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How to buy new launches in Singapore

How to buy new launches in Singapore ? That’s a very important topic for Singapore residents who want to get their hands on a shiny new condo.

Unveiling the What, Why, When, Where, Who, and How of Acquiring a New Launch Condo

In the ever-evolving landscape of Singapore’s real estate, the allure of new launch condos has reached new heights, with an anticipated surge of 30-40 projects in 2023. This guide aims to unravel the intricacies of purchasing a new launch property, providing a comprehensive exploration through the lens of the 5W1H framework.

What: Understanding the Financial Landscape

What is TDSR?

Total Debt Servicing Ratio (TDSR) stands at 55%, defining the proportion of your income allocated to repaying monthly debt obligations, including the loan for the new condo.

What is LTV?

Loan to Value (LTV) rules dictate the percentage of the property price you can borrow. For first-time buyers, the LTV is 75%, with 25% covered by personal funds.

What is CPF’s Role?

Central Provident Fund (CPF) plays a pivotal role, with nuances based on whether it’s your first or subsequent property purchase.

What is ABSD?

Additional Buyer Stamp Duty (ABSD) varies based on citizenship and property ownership history.

Why: The Rationale Behind Each Step

Why Consult a Property Agent?

Engaging a knowledgeable property agent ensures precise calculations and obtaining an In-Principle Approval (IPA) for a clear borrowing perspective.

Why Research and Engage a Property Agent?

Researching and engaging a property agent provide in-depth insights and floor plans, crucial for selecting a condo aligned with preferences and budget.

When: Timelines and Key Milestones

When to Express Interest?

Expressing interest involves a preliminary visit during the preview period, culminating in a 5% cash booking fee during the official launch.

When to Sign the S&P Agreement?

Signing the Sales and Purchase (S&P) agreement within three weeks of the Option to Purchase (OTP) initiates legal ownership.

Where: Selecting and Visiting Condos

Where to Find Information on New Launches?

Engage with a property agent for insights into popular new launches in 2023, including Enchante, Blossoms by the Park, Reserve Residences in Bukit Timah, and Sanctuary@Newton.

Where to Celebrate the Milestone?

Celebrate the culmination of your journey upon collecting keys upon Temporary Occupation Permit (TOP) approval.

Who: Key Players in the Process

Who to Consult for Financial Readiness?

Consult a knowledgeable property agent to navigate financial complexities and obtain an In-Principle Approval (IPA) for a clear borrowing perspective.

Who to Engage for Legal Proceedings?

Engage a lawyer recommended by your property agent for smooth legal proceedings.

How: Executing Each Step with Precision

How to Navigate TDSR and LTV?

Understand TDSR and LTV rules for prudent financial planning, ensuring compliance with current regulations.

How to Progress from Expressing Interest to Ownership?

Execute each step meticulously, from expressing interest to collecting keys, ensuring timely payments and legal commitments.

Frequently Asked Questions (FAQs)

Q1: Can CPF be Used for Stamp Duty?
A: Yes, depending on circumstances, CPF can be utilized for Stamp Duty and other associated fees.

Q2: What is the Significance of Buyer’s Stamp Duty (BSD)?
A: BSD is a mandatory payment upon signing the S&P agreement, indicating legal ownership.

Q3: How to Ensure a Smooth Financial Transition during Construction?
A: Staggered payments and understanding the progressive payment schedule facilitate a seamless financial transition.

Embark on the journey of purchasing a new launch condo armed with a 5W1H understanding. Each step, from financial preparation to key milestones, becomes a deliberate and informed choice, transforming your investment into a rewarding experience.

Disclaimer: The information provided is for general informational purposes only and should not be construed as professional advice. Please consult with a qualified real estate professional for personalized guidance.