Private Residential Property New Launch (Building Under Construction) Transaction timeline
Here I would like to share with all on the different stages of payment for a New launch Building Under Construction transaction. Also take a look at Resale Private Residential Timeline
Payment for New Launch/Building Under Construction Private Developments
| Timeframe | Stage | Payment |
|---|---|---|
| Pre-Launched | Do Bank IPA (In Principal Approval) to know how much you can loan (Max 75%) Submit your interest with Full Document** (Includes Purchaser Particular, Anti-Money laundering Declaration and Letter of Authorization ) together with NRIC or Passport and a Cheque (Without amount) *Choose a Lawyer if necessary (Can be done after Secure of Units) **Document required may be different depending to Project | |
| Preview Launched | Balloting or Placement* - Selection of Unit Cheque to be filled up as the right amount Signed PDI (Property Details Information) Received OTP (Option to Purchase) From Developer to keep (Sent first page for bank loan application) | 5% |
| 2 Weeks from OTP | Developer to issue S&P (Sales and Purchase Agreement) to lawyer (Or Owners if no lawyer appointed) -Can update developer on appointed lawyer prior to developer issue the S&P -Proceed with Bank Loan (Est. 1.5wks) | |
| 5 Weeks from OTP | Buyer to exercise option & Sign S&P at law Firm -Make appointment with lawyer to sign S&P -Prepare stamp duty / ABSD Payable at Law firm * (Can be reimburse back via CPF) | Legal Fee Est. 3000 |
| 7 Weeks from OTP | Developer to returned sign S&P -Buyer to prepare 15% Cash/CPF to pay developer -Pay stamp duty / ABSD -loan to be ready to kick in | Stamp Duty ABSD |
| 8 Weeks from OTP | Pay balance down payment + any progressive stage payment (Usually bank take care) | 15% (Cash/CPF) |
| Est 6 – 12 months from Preview Launched | Completion of Foundation Work | 10% (Usually 5% Cash/CPF and balance 5% Bank loan if secure 75% Loan) |
| Est 6 – 12 months from Previous Stage | Completion of Reinforces Concrete Framework | 10% (Bank Loan if 75% Loan Secured) |
| Est 3-6 months from Previous Stage | Completion of Brick Walls | 5% (Bank Loan if 75% Loan Secured) |
| Est 3-6 months from Previous Stage | Completion of Roofing / Ceiling | 5% (Bank Loan if 75% Loan Secured) |
| Est 3-6 months from Previous Stage | Completion of Doors / Window Frame / Electrical Wiring / Plumbing | 5% (Bank Loan if 75% Loan Secured) |
| Est 3-6 months from Previous Stage | Completion of Car Parks / Roads / Drains Serving the Project | 5% (Bank Loan if 75% Loan Secured) |
| Est 3-6 months from Previous Stage | Vacant Possession / TOP | 25% (Bank Loan if 75% Loan Secured) |
| Est 6-12 months from Previous Stage | Legal Completion date (Certification of Statutory Completion - CSC) | 15% (Bank Loan if 75% Loan Secured) |
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