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Private condo payment schedule for resale or new launch

New & Resale Condo Payment Schedule: Down Payments and Everything Else

profileMing Feng

The five Cs of Singapore

You remember the all famous five Cs that makes a Singaporean financially successful.

  • Cash
  • Car
  • Credit Card
  • Condominium
  • Country club membership

Of all the five Cs mentioned above, only a few withstood the test of time.

With cashless payments and mobile wallets becoming a thing, physical cash is now starting to be seen as an inconvenience.

A country club membership is no longer a thing in our generation and almost anyone on the street has a credit card now.

Source: Dezeen

Choose your poison.

Decide between a luxurious sports car…

Or a condo in the prime districts of Singapore to pamper yourself with your hard-earned salary.

If you want to be really practical about it, a private apartment probably makes the most sense.

Especially for single Singaporeans, below the age of 35 years old, who can’t wait to get their own home.

But when it comes to buying a condo, the downpayment is usually the first cost that hits a buyer.

Source: Giphy

“That feels when condo cost hits you in the face.”

To better prepare you for the initial sticker shock as well as the potential cost of a condo.

We’ll be looking at the repayment schedule for a private condo — both new launch and resale — to help private home buyers make a smarter financial decision.

To break things down better, we’re going to assume that you’re getting a $1 million private condo.

Source: giphy

TL;DR: How Much Do You Need to Buy a Newly Launched Private Condo?

For a $1,000,000 newly launched private condo, assuming bank interest rate at 0% (which is impossible), this is how much you need and how your payment schedule will look like

Progress of work Approximate timeframe% purchase price of fees payableAmount payablePayment Method
Exercising option
(Option or booking fee)5% of purchase price$50,000Only Cash
Receives Sale and Purchase (S&P) AgreementWithin 2 weeks---
Legal feesS&P Agreement sent to your lawyersBetween $2,500 to $3,000$3,000Cash/ CPF
Signing of S&P Agreement
(Exercising the Option to Purchase (OTP))
Within 3 weeks
(From delivery of S&P Agreement)
Buyer Stamp Duty (BSD) or Additional Buyers Stamp Duty (ABSD)Within 14 days
(from signing of S&P Agreement)
1st $180,000: 1%

2nd $180,000: 2%

Remainder of purchase price: 3%
$24,600Cash/ CPF
DownpaymentWithin 8 weeks
(from exercising option)
The remaining 15% of purchase price$150,000Cash/ CPF
Bank will disburse your home loan
(Month repayments of home loan starts here)
Valuation fee$350 – $500$350Cash/ CPF
Foundation workAbout 6 to 9 months (from launch)10% of purchase price$100,000Cash/ Bank loan

(Bank loan can be paid using cash or CPF)
Reinforced concrete framework6 to 9 months after foundation work10% of purchase price$100,000
Brick walls of unit3 to 6 months later5% of purchase price$50,000
Ceiling of unit3 to 6 months later5% of purchase price$50,000
Door and window frames in position, wiring, internal plastering & plumbing of unit3 to 6 months later5% of purchase price$50,000
Car park, roads and drains servicing the project3 to 6 months later5% of purchase price$50,000
Notice of Vacant Possession and a copy of Temporary Occupation Permit (TOP)Within 14 days after receipt of TOP date25% of purchase price$250,000
Legal Completion DateDate of legal completion or certificate of statutory completion15% of purchase price$150,000
Total: $1,027,950

Here are some pointers to take note of:

  • If you choose not to sign the S&P Agreement, 75% of your booking fee will be refunded.

When it comes to the last payment, there are two scenarios:

  • Scenario 1:
    Where legal completion of Sale & Purchase occurs before the issuing of Certificate of Statutory Completion (CSC)
    In this case,
    2% will need to be paid to the developer on legal completion
    13% to Singapore Academy of Law (SAL) as a stakeholder.
    (8% to be released within 7 days of notice of CSC, 5% to be released on expiry of 12 months after date Purchaser receives Notice of Vacant Possession)
  • Scenario 2:
    Where CSC is issued before legal completion of Sale & Purchase
    In this case,
    13% is to be paid as follows within 14 days after Purchaser receives notice of CSC.
    (8% to be paid to the developer, 5% to be paid to SAL as a stakeholder, to be released on expiry of 12 months after date Purchaser receives Notice of Vacant Possession)
    The last 2% to be paid to the developer upon legal completion

How Much Do You Need to Buy a Resale Private Condo?

If you wish to get a resale instead, assuming a $1,000,000 private resale condo, and again 0% bank interest rate, this is how your payment schedule will look like.

Fee payableApproximate timeframe% purchase price of fees payableAmount payablePayment Method
Grant of option
(Booking fee)
-1% of purchase price$10,000Only Cash
Exercising option
(Option fee)With 14 days after granting of option4% of purchase price$40,000Only Cash
Legal feesS&P Agreement sent to your lawyersBetween $2,500 to $3,000$3,000Cash/ CPF
Buyer Stamp Duty (BSD) or Additional Buyers Stamp Duty (ABSD)Within 14 days
(from signing of S&P Agreement)
1st $180,000: 1%

2nd $180,000: 2%

Remainder of purchase price: 3%
$24,600Cash/ CPF
Valuation fee$350 – $500$350Cash/ CPF
Completion of sale and purchase

(Done at lawyer's office)
8 to 12 weeks after exercise of option95% of purchase price$950,000Cash/ Bank loan

(Bank loan can be paid using cash or CPF)
Total: $1,027,950

Getting Your Own Home

Getting your own home is a big-ticket purchase.

So it’s important to understand the payment schedule in order to better allocate your funds and plan your finances accordingly.

If you’ve got your finances sorted out and are sure about committing to a condo.

Maybe this guide on how to choose the best condo unit will help.

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About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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