Progress payment schedule for residential property under construction. Singapore real estate for sale/ rent.
|
Stage |
Payment scheme ( % of purchase price ) |
| Upon the grant of Option to Purchase |
5% – 10% (booking fee) |
| Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date |
20% less booking fee |
| Completion of foundation work |
10% |
| Completion of reinforced concrete framework of unit |
10% |
| Completion of brick walls of unit |
5% |
| Completion of roofing/ceiling of unit |
5% |
| Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit |
5% |
| Completion of car park, roads and drains serving the housing project |
5% |
| Notice of Vacant Possession |
25% |
| On legal completion |
2% |
Singapore Academy of Law (SAL) as stakeholder
The Singapore Academy of Law (SAL) is the stakeholder of the following sums depending on when the Certificate of Statutory Completion (CSC) is issued:
– If CSC is issued before legal completion, the buyer shall make the following payments:
- 8% of the purchase price shall be paid direct to the developer within 14 days of receipt of CSC
- 5% of the purchase price (less deduction, if any) shall be paid to the SAL as stakeholder upon legal completion, to be released to the developer at the end of 12 months from notice of vacant possession.
– If CSC is issued after legal completion, the buyer shall pay 13% of the purchase price directly to SAL as stakeholder upon legal completion and SAL shall release the following payments to the developer accordingly:
- 8% of the purchase price within 7 days of receipt of CSC
- 5% of the purchase price (less deduction, if any) at the end of 12 months from notice of vacant possession.
Please click here to search for Singapore real estate for sale/ rent.
