{"id":15554,"date":"2022-06-20T02:00:57","date_gmt":"2022-06-19T18:00:57","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=15554"},"modified":"2024-10-28T16:38:10","modified_gmt":"2024-10-28T08:38:10","slug":"guide-buying-new-launch-condos","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/guide-buying-new-launch-condos\/","title":{"rendered":"8 step guide to buying a new launch condo in Singapore"},"content":{"rendered":"
<\/div>\n

Condominiums,\u00a0<\/span>like most shiny, pretty things, come with a hefty price tag. That\u2019s why buying a new launch condo<\/a> might be the most cost-effective option to owning your own unit. They come with many discounts from the developers, like vouchers, early bird discounts, and even stamp duty reimbursements.<\/p>\n\n\n\n

The downside, of course, is that you\u2019ve got at least a 3-year wait ahead of you for the unit to be built. But if you have the time to spare, we say: go for it!<\/p>\n\n\n\n

So how do you go about getting yourself one of these gems?<\/p>\n\n\n

\n
\"\"<\/a>
These are the 8 steps to buying a new launch condominium. Note that it may not be the complete steps but it should give you a general idea from the moment you get your finances sorted to the day you collect your house keys. Woohoo!<\/figcaption><\/figure><\/div>\n\n\n

 <\/h2>\n\n\n\n

Step 1: Get your finances sorted<\/b><\/h2>\n\n\n\n

Agreed, it\u2019s a pain, but evaluating your finances and finding out how much you can afford to pay for your home is by far one of the most important steps when it comes to buying a property.<\/p>\n\n\n\n

It\u2019ll save you a lot of money (not to mention heartache<\/em>) if you sort this out right from the start, rather than enter a financial transaction you can\u2019t afford and have to abandon afterwards.<\/p>\n\n\n\n

Check out our article on financing a condominium purchase<\/a> if you want an idea of all the costs involved in buying a unit.<\/p>\n\n\n\n

Get an In-Principle Approval (IPA) for a bank loan<\/b><\/h3>\n\n\n\n

Even though you<\/em> might think you\u2019re worthy of a huge loan, it\u2019s the banks that ultimately control the purse strings. That\u2019s why we recommend getting an In-Principle Approval (IPA<\/a>) from a bank, so you have a good idea of how much you\u2019ll get when you apply for a loan later.<\/p>\n\n\n\n

An IPA sets out how much a bank will loan to you, and what your monthly mortgage obligations would be for that loan. Make sure you\u2019re comfortable with the monthly payments expected of you when you\u2019re setting your budget.<\/p>\n\n\n\n

Pro-tip:<\/strong> Not all banks offer the same deal, so shop around to get a package that works for you.<\/p>\n\n\n\n

Read these:<\/em>
Total Debt Servicing Ratio (TDSR): 7 Key Points to Know<\/a>
Loan-to-Value (LTV) limit: a Quick Guide for Property Buyers<\/a><\/p>\n\n\n\n

Check your CPF Funds<\/b><\/h3>\n\n\n\n

Apart from your bank loan, you can also use your CPF funds to help buy your new launch condo.<\/p>\n\n\n\n

Check out how much you have by logging into your CPF Account via their website<\/a>.<\/p>\n\n\n\n

If it\u2019s your first property, you should be able to use all the savings in your Ordinary Account up to the Valuation Limit (which is the lower of the purchase price or the value of the property at the time of purchase).<\/p>\n\n\n\n

But if it\u2019s your second or subsequent property, you\u2019ll need to set aside the Basic Retirement Sum (presently, that\u2019s S$96,000) before you can use the excess savings in your Ordinary Account.<\/p>\n\n\n\n

Read these:<\/em>
CPF housing withdrawal limits: What you need to know<\/a>
What happens if your housing loan deductions reach your CPF Basic Retirement Sum (BRS)?<\/a><\/p>\n\n\n\n

Consider miscellaneous fees and costs<\/b><\/h3>\n\n\n\n

You\u2019re legally required to pay at least 20% of the property price (the down payment) in a mixture of cash or CPF \u2013 this comprises the 5% Option Fee and a 15% Exercise Fee. You should also factor in incidental costs like legal fees and Buyer\u2019s Stamp Duty<\/a> (BSD), all of which can come up to a sizeable sum.\u00a0<\/p>\n\n\n\n

Do note that BSD is rounded down to the nearest dollar.<\/p>\n\n\n\n

BSD on or after 15 February 2023<\/strong>:<\/p>\n\n\n\n

Purchase Price or Market Value of the Property<\/strong><\/td>BSD Rates for residential properties<\/strong><\/td>BSD Rates for non-residential properties<\/strong><\/td><\/tr>
 First S$180,000<\/td>1%<\/td>1%<\/td><\/tr>
 Next S$180,000<\/td>2%<\/td>2%<\/td><\/tr>
 Next S$640,000<\/td>3%<\/td>3%<\/td><\/tr>
Next S$500,000<\/td>4%<\/td>3%<\/td><\/tr>
Next S$1,500,000<\/td>5%<\/td>5%<\/td><\/tr>
Remaining amount<\/td>6%<\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

