What is project payment scheme and timeline for purchase Singapore new home? For buying new project from developer, buyers are required to follow the standard progressive payment scheme ruled by Urban Redevelopment Authority. That is to say, buyers make the payment according to the progress of launch and construction stage. A general guide starts from a minimum 5% down payment purchase price on booking day. The 5% down payment payment is paid by cash to grant you the option to purchase, then the rest 15% down payment can be paid by cash and/or CPF money within a period of 8 weeks. Stamp Duty and/or Additional Buyers’ Stamp Duty is requested to be paid by 14 days of exercise The reminder 80% payment will be paid progressively based on the construction advancement. You can refer to the following table and video to get some better ideas.
Project Sales Timeline
There are standard project payment timeline from booking day to the completion of exercise Sales &Purchase Agreement.
Progressive Payment Scheme
The advantage of project purchase is the progressive payment scheme by which buyers are just requested to mkethe payment following the progress of construction.
Watch the following video to get a better understanding about payment schedule for buying new project from developer.