Buying a New Private Condominium: From Showflat to Keys
Buying directly from a developer works differently from a resale purchase — you view a showflat rather than the actual unit, pay in stages as the building goes up, and wait years rather than weeks for keys. Here's what to expect at each step: viewing the showflat, working out your downpayment, and the full payment schedule through to completion.
Viewing the Showflat
The showflat is designed to sell — which means it's worth knowing what to look past, and what to actually ask.
Book a Viewing Slot
Register with the developer or through Adrian ahead of the launch. Popular launches ballot for a queue number that determines the order in which buyers get to select a unit and book.
Check Real vs. Advertised Size
Showflat furniture is often scaled down to make rooms look larger than they are. Compare against the actual floor plan dimensions rather than the feel of the room alone.
Ask What's "Artist's Impression"
Finishes, fittings, and even ceiling heights in the showflat unit may differ from the standard specification. Ask the sales team which items are actually included.
Study the Site Plan, Not Just the Unit
Check which stack you're buying into, what it faces, and whether nearby low-rise sites could later be redeveloped and block your view — the URA Master Plan is worth a look here too.
There's No Buyer's Agent Fee
For new launches, the developer pays agent commission — not you. Working with Adrian to view and book costs you nothing extra on top of the listed price.
Get the Full Price List & Payment Schedule
Ask for the complete unit price list (not just the unit you like) and the Progressive Payment Schedule, so you know exactly what's due and when before you commit.
Computing Your Downpayment
Booking a new launch unit starts with two payments totalling 20% of the purchase price — well before any bank loan is disbursed.
Option Fee — 5%
Paid in cash (a cheque, typically) to secure the Option to Purchase (OTP) on your chosen unit. This cash requirement can't be paid using CPF.
Exercise of OTP — 15%
Paid on signing the Sale & Purchase Agreement to exercise the OTP, bringing your total down payment to 20%. This portion can be cash, CPF Ordinary Account funds, or a mix of both.
Buyer's Stamp Duty
Payable within 14 days of signing the S&P — see the Stamp Duties guide for the exact tiered rates, and ABSD if this isn't your first property.
The Remaining 5% — Due at Foundation Stage
The maximum bank loan is 75% of the purchase price (Loan-to-Value), which means your total downpayment is actually 25%, not 20%. The 5% Option Fee and 15% Exercise of OTP only cover 20% — the final 5% still has to come from cash or CPF, and is due when the foundation work milestone is completed (the next 10% payment in the schedule below). Only from that point on does the bank's loan start disbursing, covering the rest of that 10% tranche and every tranche after it.
| Item | |
|---|---|
| Option Fee (5%, cash on booking) | $75,000 |
| Exercise of OTP (15%, cash/CPF, within 8 weeks) | $225,000 |
| Buyer's Stamp Duty (BSD) | $44,600 |
| Total due in the first ~2 months | $344,600 |
| Plus: remaining 5% downpayment, due at foundation stage | $75,000 |
This figure excludes ABSD, which applies if it isn't your first residential property. Together, the amounts above make up your full 25% downpayment — only the remaining 75% of the purchase price is drawn progressively from your bank loan as construction proceeds, starting at that same foundation milestone. See the full schedule below.
Payment Schedule Flowchart
The full sequence from booking to stamp duty, visualised — including the updated Buyer's Stamp Duty and ABSD figures (current rates as of August 2026, not the older formulas some flowcharts still circulate with).
Signing of Option to Purchase (OTP)
Option Fee (Booking Fee) = 5% of Purchase Price
Cash OnlyOption to Purchase Becomes Valid
For 3 weeks after delivery of the Sale & Purchase (S&P) Agreement
75% of Booking Fee is refunded
not exercised
75% of Booking Fee is refunded
Sign & Return, Then Pay the Balance Downpayment
① Sign and return the S&P to the developer
② Pay the downpayment, less the booking fee already paid — some developers allow this within 8 weeks of the OTP signing instead
Cash and/or CPFBuyer's Stamp Duty & ABSD
Buyer's Stamp Duty (BSD) — tiered:
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remaining balance | 6% |
Additional Buyer's Stamp Duty (ABSD), if applicable:
| Singapore Citizen — 1st / 2nd / 3rd+ | 0% / 20% / 30% |
| PR — 1st / 2nd / 3rd+ | 5% / 30% / 35% |
| Foreigner — any property | 60% |
Remaining Downpayment
Pay the remaining 15% downpayment
Cash and/or CPFProject Progress Schedule & Payment
New launch units are typically sold "off the plan," under construction. Instead of paying the full price on completion, you pay in stages as the building reaches each milestone — a structure set out in the Housing Developers Rules and known as the Progressive Payment Scheme (PPS).
| Construction Milestone | Payment | LTV 75% | LTV 45% | LTV 35% |
|---|---|---|---|---|
| Booking — Option to Purchase issued | 5% | Cash | Cash | Cash |
| Exercise of OTP — Sale & Purchase Agreement signed | 15% | CPF or Cash | Cash | Cash |
| Foundation work completed | 10% | 5% CPF or Cash & 5% Loan | 5% CPF or Cash & 5% Cash | 5% CPF or Cash & 5% Cash |
| Reinforced concrete framework completed | 10% | Loan | CPF or Cash | CPF or Cash |
| Partition walls completed | 5% | Loan | CPF or Cash | CPF or Cash |
| Roofing / ceiling completed | 5% | Loan | CPF or Cash | CPF or Cash |
| Door & window frames, electrical wiring, plumbing completed | 5% | Loan | CPF or Cash | CPF or Cash |
| Car park, roads & drains within the development completed | 5% | Loan | Loan | CPF or Cash |
| Temporary Occupation Permit (TOP) issued | 25% | Loan | Loan | 5% CPF or Cash & 20% Loan |
| Certificate of Statutory Completion (CSC) issued | 15% | Loan | Loan | Loan |
LTV 75/45/35% reflects the maximum loan-to-value a buyer can borrow, based on the number of concurrent home loans, loan tenure and borrower's age — see the LTV framework for details. Figures above are for illustration; always confirm with your bank based on your own loan quantum.
A few things worth knowing about how this plays out in practice:
- Your bank loan is drawn down in tranchesThe bank releases funds to match each completed milestone from the foundation stage onward — you're only charged interest on what's actually been disbursed, not the full loan amount.
- Instalments start small and growEarly monthly repayments are modest since only a small portion of the loan has been drawn; they step up at each milestone and reach the full instalment only after TOP and CSC.
- TOP means keys, not full ownership yetOnce TOP is issued you can collect keys and move in or rent out the unit — but the 15% CSC payment, marking full legal completion, typically follows another 6–12 months later.
- Total timelineFrom booking to TOP typically runs 2.5–3.5 years for a mid-sized project, with a further 6–12 months to CSC — plan your finances (and any existing lease) around that horizon.