What are the facilities being offered in a condominium?

The facilities present in a condominium may vary depending on the developer. But generally it should have one or more of the following; swimming pool, gym, function rooms, car parks, tennis court, BBQ areas, clubhouse, concierge, viewing deck, etc. Project details such as facilities and amenities are announced by the developer during the launch of the new condo.

What is a dual-key condominium unit?

Commonly called as inter-generation, multi-generation or 2 in 1 layout; a dual-key condominium unit is a two self-contained living spaces having two separate entrances. The typical layout of a dual-key condo can be anywhere from a 2 BR + 1 Studio with 1 BR up to a 4BR + 1 Studio with 3BR units. This configuration creates a secondary space or sub unit within the primary condominium. Dual-key condos only count as “1” unit despite the fact that it actually contains more than one living apartment. This type of condo is extremely popular to multi-generation families who sees the need to live together yet wants to maintain privacy.

What are the different types of condominiums available in Singapore?

There are three main categories of private condominiums available in Singapore. Depending on the price, location and facilities being offered, condominiums can be classified as: 1. Mass market condos – located in suburbs and priced relatively inexpensive. 2. Mid-market condos – situated on fringe prime locations with more facilities than mass market units. 3. High-end condos – found on prime districts and most of the time they come with deluxe amenities.

Can anyone buy a new condo in Singapore?

Anyone can acquire a new private condominium in Singapore provided that they are a Singapore citizen or permanent resident. Buyers should likewise show proof of financial capability and be able to submit the needed documents.

Are there eligibility requirements?

Unlike executive condominiums, acquiring a private condo in Singapore is more lenient. There are no eligibility requirements except for foreigners or non-permanent residence. Please see the Ultimate Foreigner’s Buying Guide for more details about expat property ownership. For Singapore citizens and permanent residence who owns an HDB flat or executive condo, there are some requirements that you need to fulfill before you can purchase a private property. Check them out on this buying new condo in Singapore faq. > You need to fulfill the Minimum Occupation Period or MOP from the date of taking possession. 5 years for HDB flats, DBSS and ECs. > Notify the HDB of your local private residential property acquisition before exercising the Option to Purchase or OTP. > Sell your flat within 6 months of acquiring the private property.

Can I buy a condominium even if I own an HDB flat, DBSS or EC?

Yes, you may. Provided that you meet the above stated eligibility conditions.

What are the documents needed to book a new condo?

To be able to book a new private condo, you need to present the following documents: 1. Copy of NRIC. 2. Expression of Interest form (EOI) filled and signed 3. Cheque addressed to the developer’s project account Bear in mind that the required documents may vary consequently depending on the developer. If you decide not to purchase any unit during the launch, all documents submitted must be returned to you.

What is Option to Purchase (OTP)?

This is the first step to validate the purchase of the property. The “Option to Purchase” agreement gives you a 14-day exclusivity period on which the condo cannot be offered to other buyers. It is done by making a payment of 1% of the property price which will serve as a good faith deposit.

Is the Offer to Purchase different?

Yes. The “Offer to Purchase” is a direct method of securing the condominium. It is usually carried out by sure buyers who wish to bypass the OTP stage. Normally, the Offer to Purchase requires a 5-10% deposit to safeguard the property.

How about the Sale and Purchase Agreement?

The “Sale and Purchase Agreement” is a valid contract between you and the developer. The Sale and Purchase Agreement must be accomplished within 10 weeks after signing the OTP. Note that on this stage, you must complete the 10-20% downpayment of the agreed purchase price. The option monies paid are deducted from the total downpayment.

What are the steps on buying a new condo?

1. Appoint a real estate agent and book a condo unit. 2. Visit the showflat and decide on the unit type. 3. Proceed with the Option to Purchase and pay the deposit. 4. Execute the purchase by signing the Sale and Purchase Agreement. 5. Pay the necessary taxes and stamps associated with your property purchase. 6. Pay the remaining property price via cash or home loan. 7. Wait for the Notice of Vacant Possession before taking the key into your possession. 8. The sale is consummated after receiving the Notice to Complete.

Can I cancel the booking after I made a reservation?

You may cancel a booking anytime but the developer may forfeit 25% of the booking fee.

What is the forfeiture if I terminate the agreement?

If the OTP is not exercised, the developer is entitled to forfeit 25% of the booking fee while the remaining 75% will be refunded to you. For the Sale and Purchase Agreement, the developer has the right to forfeit 20% of the purchase price, recover the outstanding interest, and resell the condo to any other person.

What are the financing options available?

Bank loans and loans being offered by financial institutions are the only recommended financing options for purchasing new private condos. HDB concessionary loan is not available for private properties.

