Timeline for Purchasing a New Launch or Uncompleted Project in Singapore
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.
| 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 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.
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