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Progress Payments
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| Under the standard Sale & Purchase Agreement, purchasers are required to make instalment
payments of the purchase price, typically referred to as progress payments, as and when the
developer completes the different stages of construction of the housing project. All instalment
payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account
which the developer is required to maintain with a bank or financial institution.
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| Fast Facts: |
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Standard Payment Scheme refers to the payment schedule set out in the standard Sale & Purchase
Agreement.
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A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the
due date for the progress payments under the standard payment scheme to a later date.
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Besides the progress payments, other payments which a purchaser is required to make under the
Sale & Purchase Agreement include property tax and maintenance charges.
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| Standard
Payment Scheme |
| The time for payment and the amount of purchase price payable under the standard payment
scheme is shown in the following table:
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| Stage |
Payment
under a standard payment
scheme ( % of purchase
price ) |
| Upon
the grant of Option
to Purchase |
5%
- 10% (booking fee)
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| Upon
signing of the Sale
& Purchase Agreement
or within 8 weeks from
the Option date |
20%
less booking fee |
| Completion
of foundation work |
10%
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| Completion
of reinforced concrete
framework of unit |
10%
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| Completion
of brick walls of unit |
5%
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| Completion
of roofing/ceiling of
unit |
5%
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| Completion
of electrical wiring,
internal plastering,
plumbing and installation
of door and window frames
of unit |
5%
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| Completion
of car park, roads and
drains serving the housing
project |
5%
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| Notice
of Vacant Possession |
25%
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| On
Completion Date |
15%
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| Deferred
Payment Scheme |
A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer
the due date for the progress payments under the standard payment scheme to a later date.
The developer is required to seek the approval of the Controller of Housing before offering
any form of deferred payment scheme to purchasers.
On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered.
There are various combinations of deferred payment scheme, 2 examples of such schemes are
illustrated in the following table. |
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| Stage |
Payment
under a deferred payment
scheme A( % of purchase
price ) |
Payment
under a deferred payment
scheme B( % of purchase
price ) |
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Upon the grant of Option
to Purchase |
5%(booking
fee) |
5%(booking
fee) |
| Upon
signing of the Sale
& Purchase Agreement
or within 8 weeks of
Option date |
20%
less booking fee |
10%
less booking fee |
| Notice
of Vacant Possession |
65% |
75% |
| On
Completion Date |
15% |
15% |
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| Other
Payments |
Besides the purchase price, there are other payments which a purchaser is required to make
under the Sale & Purchase Agreement, such as the following:
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all property tax levied in respect of the unit after the purchaser receives from the
developer the Notice of Vacant Possession.
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if the unit is in a strata-titled housing project, maintenance charges for the
maintenance of the common property and the provision of cleaning and other services from
the date the purchaser actually takes possession of the unit or the 15th day after the
purchaser receives the Notice of Vacant Possession in respect of the unit, whichever is
the earlier. More information on maintenance charges can be found in
BCA's publication "Strata Living in Singapore".
Rate the Home Buyers' Guide
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