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Payment scheme Singapore has 2 types of payment schemes available for the purchase of new condominiums under construction, they are the Standard / Progressive payment scheme and Deferred payment scheme. But as of 26 Oct 2007, the Singapore Government had withdrew the deferred payment scheme, new applications from developers to offer deferred payment scheme for new housing projects after this date will not be approved. There are still deferred payment scheme available for new condos that have got the approval before 26th Oct 2007. Condo projects such as Aalto at Meyer Road, Reflection@ Keppel Bay and Park Natura at Bukit Batok Landed houses like Pavilion Park at Bukit Batok etc
Progressive Payment Under the standard Sale & Purchase Agreement, purchasers are required to make installment payments of the purchase price, typically referred to as progress payments, as and when the developer completes the different stages of construction of the housing project. All installment payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account which the developer is required to maintain with a bank or financial institution. Below is the table of illustrations for the Standard / Progressive Payment Scheme:
Deferred Payment Scheme A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date. The developer is required to seek the approval of the Controller of Housing before offering any form of deferred payment scheme to purchasers. **On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered. There are various combinations of deferred payment scheme, 2 examples of such schemes are illustrated in the following table.
Source: http://www.ura.gov.sg/lad/HBG/progressPayments.htm
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www.singaporerealestates.com ©™2007 |
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Standard / Progressive Payment Scheme |
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Stages of Payment |
Percentage of Purchase Price |
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Upon the grant of Option to Purchase (booking fee)
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5% - 10% (Booking Fee) |
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Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date |
20% less booking fee |
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Completion of foundation work |
10% |
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Completion of reinforced concrete framework of unit |
10% |
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Completion of brick walls of unit |
5% |
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Completion of roofing/ceiling of unit |
5% |
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Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit |
5% |
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Completion of car park, roads and drains serving the housing project |
5% |
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*Notice of Vacant Possession (TOP) , taking of keys |
25% |
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On Completion Date |
15% |
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Deferred Payment Scheme |
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Stages of Payment |
Percentage of Purchase Price Example 1 |
Percentage of Purchase Price Example 2 |
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Upon the grant of Option to Purchase |
5%(booking fee) |
5%(booking fee) |
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Upon signing of the Sale & Purchase Agreement or within 8 weeks of Option date |
20% less booking fee |
10% less booking fee |
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Notice of Vacant Possession |
65% |
75% |
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Completion Date |
15% |
15% |