{"id":7381,"date":"2016-10-11T05:01:41","date_gmt":"2016-10-10T21:01:41","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7381"},"modified":"2022-07-01T04:04:13","modified_gmt":"2022-06-30T20:04:13","slug":"steps-buy-new-launch-condominium","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/steps-buy-new-launch-condominium\/","title":{"rendered":"99.co guides: The steps to buy a new launch condo"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>[Read the 2018 updated version of this article here:\u00a0<a href=\"https:\/\/www.99.co\/singapore\/insider\/guide-buying-new-launch-condos\">https:\/\/www.99.co\/singapore\/insider\/guide-buying-new-launch-condos<\/a>]\t<\/p>\n<p>Condominiums. \t<\/p>\n<p>They\u2019re tall, shiny, and oh so pretty. \t<\/p>\n<p>But like most shiny, pretty things, they come with a hefty price tag as well. That\u2019s why a new launch condo (i.e. one that\u2019s still under construction) might be the most cost-effective option to owning your own unit. They come with a whole host of discounts from the developers, like vouchers, early bird discounts, and even stamp duty reimbursements!\t<\/p>\n<p>The downside, of course, is that you\u2019ve got a 3-year wait ahead of you for the unit to actually be built, but if you have the time, we say: go for it!\t<\/p>\n<p>But how do you go about getting yourself one of these gems?\t<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-7385\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/New-Launch-Infographic.png\" alt=\"8 steps to buying a new launch condo\" width=\"800\" height=\"655\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/New-Launch-Infographic.png 3333w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/New-Launch-Infographic-940x770.png 940w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t<\/p>\n<h3><b>STEP 1: GET YOUR FINANCES IN ORDER<\/b><\/h3>\n<p>Agreed, it\u2019s a pain, but evaluating your finances, and finding out how much you can actually afford to pay for your home, is one of the most important steps when buying a property.\t<\/p>\n<p>It\u2019ll save you a lot of money (not to mention heartache) if you sort this out from the start, rather than enter into a financial transaction you can\u2019t afford and have to abandon afterwards.\t<\/p>\n<p>Check out our <a href=\"https:\/\/www.99.co\/singapore\/insider\/paying-for-condo\/\" target=\"_blank\" rel=\"noopener noreferrer\">article on financing a condominium purchase<\/a> if you\u2019d like an idea of the costs involved in buying a unit.\t<\/p>\n<ul>\n<li><b>Get an Approval-in-Principle (AIP) for a bank loan<\/b><\/li>\n<\/ul>\n<p>Even though <i>you<\/i> might think you\u2019re worthy of a huge loan, it\u2019s the banks that ultimately hold the purse strings. That\u2019s why we recommend getting an AIP from a bank, so you have a good idea of how much you\u2019ll actually get when you apply for a loan later. \t<\/p>\n<p>An AIP sets out how much a bank is willing to 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.\t<\/p>\n<p>Pro-tip: not all banks offer the same deal, so shop around to get a package that works for you. \t<\/p>\n<ul>\n<li><b>Check your CPF Funds<\/b><\/li>\n<\/ul>\n<p>Apart from your bank loan, you can also use your CPF funds to help pay for your home. \t<\/p>\n<p>Check out how much you have by logging into your CPF Account via their <a href=\"https:\/\/www.cpf.gov.sg\/members\">website<\/a>. \t<\/p>\n<p>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).\u00a0But if it\u2019s your second or subsequent property, you\u2019ll need to set aside the Basic Retirement Sum (presently that\u2019s $80,500) before you can use the excess savings in your Ordinary Account.\t<\/p>\n<ul>\n<li><b>Consider miscellaneous fees and costs<\/b><\/li>\n<\/ul>\n<p>You\u2019re legally required to pay at least 20 percent of the property price (a.k.a the downpayment) in a mixture of cash of CPF &#8211; this consists of the 5 percent Option Fee and a 15 percent Exercise Fee.\u00a0You should also factor in incidental costs like legal fees and Buyer\u2019s Stamp Duty (BSD), all of which can come up to quite a sizeable sum.\t<\/p>\n<p>For example, if you\u2019re interested in a unit worth $600,000, you can expect to pay: \t<\/p>\n<p>Option Fee (5%) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0: \u00a0\u00a0$30,000\t<\/p>\n<p>Exercise Fee (15%) \u00a0\u00a0: \u00a0\u00a0$90,000\t<\/p>\n<p>Buyer\u2019s Stamp Duty \u00a0\u00a0: \u00a0\u00a0$12,600\t<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;\t<\/p>\n<p><b> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$132,600<\/b>\t<\/p>\n<p>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.\t<\/p>\n<ul>\n<li><b>Additional Buyer\u2019s Stamp Duty<\/b><\/li>\n<\/ul>\n<p>The Additional Buyer\u2019s Stamp Duty (ABSD) 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 in addition to the BSD already payable.\t<\/p>\n<p>The ABSD rates payable are as follows:\t<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><strong>BUYER<\/strong><\/p>\n<\/td>\n<td colspan=\"2\">\n<p style=\"text-align: center;\"><strong>ABSD RATE<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">SINGAPORE CITIZEN<\/td>\n<td>1ST PROPERTY<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>2ND PROPERTY<\/td>\n<td>7%<\/td>\n<\/tr>\n<tr>\n<td>3RD AND SUBSEQUENT PROPERTY<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\">SINGAPORE PERMANENT RESIDENT<\/td>\n<td>1ST PROPERTY<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>2ND AND SUBSEQUENT PROPERTY<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>FOREIGNER<\/td>\n<td colspan=\"2\">15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If a property\u2019s bought by a mix of buyers (e.g. a Singapore Citizen and Singapore Permanent Resident), the higher ABSD rate will apply. \t<\/p>\n<h3><b>STEP 2: SHOP AROUND<\/b><\/h3>\n<p>Armed with your budget, start looking around for new launch condo developments that you might be keen on purchasing in.