While you can use your CPF savings to help pay these costs, if you don\u2019t have enough savings to cover the total amount, you\u2019ll need to pay the balance out of pocket. <\/p>\n\n\n\n

Use 99.co\u2019s Stamp Duty Calculator<\/a> to find out how much stamp duty you\u2019re subjected to.<\/p>\n\n\n\n

Additional Buyer\u2019s Stamp Duty<\/b><\/h3>\n\n\n\n

The Additional Buyer\u2019s Stamp Duty (ABSD)<\/a> was introduced in 2011 as part of the property market cooling measures. Under the ABSD regime, certain groups of home buyers will be required to pay the ABSD besides the BSD already payable. Under the latest round of cooling measures<\/a>, the government raised the ABSD in December 2021.<\/p>\n\n\n\n

The ABSD rates payable are:<\/p>\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
<\/th>\n ABSD rate from 16 Dec 2021 to 26 Apr 2023<\/th>\n ABSD rate from 27 Apr 2023<\/th>\n Increased by<\/th>\n <\/tr>\n <\/thead>\n
Singapore citizens<\/th>\n First residential property<\/td>\n 0%<\/td>\n 0%<\/td>\n \u2013<\/td>\n <\/tr>\n
<\/th>\n Second residential property<\/td>\n 17%<\/td>\n 20%<\/td>\n 3%<\/td>\n <\/tr>\n
<\/th>\n Third and subsequent residential property<\/td>\n 25%<\/td>\n 30%<\/td>\n 5%<\/td>\n <\/tr>\n
Permanent Residents (PR)<\/th>\n First residential property<\/td>\n 5%<\/td>\n 5%<\/td>\n \u2013<\/td>\n <\/tr>\n
<\/th>\n Second residential property<\/td>\n 25%<\/td>\n 30%<\/td>\n 5%<\/td>\n <\/tr>\n
<\/th>\n Third and subsequent residential property<\/td>\n 30%<\/td>\n 35%<\/td>\n 5%<\/td>\n <\/tr>\n
Foreigners^<\/th>\n Any residential property<\/td>\n 30%<\/td>\n 60%<\/td>\n 30%<\/td>\n <\/tr>\n
Entities<\/th>\n Any residential property<\/td>\n 35%<\/td>\n 65%<\/td>\n 30%<\/td>\n <\/tr>\n
Trustees<\/th>\n Any residential property<\/td>\n 35%*<\/td>\n 65%<\/td>\n 30%<\/td>\n <\/tr>\n
Housing developers<\/th>\n Any residential property<\/td>\n 35% (remittable) + 5% (non-remittable)<\/td>\n 35% (remittable) + 5% (non-remittable)<\/td>\n \u2013<\/td>\n <\/tr>\n <\/tbody>\n<\/table>\n\n\n\n

If a property is bought by a mix of buyers (e.g. a Singapore Citizen and Singapore Permanent Resident), the higher ABSD rate will apply.<\/p>\n\n\n\n

Read these:<\/em>
Stamp duty on property in Singapore: What you need to know<\/a>
How property buyers should react to the ABSD increase<\/a><\/p>\n\n\n\n

Step 2: Shop around<\/b><\/h2>\n\n\n\n

After you’re armed with your budget, you can start looking around for new launch condo developments<\/a> that you might be keen on purchasing.<\/p>\n\n\n\n

You should engage a property agent. Although not mandatory, a property agent is immensely helpful in guiding you through the purchase process, and to also take the burden of researching available developments off your shoulders.<\/p>\n\n\n\n

If you\u2019d rather save the money and do the research yourself, you can find information on new launches on property websites \u2013 99.co<\/a> lets you filter your search results by the TOP date so you can search for new launch developments<\/a> that have a TOP in 2022 or later.<\/p>\n\n\n\n

Check out some popular new launch condos: J’den<\/a> (TOP: 2027), Grand Dunman<\/a> (TOP: 2028), The LakeGarden Residences<\/a> (TOP: 2027), <\/a>Altura<\/a> (TOP: 2027), TMW Maxwell<\/a> (TOP: 2028), Hillock Green<\/a> (TOP: 2027), Pinetree Hill<\/a> (TOP: 2027).<\/p>\n\n\n\n

Step 3: Visit show flats<\/b><\/h2>\n\n\n\n

About 1-to-2 weeks before the official date of a new launch condo<\/a>, prospective buyers are given the opportunity to visit the developer\u2019s show flats.<\/p>\n\n\n\n

The units aren\u2019t yet up for sale and the actual prices of the flat aren\u2019t revealed. Instead, developers may choose to provide \u2018indicative\u2019 prices of the units (which are usually not too wide off the mark).<\/p>\n\n\n\n

If you\u2019re keen, you can complete an Expression of Interest (EOI) form to buy your new launch condo. The EOI form should be handed to the developer, along with a blank cheque addressed to the developer\u2019s project account. The blank cheque is the 5% booking fee on the property (if you wish to proceed with the purchase) so when the prices are revealed, the amount will be inputted accordingly.<\/p>\n\n\n\n

Of course, handing a blank cheque to anyone is pretty risky, so be sure to double-check the name of the developer\u2019s account, and never address it to an individual.<\/p>\n\n\n\n

