What is the new launch purchase timeline?
The typical timeline starts with preview and e-application, followed by balloting, booking day, signing the Option to Purchase (OTP), and later the Sale & Purchase Agreement within the stipulated window. Progressive payments then continue through construction until Temporary Occupation Permit (TOP).
How much cash and CPF do I need upfront for a new launch?
Upfront cash outlay includes the booking fee (commonly 5% of the purchase price in cash), stamp duties and legal fees. CPF can be used for the balance down payment and subsequent progressive payments, subject to CPF valuation limits and your available Ordinary Account savings.
What is the difference between OTP and S&P for new launches?
The Option to Purchase (OTP) secures the unit for a fixed period, usually with a 5% booking fee. The Sale & Purchase Agreement (S&P) is the formal contract signed after exercising the OTP, typically within 14 to 21 days, with the remaining down payment due then.
How does ABSD affect new launch buyers?
Singapore citizens pay no Additional Buyer's Stamp Duty on a first residential property, while second and subsequent properties attract higher ABSD rates. Permanent residents and foreigners face higher ABSD tiers. ABSD is payable within 14 days of signing the S&P and can significantly affect total cash required.
Should I buy new launch or resale in Districts 9, 10 and 11?
It depends on your timeline, cash flow and preference for certainty. New launches offer a fresh lease and progressive payments, but require waiting for TOP. Resale lets you inspect the actual unit and move in sooner, though the lease is shorter. Karen compares both options against your goals before recommending.