Payment Schedule Of Private Condo
How much downpayment must I pay when buying a new launch private condo? You should prepare for the initial cash booking of 5% first to ensure that the unit is blocked off for you. You will get to sign the Option To Purchase (OTP) on the same day.
Thereafter, the Sales & Purchase Agreement will be sent to you within 2 weeks and of which you need to sign this contract within 3 weeks of receipt of this document. By signing on this important contract, it means that you have exercised your OTP. If you do not wish to exercise your OTP, a forfeiture of 25% of your Booking Fee will go into action. Of course, you will be refunded with the balance of the Booking Fee.
The Buyer Stamp Duty (and Additional Buyer Stamp Duty) is required to be paid within 2 weeks of exercising your OTP to the Inland Revenue Authority of Singapore (IRAS).
The next payment is the 15% Downpayment and this needs to be made within 8 weeks from your initial 5% Booking Fee which you made at the start of your new condo purchase process.
Subsequent payments depend on the building progress of your new launch condo. Detailed discussion can be arranged with New Condo Launch | Condo Singapore with regards to the Payment Schedule and anything else regarding your Singapore condominium purchase.
|% to be paid||Process||Mode of payment|
|5||Booking Fee (upon booking and signing of Option To Purchase (OTP))||Cash|
|3*||Buyer Stamp Duty*||Cash &/or CPF|
|15||Downpayment on signing of Sales & Purchase Agreement (to be paid within 8 weeks of Booking Fee)||Cash &/or CPF|
|10||Foundation completes||Cash &/or CPF|
|10||Reinforced Concrete Framework completes||Cash &/or CPF|
|5||Brick wall completes||Cash &/or CPF|
|5||Ceiling / Roofing completes||Cash &/or CPF|
|5||Window Frames and doors in position; together with Electrical Wiring (w/o fittings), Plumbing and Internal Plastering completes||Cash &/or CPF|
|5||Car Park, Roads and Drains of development completes||Cash &/or CPF|
|25||Temporary Occupation Permit (TOP) and Architect’s Certificate of Completion obtained||Cash &/or CPF|
|15||2% – Sale & Purchase completes
8% – Certificate of Statutory Completion produced
5% – 12 months after the notice date to take vacant possession
|Cash &/or CPF|
(* Note: Additional Buyer Stamp Duty (ABSD) applies when a Singapore Citizen buys his 2nd property and more while still holding on to his first property. On the other hand, the ABSD applies for a Singapore Permanent Resident and Foreigner starting from his 1st property purchase. See table below to determine the percentage payable. The ABSD is in addition to the basic Buyer Stamp Duty (BSD) payable of 3% of the property purchase price minus $5400. )
Buyer Stamp Duty and Additional Buyer Stamp Duty Table
|1st property||2nd property||3rd property||4th property and more|
|Singapore Citizen||BSD||BSD + ABSD 7%||BSD + ABSD 10%||BSD + ABSD 10%|
|Singapore Permanent Resident||BSD + ABSD 5%||BSD + ABSD 10%||BSD + ABSD 10%||BSD + ABSD 10%|
|Foreigner||BSD + ABSD 15%||BSD + ABSD 15%||BSD + ABSD 15%||BSD + ABSD 15%|
If you are looking for in-depth advice, do contact New Condo Launch | Condo Singapore for further discussion so that we can assist you in your new property search and to help work out your ideal purchase price. Everyone of you is important to us. We are just a call away at 61002500.