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The following article was published in our article directory on May 12, 2014.
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New Launch Condo for Sale in Singapore

Article Category: Advice

Author Name: Rick Fok

In Singapore most of the new condominium launches are for projects either built on new Government Land Sales (GLS) programs or via redevelopment of enbloc old property.
Buying new launch sales is a very challenging experience for new buyers.
{Before you make the trip to that swanky new launch condominium showflat, it is useful to first know your own financial strength. Your purchasing power is not just limited by your income, but also by the number of existing properties under your name. This is because in Singapore you are taxed more for subsequent properties owned under your name, and bank loans become more difficult and smaller in percentage. {Moreover, the maximum amount of money you can loan from the bank is also restricted by the combined sum of your monthly financial commitments less all your financial obligations / liabilities.|The maximum amount of money you can loan from the bank is also restricted by the combined sum of your monthly financial commitments less all your financial obligations / liabilities.}|Your purchasing power is not just limited by your income, but also by the number of existing properties under your name. This is because in Singapore you are taxed more for subsequent properties owned under your name, and bank loans become more difficult and smaller in percentage.}
To simplify matters, here is a comprehensive to-do list before you make the trip to the show flat.
1. Check on how much CPF you are able to use for the property purchase
2. Speak to a banker to find out how much you are eligible to loan based on your current property portfolio and monthly financial commitments
3. Know exactly which ABSD bracket you fall into
4. Understand how the Normal Progressive Payment Scheme works
5. Understand how the Balloting system works

1. Check Out Your CPF
Check how much CPF you can use for the property purchase. {If you are a first time property buyer, the maximum amount of CPF you can use is your entire Ordinary Account (OA) funds.|The maximum amount of CPF you can use is your entire Ordinary Account (OA) funds if you are a first time property buyer.}
But If you are purchasing your second property, you will have to ensure that you set aside the the minimum sum of $75,000 (as of 01/07/2013) in your combined OA and Special Account (SA) as stated by the CPF regulations. Get.
2) Get Your Private Housing Loan Approval-in- Principle.
Getting a loan approval-in-principle (AIP) from one of Singapore privately owned bank is now one of the most essential requirements when it comes to purchasing a property.|When it comes to purchasing a property,
Getting a loan approval-in-principle (AIP) from one of Singapore privately owned bank is now one of the most essential requirements.} Without it, you will be unable to know your purchase budget. With an AIP, you will know exactly how much the bank is {willing and able|able and willing} to lend you for your property purchase.
Best of all, it is absolutely free to get it done and takes approximately three working days for the bank to process your request. Here are the set of documents you will require.
-Copy of NRIC or passports of all purchasers.
-All your latest Credit Card Statements.
-Application form.
-Declaration form of all credit facilities.
-HDB page to show your HDB status (HDB loan / do not own any HDB / did not take up a loan with HDB).
-Latest 3 months payslip and IRAS Tax.
-Assessment Return (For Employed).
-Latest 12 months of CPF contribution (For Employed).
-Latest 1 year of IRAS Tax Assessment Return (For Employed and Self Employed).

3) Know How Much ABSD You have to pay.
- Knowing which Additional Buyer Stamp Duty (ABSD) bracket is necessary.
- For Singaporeans, your first property will be free of any ABSD. {However, your {second and third|third and second} property purchases will be taxed 7 % and 10 % on the purchase price respectively.|Your {second and third|third and second} property purchases will be taxed 7 % and 10 % on the purchase price respectively.} For Permanent Residents (PRs), your initial property purchase will be taxed 5 % on the purchase price. Subsequently, your property purchases will be taxed 10 % on the property transacted price. For {Foreigners and Entities|Entities and foreigners}, your property purchases will be taxed 15 % on the price of each property.
- For Singaporeans, your first property will be free of any ABSD. For {Foreigners and Entities|Entities and foreigners}, your property purchases will be taxed 15 % on the price of each property.}

4) Know your Payment Schedule to manage your cash flow.
- Understanding how the Normal Progressive Payment Scheme (NPS) works for new launch condominium projects is necessary. This is helpful in planning your cash-flow for your property purchase. Upon selection and confirmation of your choice unit,.
- Upon Booking, A payment of 5 % in cash has to be made in favor of the developer's project account in exchange for the Option To Purchase (OTP) and Within 2 weeks, the developer will send the Sales and Purchase Agreement (S&P) to your correspondence address. Upon date of receipt of the S&P, you will have 3 weeks to exercise the contract at your solicitor's office. {If the contract is not exercised, 75 % of the initial Option Fee paid will be refunded to your account.|75 % of the initial Option Fee paid will be refunded to your account if the contract is not exercised.} After exercising the agreement, the Stamp Duty and ABSD will be payable within 14 days from the date of exercise. The remaining 15 % of the down payment is payable within 8 weeks from the initial OTP date.
- Upon Booking, A payment of 5 % in cash has to be made in favor of the developer's project account in exchange for the Option To Purchase (OTP) and Within 2 weeks, the developer will send the Sales and Purchase Agreement (S&P) to your correspondence address. If the contract is not exercised, 75 % of the initial Option Fee paid will be refunded to your account.}

5) Know how the booking / balloting process works
- Understand how the Balloting Process works Prior to the launch of a new condominium will help you decide when to buy the new launch condo.|When to buy the new launch condo,
- Understand how the Balloting Process works Prior to the launch of a new condominium will help you decide.}
- A preview period of one to two weeks will usually be allocated for you to preview the showflat and have a feel of the unit sizes and prices. And during this, you are given the opportunity to register for a non-obligatory seat during the launch date. This registration allows you to be eligible to ballot for units before the public launch where units are sold on a first-come-first serve basis. Very often, early bird discounts are also given for purchasers who purchase during the launch day.
- A preview period of one to two weeks will usually be allocated for you to preview the showflat and have a feel of the unit sizes and prices. Very often, early bird discounts are also given for purchasers who purchase during the launch day.
- To register for the balloting, a few documents are required.
- A copy of the registrant's NRIC.
- An Expression of Interest form (EOI) filled and signed.
- A cheque addressed to the developer project account.
- In the event that you decide not to purchase any unit during the launch, the full set of documents will be returned to you.

- Getting a loan approval-in-principle (AIP) from one of Singapore privately owned bank is now one of the most essential requirements when it comes to purchasing a property.
- For Singaporeans, your first property will be free of any ABSD.
- Understanding how the Normal Progressive Payment Scheme (NPS) works for new launch condominium projects is necessary.
- Upon Booking, A payment of 5 % in cash has to be made in favor of the developer's project account in exchange for the Option To Purchase (OTP) and Within 2 weeks, the developer will send the Sales and Purchase Agreement (S&P) to your correspondence address. � A preview period of one to two weeks will usually be allocated for you to preview the showflat and have a feel of the unit sizes and prices.

Keywords: New launch sales, commonwealth towers, amber skye

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