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Please provide a breakdown of all the payments for the first 3 years for a new launch condo priced at 1.9 million
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Certainly! Here is a breakdown of all the payments for the first 3 years for a new launch condo priced at S$1.9 million:
1) Exercising the Option / Paying the Booking Fee:
- Timeframe: Upon exercising the option
- % of Purchase Price: 5%
- Amount: S$95,000
- Payment Mode: Cash, cannot be supplemented using CPF or a bank loan.
- Timeframe: Upon exercising the option
- % of Purchase Price: 5%
- Amount: S$95,000
- Payment Mode: Cash, cannot be supplemented using CPF or a bank loan.
2) Signing the Sale and Purchase (S&P) Agreement to exercise the OTP:
- Timeframe: Within 3 weeks of receiving the agreement
- Timeframe: Within 3 weeks of receiving the agreement
3) Buyer's Stamp Duty (BSD):
- Timeframe: Within 14 days of signing the S&P Agreement
- % of Purchase Price: 1% of first S$180,000, 2% of next S$180,000, 3% of the next S$640,000, 4% of the next S$500,000
- Amount: S$56,600
- Payment Mode: Cash/CPF
- Timeframe: Within 14 days of signing the S&P Agreement
- % of Purchase Price: 1% of first S$180,000, 2% of next S$180,000, 3% of the next S$640,000, 4% of the next S$500,000
- Amount: S$56,600
- Payment Mode: Cash/CPF
4) Downpayment:
- Timeframe: Within 8 weeks of exercising the option
- % of Purchase Price: 15%
- Amount: S$285,000
- Payment Mode: Cash/CPF
- Timeframe: Within 8 weeks of exercising the option
- % of Purchase Price: 15%
- Amount: S$285,000
- Payment Mode: Cash/CPF
5) Legal Fees:
- Amount: ~S$3,500
- Payment Mode: Cash/CPF
- Amount: ~S$3,500
- Payment Mode: Cash/CPF
6) Valuation Fee:
- Amount: ~S$400
- Payment Mode: Cash/CPF
- Amount: ~S$400
- Payment Mode: Cash/CPF
Next are the construction milestones:
7) Foundation of Work:
- Timeframe: ~6 – 9 months from launch
- % of Purchase Price: 10%
- Amount: S$190,000
- Payment Mode: Cash and/or bank loan
- Timeframe: ~6 – 9 months from launch
- % of Purchase Price: 10%
- Amount: S$190,000
- Payment Mode: Cash and/or bank loan
8) Reinforced Concrete Framework:
- Timeframe: ~6 – 9 months later
- % of Purchase Price: 10%
- Amount: S$190,000
- Payment Mode: Cash and/or bank loan
- Timeframe: ~6 – 9 months later
- % of Purchase Price: 10%
- Amount: S$190,000
- Payment Mode: Cash and/or bank loan
9) Brick Walls of Unit:
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
- Payment Mode: Cash and/or bank loan
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
- Payment Mode: Cash and/or bank loan
10) Ceiling of Unit:
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
11) Door and Window Frames, Wiring, Internal Plastering and Plumbing:
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
12) Car Park, Roads and Drains Serving the Project:
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
- Timeframe: ~3 – 6 months later
- % of Purchase Price: 5%
- Amount: S$95,000
Lastly, the completion milestones:
13) Notice of Vacant Possession (TOP Date):
- Timeframe: TOP Date
- % of Purchase Price: 25%
- Amount: S$475,000
- Timeframe: TOP Date
- % of Purchase Price: 25%
- Amount: S$475,000
14) Legal Completion (CSC Date):
- Timeframe: Date of legal completion/certificate of statutory completion (CSC)
- % of Purchase Price: 15%
- Amount: S$285,000
- Timeframe: Date of legal completion/certificate of statutory completion (CSC)
- % of Purchase Price: 15%
- Amount: S$285,000
This breakdown covers the payments you would need to make for the first 3 years for a new launch condo priced at S$1.9 million.