Progressive Payments

Progressive Payments – Singapore Property

Under the standard Sale & Purchase Agreement, purchasers are required to make instalment payments of the purchase price, typically referred to as progress payments, as and when the developer completes the different stages of construction of the housing project.

All instalment payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account which the developer is required to maintain with a bank or financial institution.

Standard Payment Scheme (Normal Payment Scheme)

The time for payment and the amount of purchase price payable under the standard payment scheme is shown in the following table:

Stage

Payment under a standard payment scheme ( % of purchase price )

Upon the grant of Option to Purchase

5% – 10% (booking fee)

Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date

20% less booking fee

Completion of foundation work

10%

Completion of reinforced concrete framework of unit

10%

Completion of brick walls of unit

5%

Completion of roofing/ceiling of unit

5%

Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit

5%

Completion of car park, roads and drains serving the housing project

5%

Notice of Vacant Possession

25%

On Completion Date

15%