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Hi,

I recently just got engaged and am interested in the new Twin Fountains project in woodlands.

Just wondering what is the procedure in getting a condo like what is the initial downpayment for a condo and subsequent instalment starts after the project has been completed or upon project launch?

Additionally, my current flat is under my name together with my parents. So do i need to sell my flat first before getting the flat or i can hold on to the flat first till the project is completed and ready to move in.
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1 Answer

Christopher Ng 吴锦钊
Replied
Hi Nicholas,

Twin Fountains @ Woodlands is an Executive Condominium and carries with it HDB eligibility criterias.

As per any condominium project, you will need to put down a 5% booking fee in cash when you select a unit. The next 15% of the deposit is payable by CPF. There are 2 payment schemes avaliable, the Normal Progressive Payment Scheme (NPS) and the Deferred Payment Scheme(DPS). Under NPS, you will for your installments the moment the bank disburses monies for the projects while under DPS, installment payment will only start after TOP. DPS however usually comes at a 2% premium in purchase price.

As this project is an EC, you will need to meet eligibility criterias. Based on what you provided as background info, you will be eligible to purchase with your partner. However, because your name is in the current flat with your parents, there may be some administrative procedures you will need to do before you can purchase the EC. Also, you may be considered a 2nd timer. You can remove your name from your current flat(subject to approvals and fulfillment of HDB requirements).

Do give me a call @ 94787875  as there are quite of different options that you can consider. Read More
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