Excited about purchasing a new launch private property in Singapore?
This Progressive Payment Schedule will guide you through the process and make your dream of homeownership a reality. What exactly is a Progressive Payment Schedule? Well, it's a structured payment plan that developers implement for buyers of newly launched properties, and here is how it works:
- Booking Fee
At the beginning of your journey, you'll pay a booking fee, typically around 5% of the property's purchase price. This shows your commitment to the purchase and secures your unit.
- Exercise of Option
Once the developer has granted you the option to purchase, you'll sign the Sales and Purchase Agreement. At this stage, you'll need to make an initial payment, which is typically around 15% of the purchase price minus the booking fee.
- Progress Payments
As construction progresses, you'll make periodic payments, known as progress payments. These payments are typically tied to specific construction milestones or stages, such as the completion of the foundation, structural works, or the issuance of the Temporary Occupation Permit (TOP).
- Final Payment
The last payment is due upon the completion of the property and the issuance of the Certificate of Statutory Completion (CSC) or TOP. This final payment, also known as the completion payment, includes the remaining balance of the purchase price and any other fees or charges.
Based on TOP in 3 years
Based on TOP in 4 years
The Progressive Payment Schedule is designed to provide transparency and flexibility throughout the purchasing process. It allows you to manage your finances effectively, as you pay for your property based on its construction progress.
Each development may have its own specific payment schedule, so it is essential to consult with the developer or engage a trusted real estate professional to understand the exact payment milestones for your desired property. If you are embarking on your journey to homeownership today, consult our team at Property Giant Singapore and we are able to guide you through securing your new launch private property in Singapore.