Timeline for Purchasing a New Launch
Timeline for Purchasing a New Launch or Uncompleted Project in Singapore
For many buyers, navigating the process of purchasing a new-launch condo can feel complex. The outline below summarises the steps and typical timelines when buying an uncompleted project (Building Under Construction) directly from the developer.
Residential Purchase Timeline
| S/No. | Timeline | Description | Payment |
|---|---|---|---|
| 1. | Day 1 | Acknowledgement of the Option To Purchase (OTP) upon receipt of Booking Fee. | 5% Booking Fee (of purchase price) |
| 2. | Within 14 calendar days from OTP date or S/No. 1 | Sale & Purchase Agreement (S&P) will be sent to the purchaser’s appointed solicitors. | N.A. |
| 3. | Within 21 days from S&P date or S/No. 2 | Purchaser to exercise S&P. | N.A. |
| 4. | Within 14 days from exercising S&P | Purchaser to pay Buyer’s Stamp Duty (BSD) and/or Additional Buyer’s Stamp Duty (ABSD). | Refer to Stamp Duty page |
| 5. | Within 21 days after exercising S&P (i.e. 7 days after paying stamp duties) |
Purchaser to pay the remaining 15% downpayment plus any other progressive payments. Loan may be disbursed at this point. | 15% + further progressive payments (if applicable) |
* Timelines may vary by developer and are subject to the terms in the OTP/S&P. A standard completion timeline of ~8 weeks applies from the OTP date. Any request for extension should be made in writing to the developer and is subject to approval.
For the full construction-stage drawdowns, see the New Launch Progressive Payment Scheme.