- Uncompleted/New launch property direct from developer
- Resale or Subsale from Seller
Uncompleted /New Launch property direct from developer
Key salient point on the advantages of buying during Preview or at point of new launch open to public :
- Among the first to pick the choice units – enjoy attractive early bird discounts.
- Price are usually lower – developers normally price to stimulate demand at this point.
- Low cash outlay – an initial 25% down-payment of the purchase price, Buyer Stamp Duties and Legal Fee is require within 2 months from signing the option of purchase. No payment require until another 9-12 month time.
- Leverage on low home loan interest rate & progressive payment scheme. Repayment is done progressively based on the construction stages as per URA guideline.
- Developers’ guarantee period – defects rectification upon notice of temporary Occupation Permit
Resale/Subsale (Immediate occupancy)
The advantages of buying a condo unit from the open market:
- Immediate owning your home bring sense of satisfaction, security and stability
- For buyer who wish to rent out the purchase unit for the purposes of investment, this can be done as soon as transaction completed within 3-4 month time.
- Generally, the resale price vary on market sentiment, seller & buyer discretion and the unit condition. Picking the right location, unit and eventually one have to take into consideration the loan (if any)/repayment of the full purchase amount upon completion of transaction.
The general procedure for buying resale condominium in Singapore
- When a buyer decide to buy a property, he gives a cheque of 1% of the purchase price to the seller. In return, the seller issues an Option to Purchase to the buyer. The OTP states that for 14 days, the buyer can choose to proceed with the sale. If not, the buyer loses his 1% deposit.
- If the buyer chooses to proceed with the sale, he hands over 4% of the purchase price to the seller’s lawyer. Thereafter, buyer to follow up on paying stamp duty, find a solicitor, get bank loan etc.
- Other cost for buyer is the maintenance fee for common facilities of the condo, valuation fee, agency commission fee, administration and legal fees for completion of transaction.
*The information provides herein are for general reference purpose. It does not constitute any financial or investment advice. Buyer to seek financial institute for advice of any sales and purchase eligibility in making any investment or other decision.