Progressive Payment Schedule for Buying New Launch Private Property

When you opt for Progressive Payment Scheme, you make instalment payments in tandem with the construction progress.

The Progressive Payment Schedule for buying new launch private property deals – with New Launch Condos or Landed Properties that are in the process of being built.

  • It refers to the payment by instalments, typically 5 – 10 per cent. When the construction works reach a specific milestone, the developer will call for the payment from the new launch condo buyers.
  • During the initial stages, payments are far apart. Payments become more constant from 4th stage onwards.
    • For example, you would pay the developer one instalment upon the completion of the foundation, one more payment when the walls are up, one more when the roofs are ready, etc.

Progressive Payment Schedule for Buying New Launch Private Property (LTV 75%)

Stage % Description When to Get Ready Payment Mode
1st 5% Booking & Obtaining Option To Purchase Day 1 Cash
  Buyer to engage a solicitor (~ $3000)
Buyer to select the Mortgage Loan (Stamp fee ~$500)
ASAP Cash or CPF OA
  Buyer’s Stamp Duty Within two weeks upon signing S&P Cash or CPF OA
  Additional Buyer’s Stamp Duty Within two weeks upon signing S&P Cash or CPF OA
15% Downpayment Within eight weeks from Date of Option Cash or CPF OA
 
2nd 5% Completion of Foundation Work
完成地基
  Cash or CPF OA
5% Bank Loan
3rd 10% Completion of Reinforced Concrete
完成三合土框
  Bank Loan
4th 5% Completion of Brick Wall
完成砖墙
  Bank Loan
5th 5% Completion of Ceiling / Roofing
完成天花板/屋顶
  Bank Loan
6th 5% Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering
完成门/窗框,电线,水管及内部抹灰
  Bank Loan
7th 5% Completion of Car Park, Roads and Drains
完成停车场道路与水渠
  Bank Loan
8th 25% Obtaining Temporary Occupation Permit (TOP)
取得临时居住许可证
  Bank Loan
9th 15% Upon Production of the Certificate of Statutory Completion (CSC)
取得法定完工证书
  Bank Loan
New Launches Payment Scheme 1