The process of purchasing a new residential such as Belgravia Green is different from purchasing a resale condominium. The following summarize the process of the purchases.
Payment of the First 20% Downpayment
|Timeframe ||Stage ||Payment |
|Day 1 ||Signing of Option to Purchase (OTP) |
(Meanwhile selection of Mortgage loan & Engagement of Lawyer)
|5% Booking Fee |
|Within 14 days ||Sales & Purchase Agreement (S & P) sent to Buyer Lawyer. (It will sent to the buyer if no lawyer appointed) || |
|Within 21 days |
from delivery of S & P
|Buyer to sign and exercise S & P @ Law firm ** || |
|Within 14 days of Signing S & P ||Buyer to pay Stamp Duty || |
|Within 8 weeks |
from Day 1
|Buyer to pay remaining downpayment |
(Cash/ CPF / Both)
|15% Downpayment |
The Sales & Purchase Agreement must be exercised within 21 days upon delivery of the documents. If the option expires, that is the buyer did not exercise the option, 25% of the booking fee will be forfeited by the developer. The 75% of the booking fee will be refunded to the purchaser.
Take note, the duration of each stage can be earlier than stated. The important things to note is that the entire procedure must be within 8 weeks from the Date of Option. If there is any delay, written request must be submitted to the developer and is subjected to approval.
Upon the payment of the first 20% of the property, the rest of the 80% will be in progressive scheme. For purchasers that secure 80% loan, the 80% will be disperse by the bank in stages. The payment will be according to the progress of the construction of the condominium.
Progressive payment for the remaining 80%.
|Estimated Timeframe ||Stages ||Payment |
|Est 6 – 9 months ||Completion of Foundation Work ||10% |
|Est 6 – 9 months ||Completion of Reinforces Concrete Framework ||10% |
|Est 3 – 6 months ||Completion of brick walls ||5% |
|Est 3 – 6 months ||Completion of roofing / ceilings ||5% |
|Est 3 – 6 months ||Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames ||5% |
|Est 3 – 6 months ||Completion of carparks, roads, & drains serving the development ||5% |
| ||Notice of Vacant Possession |
(Temporary Occupation of Permit – TOP)
| ||Legal Completion date (Certification of Statutory Completion – CSC) ||15% |
Take note, the above estimated time frame can varies from project to project. It can be earlier than expected. That is to say, developer will bill for the payment once each stage is completed.
If there is any confusion with the above, please contact the developer sales team. It is important that you have full clarity prior to the purchases. The developer sales team will guide you on the financial plan on the amount of cash, cpf and loan that you can use based on the Belgravia price. .
Take note that Buyer Stamp Duty (BSD) are applicable in the purchase of Belgravia Green. The formula for the purchase of BSD will be
Bear in mind that other than the Buyer Stamp Duty (BSD), there are also the Additional Buyer Stamp Duty (ABSD), Seller Stamp Duty (SSD) and Total Debt Service Ratio (TDSR) that need to be taken into serious consideration before buying a new home. For buyers who are currently staying in a HDB flat, they will need to meet the Minimum Occupation Period (MOP) of 5 years before being eligible to buy their second residential property.
|Based on the Belgravia Green pricing || |
|First $180,000 ||1% |
|Next $180,000 ||2% |
|Next $640,000 ||3% |
|Remaining amount ||4% |
The easy formula will be
For less than property less than 1 million and more than $360,000
Buer Stamp duty = (3% x property price) – $5400
For less than property more than
Buer Stamp duty = (4% x property price) – $15400
Additional Buyer’s Stamp Duty (ABSD)
|Profile Of Buyer ||ABSD rate |
|Singapore Citizen Buying First Residential Property ||Nil |
|Singapore Citizen Buying Second Residential Property ||7% |
|Singapore Citizen Buying Third and subsequent Residential Property ||10% |
|Singapore PR buying First Residential Property ||5% |
|Singapore PR buying Second and subsequent Residential Property ||10% |
|Foreigners and entities buying residential property ||15% |
Singapore Citizen who does not own any residential property will not be subjected to Additional Buyer Stamp duty (ABSD).
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