What is the progressive payment scheme and timeline for a condominium?

The progressive payment scheme is a payment method for new launch condominiums still under construction. Buyers pay in installments at different construction milestones. You can calculate a typical breakdown using the following link in HTML: Progressive Payment Calculator

Below is a common schedule and timeline under this scheme:

1) Booking Fee (Exercising the Option)
• Timeframe: Upon exercising the option
• 5% of purchase price
• Payable in cash (cannot use CPF or a bank loan)

2) Signing the Sale and Purchase (S&P) 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
• Ranges from 1% to 4% depending on the purchase price
• Payable in cash or CPF

4) Downpayment
• Timeframe: Within 8 weeks of exercising the option
• 15% of purchase price
• Payable in cash or CPF

5) Legal Fees
• Approximately S$3,500

6) Valuation Fee
• Approximately S$400

Next are the construction milestones (paid via cash and/or bank loan):

7) Foundation of Work
• ~6 – 9 months from project launch
• 10% of purchase price

8) Reinforced Concrete Framework
• ~6 – 9 months later
• 10% of purchase price

9) Brick Walls of Unit
• ~3 – 6 months later
• 5% of purchase price

10) Ceiling of Unit
• ~3 – 6 months later
• 5% of purchase price

11) Door and Window Frames, Wiring, Internal Plastering, Plumbing
• ~3 – 6 months later
• 5% of purchase price

12) Car Park, Roads and Drains Serving the Project
• ~3 – 6 months later
• 5% of purchase price

Lastly, the completion milestones:

13) Notice of Vacant Possession (TOP Date)
• 25% of purchase price

14) Legal Completion (CSC Date)
• 15% of purchase price