Progressive Payment Schedule for New Condo
The Progressive Payment Schedule for New Condo deals with New Launch Condo 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
|
5% |
Buyer’s Stamp Duty
Additional Buyer’s Stamp Duty
|
||
Down Payment Less Booking Fee
|
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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