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Timeline for Purchasing a New Launch or Uncompleted Project in Singapore
For many buyers, navigating the process of purchasing a new launch condo can feel complex or overwhelming. The table below provides a clear summary of the steps and timeline involved in buying an uncompleted project (Building Under Construction) directly from the developer.
Residential Purchase Timeline
S/No. | Timeline | Description | Payment |
1 | Day 1 | Acknowledgement of the option to purchase (OTP) upton receipt of booking fee | 5% booking fee (of purchase price) |
2 | Within 14 calendar days from OTP date or S/No.1 | Sales & purchase agreement (S&P) will be sent to the purchaser's appointed solicitors | N.A. |
3 | Within 21 days from S&P date or S/No.2 | Purchaser to exercise S&P | N.A. |
4 | Within 14 days from exercising S&P | Purchaser to pay Buyer's stamp duty (BSD) and/or additional buyer's stamp duty (ABSD) | Refer to stamp Duty page |
5 | Within 21 days after exercising S&P (i.e 7 days after paying stamp duties) | Purchase to pay remaining 15% dowpayment + any other progressive payments. Loan my be disbursed at this pointed | 15% + further progressive payments (if applicable) |
Timeline stated may be earlier than stated. Standard completion timeline of 8 weeks occurs from the option to purchase (OTP) date. Any requests in delays must be written in to developer, and such requests are subjected to approval
For further progressive payments (as pointed out in S/No.5), kindly refer to new launch pregressive payment scheme.