|Day 1||Signing of Option to Purchase (OTP) upon receiving Booking Fee||5% Booking Fee|
|Day 1 + |
Within 2 Weeks**
|Sales & Purchase Agreement (S&P) will be sent to Purchaser's appointed law firm or directly to Purchaser if no law firm has been appointed||N.A.|
|Within 3 Weeks from receiving S&P**||Purchaser to sign the S&P at the appointed law firm and prepare payment of Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD), if applicable. |
Law firm will receive a signed copy from the Developer within 2 weeks.
|Within 2 weeks from Signing S&P**||Purchaser to pay BSD and ABSD (if applicable).||Applicable BSD and ABSD Rates*|
|On the 8th Week from Day 1||Purchaser to pay remaining 15% downpayment + Progressive Payment (depending on stage of construction)||15% + Progressive Payment
**This timeline can be earlier than stated.
The timeline from OTP to 15% payment is a MAXIMUM of 8 weeks. If there are any delays, it is mandatory to inform the developer in writing and is subject to approval.
In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 1/4 of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 3/4 of the booking fee will be refunded to the Purchaser. Thereafter, the developer is entitled to sell the unit to any interested party.
If Purchase Price is $1M or below, BSD = (3% of Purchase Price) - $5,400
If Purchase Price is above $1M, BSD = (4% of Purchase Price) - $15,400
The further progressive payment stages are outlined below:
% of Purchase Price
|Upon the grant of Option to Purchase||Option Date||5%|
|Upon signing the Sales & Purchase Agreement (S&P)||8 weeks from Option Date||15%|
|Completion of Foundation work||6-9 months||10%|
|Completion of Reinforced Concrete Framework||6-9 months||10%|
|Completion of Brick walls||3-6 months||5%|
|Completion of Roofing/Ceiling||3-6 months||5%|
|Completion of Electrical Wiring Internal Plastering, Plumbing & Installation of Door & Window Frames||3-6 months||5%|
|Completion of Car Park, Roads and Drains Servicing the Housing Project||3-6 months||5%|
|Notice of Vacant Possession||TOP||25%|
|Legal Completion Date||CSC||15%|