your housing needs. Please text / call me @ +65 9099 2260. You can also visit my website @ www.findproperty4u.com to view new condo / commercial projects available.

 Buying New Launch Condo

 

 



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