Private Residential Property New Launch (Building Under Construction) Transaction timeline - PropertyFactSheet
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Private Residential Property New Launch (Building Under Construction) Transaction timeline

Posted by alvintay on June 4, 2021
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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

TimeframeStagePayment
Pre-LaunchedDo 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 LaunchedBalloting 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 OTPDeveloper 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 OTPBuyer 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 OTPDeveloper 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 OTPPay balance down payment + any progressive stage payment (Usually bank take care)15% (Cash/CPF)
Est 6 – 12 months from Preview LaunchedCompletion of Foundation Work10% (Usually 5% Cash/CPF and balance 5% Bank loan if secure 75% Loan)
Est 6 – 12 months from Previous StageCompletion of Reinforces Concrete Framework10% (Bank Loan if 75% Loan Secured)
Est 3-6 months from Previous StageCompletion of Brick Walls5% (Bank Loan if 75% Loan Secured)
Est 3-6 months from Previous StageCompletion of Roofing / Ceiling5% (Bank Loan if 75% Loan Secured)
Est 3-6 months from Previous StageCompletion of Doors / Window Frame / Electrical Wiring / Plumbing 5% (Bank Loan if 75% Loan Secured)
Est 3-6 months from Previous StageCompletion of Car Parks / Roads / Drains Serving the Project5% (Bank Loan if 75% Loan Secured)
Est 3-6 months from Previous StageVacant Possession / TOP25% (Bank Loan if 75% Loan Secured)
Est 6-12 months from Previous StageLegal Completion date (Certification of Statutory Completion - CSC)15% (Bank Loan if 75% Loan Secured)

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