Timeline | Description | Payment |
Day 1 | Signing of Option to Purchase (OTP) upon receiving Booking Fee | 5% Booking Fee |
Day 1 + Within 2 Weeks** | Sales & Purchase Agreement (S&P) will be sent to Purchaser's appointed law firm or directly to Purchaser if no law firm has been appointed | N.A. |
Within 3 Weeks from receiving S&P** | Purchaser to sign the S&P at the appointed law firm and prepare payment of Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD), if applicable. Law firm will receive a signed copy from the Developer within 2 weeks. | N.A. |
Within 2 weeks from Signing S&P** | Purchaser to pay BSD and ABSD (if applicable). | Applicable BSD and ABSD Rates* |
On the 8th Week from Day 1 | Purchaser to pay remaining 15% downpayment + Progressive Payment (depending on stage of construction) | 15% + Progressive Payment (where applicable) |
**This timeline can be earlier than stated.
The timeline from OTP to 15% payment is a MAXIMUM of 8 weeks. If there are any delays, it is mandatory to inform the developer in writing and is subject to approval.
In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 1/4 of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 3/4 of the booking fee will be refunded to the Purchaser. Thereafter, the developer is entitled to sell the unit to any interested party.
*BSD Rates:
If Purchase Price is $1M or below, BSD = (3% of Purchase Price) - $5,400
If Purchase Price is above $1M, BSD = (4% of Purchase Price) - $15,400
The further progressive payment stages are outlined below:
Stage | Timeline | Normal Progressive Scheme (NPS) % of Purchase Price |
Upon the grant of Option to Purchase | Option Date | 5% |
Upon signing the Sales & Purchase Agreement (S&P) | 8 weeks from Option Date | 15% |
Completion of Foundation work | 6-9 months | 10% |
Completion of Reinforced Concrete Framework | 6-9 months | 10% |
Completion of Brick walls | 3-6 months | 5% |
Completion of Roofing/Ceiling | 3-6 months | 5% |
Completion of Electrical Wiring Internal Plastering, Plumbing & Installation of Door & Window Frames | 3-6 months | 5% |
Completion of Car Park, Roads and Drains Servicing the Housing Project | 3-6 months | 5% |
Notice of Vacant Possession | TOP | 25% |
Legal Completion Date | CSC | 15% |