\t<\/p>\n<p>Hire a property agent at this point. Although not mandatory, a property agent is helpful in guiding you through the purchase process, and also take the burden of researching available developments, off your shoulders.\t<\/p>\n<p>If you\u2019d rather save the money and do the research yourself, you can find information on new launches in newspaper adverts or on property websites \u2013 <a href=\"https:\/\/www.99.co\/\">99.co<\/a> lets you filter your search results by TOP date so you can search for new launch developments that TOP 2019 or later. \u00a0\t<\/p>\n<p>(Visit our new launches in district pages to find the latest new launch project in each district in Singapore! Browse the <a href=\"https:\/\/www.99.co\/singapore\/sale\/new-launches\/d10-tanglin-holland\">latest new launch condos in District 10<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/sale\/new-launches\/d15-east-coast-marine-parade\">District 15<\/a> with new condos in Tanglin, Holland, East Coast and Marine Parade.)<\/p>\n<h3><b>STEP 3: VISIT SHOW FLATS<\/b><\/h3>\n<p>About 1 to 2 weeks before the official date of a new launch condo, prospective buyers are given the opportunity to visit the developer\u2019s show flats.\t<\/p>\n<p>At this point, 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).\t<\/p>\n<p>If you\u2019re keen, you can complete an Expression of Interest (EOI) form. 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 meant to be the 5 percent booking fee on the property (if you wish to proceed with the purchase) so when the prices are revealed, the amount will be inserted accordingly.\t<\/p>\n<p>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.\t<\/p>\n<p>The good thing about registering your interest is that you\u2019ll be able to participate 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.\t<\/p>\n<p>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. \u00a0\t<\/p>\n<h3><b>STEP 4: BOOK YOUR FLAT<\/b><\/h3>\n<p>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!\t<\/p>\n<p>It\u2019s a good idea to have a few new launch condo units shortlisted so you have fallback options in the event the unit of your choice has already been taken.\t<\/p>\n<p>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.\t<\/p>\n<p>The Option to Purchase will be given to you at this point, and you\u2019ll be deemed to have officially booked a unit. This means you\u2019ll forfeit a portion of your booking fee usually 25 percent if you abort the purchase. \t<\/p>\n<h3><b>STEP 5: HIRE SOLICITORS AND FINALISE LOAN<\/b><\/h3>\n<p>With a copy of the Option in hand, approach your bank to finalise your loan for the new launch condo. This means having them issue you a Letter of Offer \u2013 a fancy name for the document containing the terms on which the bank is offering you a loan.\t<\/p>\n<p>You want to get this sorted as soon as possible so your loan isn\u2019t delayed.\t<\/p>\n<p>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 make sure to shop around to get the best rates!\t<\/p>\n<h3><b>STEP 6: SALE &amp; PURCHASE AGREEMENT<\/b><\/h3>\n<p>Within 2 weeks of providing you with the Option, the developer will deliver the Sales &amp; Purchase Agreement (S&amp;P), following which you\u2019ll have 3 weeks to sign it and exercise the Option.\t<\/p>\n<p>If you do, you\u2019ll have to pay the 15 percent exercise fee (i.e. the remainder of the downpayment). This\u2019ll be due at the point of signing the S&amp;P, or within 9 weeks from the date of the Option, whichever is later.\t<\/p>\n<p>You\u2019ll also need to pay the BSD (and ABSD if applicable) on the S&amp;P within 2 weeks of signing it.\t<\/p>\n<h3><b>STEP 7: START PAYING<\/b><\/h3>\n<p>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. \t<\/p>\n<p>And be prepared to keep doing that every few months.\t<\/p>\n<p>For uncompleted developments, payments are made every few months, each time the developer hits certain pre-set milestones in construction.\t<\/p>\n<p>This works out to a payment of about 5 \u2013 10 percent of the purchase price every 6 months or so, until around the time the Temporary Occupation Permit is issued, at which point you pay the last 40 percent on your unit.\t<\/p>\n<p>You can find out more on the new launch condo payment schedules <a href=\"https:\/\/www.99.co\/singapore\/insider\/paying-for-condo\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.\t<\/p>\n<h3><b>STEP 8: COLLECT THE KEYS TO YOUR NEW LAUNCH CONDO!<\/b><\/h3>\n<p>Aaaaaaaand you\u2019re done! Not that hard after all was it? To sum it all up, we&#8217;ve prepared this neat little video for you.\t<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/aoT6CydLwRI\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new launch condo might be the most cost-effective option to owning your own unit. Find out how you can get yourself one of these gems.<\/p>\n","protected":false},"author":31,"featured_media":54472,"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":"","_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":[53651,53652],"persona":[57126],"class_list":{"2":"type-post","13":"entry","14":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>99.co guides: The steps to buy a new launch condo<\/title>\n<meta name=\"description\" content=\"A new launch condo might be the most cost-effective option to owning your own unit. 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