Timeline for Purchasing a New Launch or Uncompleted Project in Singapore
Buying a new launch condominium can initially feel overwhelming, especially for those unfamiliar with the process. With multiple stages involving legal procedures, payment milestones, and financing arrangements, it is common to feel uncertain about what to expect.
In reality, the process of purchasing an under-construction (off-plan) property is well-organized and follows a structured timeline. By understanding each step in advance, buyers can plan their budgets more effectively, arrange financing with confidence, and ensure that all requirements are met on time.
The table below offers a clear overview of the entire home-buying journey, from unit reservation to final handover. It outlines each payment stage, the expected timeline, and the actions required at every phase.
| Stage | Timeframe | Description | Payment |
|---|---|---|---|
| Stage 1 | Day 1 | Issue Option to Purchase (OTP) (Meanwhile selection of Bank Mortgage loan & Appointment of Law Firm) |
5% Booking Fee |
| Stage 2 | Within 2 weeks | Sales & Purchase Agreement (S&P) to be sent to Law Firm, or sent to Buyer if no Law Firm is appointed | - |
| Stage 3 | Within 3 weeks from delivery of S&P | Buyer to exercise the OTP and sign the S&P at Law Firm | - |
| Stage 4 | Within 2 weeks of Signing S&P | Buyer to pay all Stamp Duties | Buyer Stamp Duty (BSD) & Additional Buyer Stamp Duty (ABSD) |
| Stage 5 | Within 8 weeks from Day 1 | Buyer to pay remaining downpayment (Cash / CPF / Both) |
15% Downpayment |
| Stage 6 | Thereafter | Progressive Payments | 80% Progressive Payment Breakdown |
The Sales and Purchase Agreement (S&P) must be exercised within three weeks of receiving the relevant documents. If the option to exercise the S&P expires, the developer will retain 25% of the booking fee, equivalent to 1.25% of the purchase price.
While each stage of the process may be completed earlier than scheduled, the entire procedure must be finalized within eight weeks from the Date of Option. In the event of any delay, a written request must be submitted to the developer for approval.
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