For an industrial building, after exercising the OTP, what is the timeline for handing over the property?

For industrial buildings in Singapore, the typical timeline for handing over the property after exercising the Option to Purchase (OTP) is agreed upon in the Sales and Purchase Agreement. Generally, completion and vacant possession take place about 8 to 12 weeks after the exercise of the OTP.

However, the exact handover date can vary depending on the specific terms negotiated between buyer and seller, and any requirements regarding the reinstatement of the property to its original condition. It is important for both parties to clearly outline and agree on these timelines in the contract. Any reinstatement or regulatory requirements—such as change of use approvals—should also be factored into the timeline when planning the handover.

Always refer to your contract and consult your lawyer or property agent for the specific timeline that applies to your transaction, as industrial property deals can have unique requirements or conditions to be fulfilled before handover.