The good thing about registering your interest is that you\u2019ll be able to take part in the ballot system on the day of the launch. You, along with the other people who have registered their interest beforehand, will be invited to book a unit in the development in the order of when your ballot number is called.<\/p>\n\n\n\n

Note that submitting the EOI form and cheque won\u2019t obligate you to go through with the purchase; they\u2019ll be returned to you, without penalty, if you decide not to proceed.<\/p>\n\n\n\n

Step 4: Book your flat<\/b><\/h2>\n\n\n\n

On the official launch day, you\u2019ll need to go down to the show flat early and submit your ballot number. Then, just wait for your ballot number to be called and book away!<\/p>\n\n\n\n

It\u2019s a good idea to have a few new launch condo<\/a> units shortlisted, so you have fallback options in the event the unit of your choice has already been taken.<\/p>\n\n\n\n

Once you\u2019ve booked a unit, the developer will provide you with a set of Property Details Information (or \u2018PDI)\u2019 documents \u2013 this is a set of all the floor plans, rules, and regulations, offered items and other documents relating to your unit. You\u2019ll be asked to read and agree to the terms and details in the PDI documents by initialling on all the pages.<\/p>\n\n\n\n

The Option to Purchase will be given to you and you\u2019ll be deemed to have officially booked a unit. This means you\u2019ll lose a portion of your option fee (usually 25%) if you abort the purchase.<\/p>\n\n\n\n

Step 5: Hire solicitors and complete loan<\/b><\/h2>\n\n\n\n

With a copy of the Option in hand, approach your bank to complete your loan for the new launch condo. This means having them issue you a Letter of Offer \u2014 a fancy name for the document containing the terms on which the bank is offering you a loan.<\/p>\n\n\n\n

You want to get this sorted as soon as possible so your loan isn\u2019t delayed.<\/p>\n\n\n\n

You\u2019ll also need to hire a solicitor to act for you in the purchase and take care of the conveyancing matters. If you\u2019re taking a bank loan, the bank will usually be able to recommend a firm from its panel. You\u2019re not obliged to use them, so shop around to get the best rates!<\/p>\n\n\n\n

Read this:<\/em> Property Conveyancing in Singapore: What you need to know<\/a><\/p>\n\n\n\n

Step 6: Sign the Sales & Purchase Agreement<\/b><\/h2>\n\n\n\n

Within 2 weeks of providing you with the Option to buy the condo, the developer will deliver the Sales & Purchase Agreement (S&P), following which you\u2019ll have 3 weeks to sign it and exercise the Option.<\/p>\n\n\n

\n
\"\"\/<\/figure><\/div>\n\n\n

If you do, you\u2019ll have to pay the 15% exercise fee (i.e. the rest of the down payment). This\u2019ll be due at the point of signing the S&P, or within 9 weeks from the Option, whichever is later.<\/p>\n\n\n\n

You\u2019ll also need to pay the BSD (and ABSD if applicable<\/em>) on the S&P within 2 weeks of signing it.<\/p>\n\n\n\n

Step 7: Start paying<\/b><\/h2>\n\n\n\n

You\u2019ll have about 6 months to recover from the shock of handing over all that money at Step 6 before you need to get that cheque book out again.<\/p>\n\n\n\n

And be prepared to keep doing that every few months.<\/p>\n\n\n\n

For uncompleted developments, payments are made every few months, each time the developer hits certain pre-set milestones in construction.<\/p>\n\n\n\n

This works out to a payment of about 5 – 10% of the purchase price every 6 months, until around the time the Temporary Occupation Permit is issued, at which point you pay the last 40% on your unit.<\/p>\n\n\n\n

You can find out more about the new launch condo payment schedules here<\/a>.<\/p>\n\n\n\n

Step 8: Collect your keys<\/b><\/h2>\n\n\n\n

Aaaaaaaand you\u2019re done! See, buying a new launch condo wasn\u2019t that hard after all, was it?<\/p>\n\n\n\n

\n\n\n\n

Buying a new launch condo? Let us know in the comments section below.<\/strong><\/h2>\n\n\n\n

If you found this article helpful, 99.co recommends 9 quick property hacks to spot a good investment unit<\/a> and Upgrading from an HDB to a Condo – Ready to make the jump?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Condominiums,\u00a0like most shiny, pretty things, come with a hefty price tag. That\u2019s why buying a new launch condo might be the most cost-effective option to owning your own unit. They come with many discounts from the developers, like vouchers, early bird discounts, and even stamp duty reimbursements. The downside, of course, is that you\u2019ve got…<\/p>\n","protected":false},"author":17,"featured_media":59669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"50070,45473,49898,20767,31695,14012","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53738,57131],"tags":[53667,54657,53604,53981,54820,53605,54821,53740,53630],"persona":[57125,57127],"class_list":{"2":"type-post","21":"entry","22":"has-post-thumbnail"},"acf":[],"yoast_head":"\n8 step guide to buying a new launch condo in Singapore - 99.co<\/title>\n<meta name=\"description\" content=\"Keen on buying a new launch condo? 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