Progressive Payment Schedule when Buying a New Launch Private Property in Singapore

Updated on: Jul 06, 2023

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:

  1. 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.
  2. 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.
  3. 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).
  4. 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

Stage
阶段
Description
流程
Estimated Timeline
大约时间
Payment%
数额
1 Booking & Obtaining Option to Purchase
获取选购权书的订金
Upon booking
选定单位当天
5
  Down payment
首付其余款项
Around 5 weeks from date of option
大约5周内
15
2 Completion of Foundation
完成楼盘地基
Around 9 months after launch
大约开盘9个月后
10
3 Completion of Reinforced Concrete
完成加固混泥土架构
Around 15 months after launch
大约开盘15个月后
10
4 Completion of Brick Wall
完成砖墙
Around 20 months after launch
大约开盘20个月后
5
5 Completion of Ceiling/Roofing
完成天花板/屋顶
Around 24 months after launch
大约开盘24个月后
5
6 Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering
完成门,窗框,布线,配管几内部抹灰
Around 30 months after launch
大约开盘30个月后
5
7 Completion of Car Park, Roads and Drains
完成停车场,道路,水渠与公共区域
Around 32 months after launch
大约开盘32个月后
5
8 Obtaining Temporary Occupation Permit (TOP)
获发临时入伙许可证 (交房)
Around 36 months after launch
大约开盘36个月后
25
9 Upon Production of the Certificate of Statutory Completion (CSC)
获发法定完工证书,完全转交房产证
Around 36-48 months after launch
大约开盘36-48个月后
15

Based on TOP in 4 years

Stage
阶段
Description
流程
Estimated Timeline
大约时间
Payment%
数额
1 Booking & Obtaining Option to Purchase
获取选购权书的订金
Upon booking
选定单位当天
5
  Down payment
首付其余款项
Around 5 weeks from date of option
大约5周内
15
2 Completion of Foundation
完成楼盘地基
Around 9 months after launch
大约开盘9个月后
10
3 Completion of Reinforced Concrete
完成加固混泥土架构
Around 18 months after launch
大约开盘18个月后
10
4 Completion of Brick Wall
完成砖墙
Around 24 months after launch
大约开盘24个月后
5
5 Completion of Ceiling/Roofing
完成天花板/屋顶
Around 30 months after launch
大约开盘30个月后
5
6 Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering
完成门,窗框,布线,配管几内部抹灰
Around 36 months after launch
大约开盘36个月后
5
7 Completion of Car Park, Roads and Drains
完成停车场,道路,水渠与公共区域
Around 42 months after launch
大约开盘42个月后
5
8 Obtaining Temporary Occupation Permit (TOP)
获发临时入伙许可证 (交房)
Around 48 months after launch
大约开盘48个月后
25
9 Upon Production of the Certificate of Statutory Completion (CSC)
获发法定完工证书,完全转交房产证
Around 48-60 months after launch 大约开盘48-60个月后 15

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.

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