What are the types of home loans available?

There are two types of home loans currently being offered by most banks and financial institutions: 1. Fixed Rate Home Loan – fixed rates are applied for an initial period, followed by a floating rate. 2. Floating/Variable Home Loan – most of the time tied to a reference interest rate.

How much do I need to pay to reserve a unit?

Rates may vary depending on the developer but generally, booking a unit requires 1-5% payment of the property price along with the Option to Purchase grant.

How much downpayment is needed to buy a new condo?

The initial downpayment needed to be able to purchase a new private condo in Singapore is 20%. The 5% must be paid in cash while the remaining 15% can be paid via CPF.

Is there a minimum downpayment?

Some developers may offer a low downpayment of 10%, but is not 100% guaranteed. It is advised to confirm the actual rate with your solicitor or real estate agent.

What are the costs involved when buying a new condo in Singapore?

Aside from the 20% downpayment, which includes the option monies, there are other costs associated when buying a private condo in Singapore. A) Buyer’s Stamp Duty: 1% on the 1st $180,000 2% on the 2nd $180,000 3% on the 3rd $180,000 4% thereafter for property above $1million B) Additional Buyer’s Stamp Duty: Singapore Citizen - 12% (for 2nd residential property) and15% for 3rd and subsequent residential property) Singapore Permanent Resident - 5% (for 1st Property) 15% (for 2nd residential property) and 20% (for 3rd and subsequent residential property) Foreigners & Non-Individuals - 20% & 25% respectively for buying residential property C) Stamp Duty for Mortgage Documents – 0.4% to be paid to IRAS (capped to $500). D) Legal/Agent Fees – anywhere from $2,500-3,000. E) Valuation Fees – $350-500 (required for bank loan).

Am I entitled to any CPF housing grant?

The Central Provident Fund Housing Grant is a subsidy given by the government to eligible home buyers wishing to acquire public housing units. Therefore, there are NO grants given to private properties except for executive condo which is a public-private hybrid.

Can I use my CPF as a downpayment?

Yes, you can use your Central Provident Fund (CPF) as a downpayment to private condos. This is under the PPS or Private Properties Scheme of CPF. Note that you can only use a maximum of 15% CPF as a downpayment, the remaining 5% must be paid in cash.

Can I use my CPF to cover the extra fees involved?

Yes, you can use your CPF savings to service the extra fees associated with your purchase. You may even use it to assist home construction or renovation. Though, bear in mind that using CPF under the PPS comes with eligibility requirements.

When I resell my condo, do I need to refund the CPF?

If you have used your CPF savings to finance your private condo, you need to refund the Principal Amount and Accrued Interest on your CPF account. For those who are 55 years old and above who have used their Retirement Account to pledge their property, you need to refund the withdrawn amount on your CPF savings. This will be used to meet your Full Retirement Sum.

What are the guidelines on issuing cheques for the sole purpose of reserving the property?

> All issued cheques must be crossed and named after the project account. > It should be accompanied by an Authorization Letter prepared by the salesperson. > The Authorization Letter must be signed by the buyer with names and NRIC numbers attached. > The letter should likewise contain the name, signature, NRIC number and registration number of the salesperson. > The terms and conditions must be clearly stated.

What is the meaning of new launch condo?

New launch condo are brand new units being launched by the developers. They can be at various stages of construction and usually, it will take approximately 1-4 years for it to be completed (depending on the developer).

How about recently TOP?

Recently TOP are private condos that have received their Temporary Occupation Permit (TOP). This means that the unit is now complete and ready for occupancy.

TOP stands for Temporary Occupation Permit. It is a legal document that signifies the metaphorical stamp of approval, or in layman’s term occupiable. Although TOP is optional, the permanent version of it is called CSC or the Certificate of Statutory Completion. The CSC is also a legal document stipulating that the building has satisfactory completed the requirements set by the Building and Construction Authority or BCA.

Are foreigners allowed to acquire new condo in Singapore?

Yes, but there are eligibility requirements one must keep in mind.

Will I receive a certificate of title?

The certificate of title issued on private condominiums is called Subsidiary Strata Certificate of Title. The government body responsible for issuing this is the SLA or Singapore Land Authority. The Strata Certificate Title will be issued only upon the completion of payment. Buyers who have purchased new private condominiums in full cash should receive this after settling the final balance. Yet for those using bank loans for mortgage payments, the Strata Certificate Title will be retained by the bank and will only be released upon full payment of the loan.

Contact - 66802508 Singapore

Name: New Launch 360º Showflat
Address: Central Business District, Singapore, CBD, 048623, SG
Telephone: 66802508
Price range: $
Rating: 5