Typical progressive payment schedule for a condo unit.
Upon signing Agreement / within 8 weeks immediately after date of Option 20% (includes 5% booking fee paid in cash earlier)
The following progress payments are due after the seller has given one copy of the Agreement to the purchase of his lawyer, and within 14 days of the purchaser receiving notice of completion of the following works:
Foundation work 10%
Reinforced concrete framework 10%
Partition walls 5%
Door sub-frames / door frames, window frames, electrical wiring (without fittings), internal plastering and plumbing 5%
Car park, roads and drains serving the housing project 5%
Temporary Occupation Permit 25%
Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion is issued) 15%
Let’s say you have decided to buy a $1,000,000 condo unit.
Booking fee: 5% x $1,000,000 = $50,000
Sign the sales and purchase agreement. At this stage, need to pay stamp duty and legal fees.
Upon signing the Sales and Purchase Agreement: 15% x $1,000,000 = $150,000
14 days from the completion of foundation works: 10% x $1,000,000 = $100,000
14 days from the completion of reinforced concrete framework: 10% x $1,000,000 = $100,000
14 days from the completion of partition walls: 5% x $1,000,000 = $50,000
14 days from the completion of roofing: 5% x $1,000,000 = $50,000
14 days from the completion of door sub-frames / door frames, window frames, electrical wiring (without fittings), internal plastering and plumbing: 5% x $1,000,000 = $50,000
14 days from the completion of the carpark, roads and drains servicing the housing project: 5% x $1,000,000 = $50,000
Upon receipt of Temporary Occupation Period and collection of keys: 25% x $1,000,000 = $250,000
Upon legal completion of the sale: 15% x $1,000,000 = $150,000
Please contact me at (65) 96608508 and I can share the excel file breakdown for this calculation including timeline.
May I know which project that you intend to buy?
Some projects are offering special schemes which might be different from the above normal progressive payment
I will be glad to assist, no agent fee from private property buyer.
Appreciate if you can contact me at (65) 96608508 or Silviayang8@gmail.com
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508