Normal Progressive Payment Scheme2018-06-29T17:07:11+00:00

Normal Progressive Payment Scheme

The Normal Progressive Payment Scheme deals with New Launch EC Executive Condominium that are in the process of being built. It refers to payment by instalments, typically 5 – 10 percent, with each payment being made when a specific milestone is reached.

During the initial stages, payments are spaced far apart. Payments become more constant toward the second stage. For example, you would pay the developers one instalment when the foundation is built, one more when the walls are up, one more when the roof is finished, etc.

Order of Payment Progress of Payment % of Payment
1st Booking / Option Fee

  • Upon booking and obtaining Option To Purchase (OTP)
  • By Cash
  • S&P will be delivered to buyer’s lawyer or to the buyer (if no lawyer is appointed yet), upon HDB approval.
  • Buyer needs to sign the S&P at law firm and return the S&P to the developer, within 3 weeks upon receipt of S&P.
5%
Buyer’s Stamp Duty

  • Within 14 days upon signing S&P, by Cash or CPF OA
    • 3% – $5400

Additional Buyer’s Stamp Duty

  • Not Applicable
Down Payment Less Booking Fee

  • Within 9 weeks from the signing of Option of Purchase
  • By Cash and/or CPF
15%
2nd Upon completion of foundation work 10%
3rd Upon completion of reinforced concrete framework 10%
4th Upon completion of brick walls 5%
5th Upon completion of ceiling / roofing 5%
6th Upon completion of doors & windows frames (are in position), the electrical wiring (without fittings) & plumbing & internal plastering 5%
7th Upon completion of car park, drains and roads serving the project 5%
8th Upon obtaining Temporary Occupation Permit (TOP) 25%
9th Upon completion date 2%
Upon production of the Certificate of Statutory Completion 8%
On the expiry of 12 months from the date of notice to take vacant possession 5%

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