To a lot of buyers, the process of buying a new launch condo can be rather confusing or complicated. Refer to the table below for a summary of the procedure and timeline for purchasing an uncompleted project (Building Under Construction) from the developer.

Timeframe Stage Payment
Day 1 Issue Option to Purchase (OTP)
(Meanwhile selection of Bank Mortgage loan & Appointment of Law Firm)
5% Booking Fee
Within 2 weeks Sales & Purchase Agreement (S&P) to be sent to Law Firm, or sent to Buyer if no Law Firm is appointed -
Within 3 weeks from delivery of S&P Buyer to exercise the OTP and sign the S&P at Law Firm -
Within 2 weeks of Signing S&P Buyer to pay all Stamp Duties Buyer Stamp Duty
Additional Buyer Stamp Duty
Within 8 weeks from Day 1 Buyer to pay remaining downpayment
(Cash / CPF / Both)
15% Downpayment
Thereafter Progressive Payments 80%
Payment Breakdown

The S&P must be exercised within 3 weeks upon delivery of the documents. If the option expires, 25% of the booking fee (which amounts to 1.25% of the purchase price) will be kept by the developer.

The duration of each stage can be earlier than stated, however the completion date for the entire procedure must be within 8 weeks from the Date of Option. If there is any delay, a request in writing must be submitted to the developer and is subjected to approval.