Payment Scheme

Standard 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%

Deferred Payment Scheme

A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date. The developer is required to seek the approval of the Controller of Housing before offering any form of deferred payment scheme to purchasers. On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered. There are various combinations of deferred payment scheme, 2 examples of such schemes are illustrated in the following table.

Stage Payment under a deferred payment scheme A( % of purchase price ) Payment under a deferred payment scheme B( % of purchase price ) Upon the grant of Option to Purchase 5%(booking fee) 5%(booking fee) Upon signing of the Sale & Purchase Agreement or within 8 weeks of Option date 20% less booking fee 10% less booking fee Notice of Vacant Possession 65% 75% On Completion Date 15% 15%

Other Payments

Besides the purchase price, there are other payments which a purchaser is required to make under the Sale & Purchase Agreement, such as the following:   • all property tax levied in respect of the unit after the purchaser receives from the developer the Notice of Vacant Possession.    • if the unit is in a strata-titled housing project, maintenance charges for the maintenance of the common property and the provision of cleaning and other services from the date the purchaser actually takes possession of the unit or the 15th day after the purchaser receives the Notice of Vacant Possession in respect of the unit, whichever is the earlier. More information on maintenance charges can be found in BCA's publication "Strata Living in Singapore". *Source: URA