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Timeline Buying Guide For New Launch 2024


Navigating the process of buying a new launch property in Singapore can be overwhelming, especially when it comes to understanding the timeline of payments. This comprehensive guide aims to provide you with step-by-step instructions on how to approach the buying process, allowing you to plan your finances effectively and make informed decisions. By following this guide, you’ll gain a clearer picture of the timeline, from the initial assessment to collecting the keys to your new home.

Step 1: Loan Eligibility Assessment (Get an IPA)
Obtaining an In-Principle Approval (IPA) from a mortgage banker is crucial as it determines the loan amount you are eligible for. By knowing the loan amount, you can calculate your initial down payment and narrow down your property search based on your budget.

Step 2: Research and Shortlist Suitable Projects

Before diving into the property search, it’s essential to conduct thorough research and create a shortlist of projects that meet your requirements. Consider the following factors:

  1. New Launch Projects: Researching the available projects with the most up-to-date information can be time-consuming. However, StarBuyCondo is a property platform that offers comprehensive information on the latest new launches in the market. This saves homebuyers hours of searching through the vast internet for relevant details. Additionally, StarBuyCondo regularly updates homebuyers on the latest promotions and early-bird discounts available, ensuring that they are well-informed about any advantageous offers.
  2. Location: Evaluate the proximity of the property to essential amenities like schools, workplaces, public transportation, and recreational facilities. A convenient location can greatly enhance your lifestyle and ease daily commuting.
  3. Developer Profile & Past Track Record: Research the reputation and track record of the developer. Look for reviews and feedback from previous projects to assess their workmanship and commitment to quality.
  4. TOP Date: Take note of the project’s estimated Temporary Occupation Permit (TOP) date. This information will help you plan your timeline and expectations for when the property will be ready for occupancy.
  5. Layout and Floor Plans: Consider the available layouts and floor plans of the units. Determine if they align with your preferences and lifestyle needs, such as the number of bedrooms, living space, and functional areas.
  6. Facilities and Amenities: Explore the range of facilities and amenities provided within the project or its vicinity. This could include features like swimming pools, fitness centers, gardens, and nearby shopping centers or parks.
  7. Future Development and Appreciation Potential: Examine the master plan and upcoming developments in the surrounding area. Look for initiatives that could potentially enhance the value of the property over time, such as infrastructure projects, commercial developments, or improvements in transportation.
  8. Rental Yield and Exit Strategy: Evaluate the rental potential of the property by researching the rental market in the area. Additionally, consider your long-term plans and potential exit strategies, such as selling the property for capital gains or rental income. (See also: Rental Yield Calculator)


By considering these factors, you can create a shortlist of projects that align with your preferences and requirements, making your property search more efficient and focused.

Step 3: Visit Showflat
Visiting the showflat allows you to gather essential information and make a more informed decision:

  • Sales Presentation: Gain a clearer understanding of the project through the salesperson’s presentation.
  • Quality Assessment: Examine the materials used in carpentry work, flooring, and other important aspects.
  • Living Space: Gauge the size and layout of the living spaces to determine if they meet your requirements.
  • Site Plan and Amenities: Understand the overall layout of the development and the facilities available.
  • Provided Goods and Brands: Take note of the appliances and brands provided in the unit.
  • Smart Home Features: Inquire about any smart home features included in the property.


Step 4: Understand the Progressive Payment and Timeline
The salesperson or your agent will go through the financing details and timeline and help you familiar with the payment process. This will better help you to know and plan out your financing method before committing to a purchase. Refer to the provided table at Step 9, this guide for a comprehensive breakdown of the progressive payment schedule based on the construction stages.

Step 5: Evaluate and Discuss with Spouse and Family
Before making a decision, have an open discussion with your spouse and family members. Consider factors such as how the property will enhance your lifestyle, financial management, and potential future needs.

Step 6: Book a Unit
After selecting your desired unit, you will need to book it by submitting an Option to Purchase (OTP) and paying a booking fee of 5%.

Step 7: Engage a Banker and Solicitor for Conveyancing
Within the next 2 weeks, engage a solicitor to review the Sale & Purchase Agreement (SPA) and handle the conveyancing process. Simultaneously, work with a banker to secure the official approval for your loan.

Step 8: Exercise Sale & Purchase Agreement at the Law Firm
Once the SPA is reviewed and approved, exercise it at the law firm within 3 weeks and pay the stamp duty within 2 weeks after exercising it.

Step 9: Progressive Payment Based on Construction Stage
Please refer to the table below for the specific payment percentages and timelines based on each construction stage:

Progress Payment Schedule
Initial Payment
Stage & Payable Fees (%) Timeline Mode of Payment
Booking of Unit: Option to Purchase (5%) Day 1 Cash Only
Engage a Solicitor
& Mortgage Banker
Delivery of Sale & Purchase Agreement
Next 2 Weeks Cash / CPF
Exercise Sale & Purchase (15%) Within 3 Weeks Cash / CPF
BSD / ABSD Within 14 Days Cash / CPF
Legal Fees: $2500 ~ $4000 Cash / CPF
Progressive Payment Based On Construction Stage
Stage 1: Foundation (10%) Est. 6 ~ 9 months from launch Cash / CPF / Loan
Stage 2: Unit Concrete Framework (10%) Est. 6 ~ 9 months Cash / CPF / Loan
Stage 3: Brick Walls (5%) Est. 3 ~ 6 months Cash / CPF / Loan
Stage 4: Ceiling/Roofing (5%) Est. 3 ~ 6 months Cash / CPF / Loan
Stage 5: Door/Window/Plumbing/Wiring (5%) Est. 3 ~ 6 months Cash / CPF / Loan
Stage 6: Carparks/Roads/Drains (5%) Est. 3 ~ 6 months Cash / CPF / Loan
Stage 7: TOP (25%) Next 1 year Cash / CPF / Loan
Stage 8: Cert. of Completion (15%) Up to 27 years or
your Loan Tenure
Cash / CPF / Loan

For more details, you may read the full Progress Payment Scheme.

TIPS: Remember to consult with professionals such as property agents, financial advisors, and lawyers to ensure a smooth and successful property purchase. Taking the time to understand the timeline and payment structure will enable you to plan your finances and make informed decisions.

Navigating the world of property buying can be overwhelming, but with the right knowledge and guidance, you can make informed decisions and embark on a successful journey. This timeline buying guide for new launches in 2024 equips you with valuable insights into the process, from obtaining an IPA and shortlisting projects to understanding the progressive payment schedule and engaging professionals.

By following the steps outlined in this guide, you’ll gain a clearer understanding of the timeline involved in purchasing a new property, allowing you to plan your finances, narrow down your options, and ultimately secure your dream home or investment. Remember to conduct thorough research, evaluate your needs and preferences, and seek expert advice when needed.

As you embark on this exciting endeavor, take your time, stay informed, and trust your instincts. A well-planned property purchase can not only provide a comfortable living space but also be a significant asset for the future. By leveraging the knowledge and tips shared in this guide, you’re on your way to making a well-informed decision that aligns with your goals and aspirations.

Happy property hunting and may your new launch purchase in 2024 be a rewarding and fulfilling experience!

Frequently Asked Questions (FAQs)

Obtaining an In-Principle Approval (IPA) from a mortgage bank serves two key purposes. Firstly, it allows you to assess your loan eligibility and determine the amount you can borrow. This knowledge helps you understand your financial capabilities and sets a budget for your property search. Secondly, having an IPA in hand demonstrates your seriousness as a buyer to developers and sellers, giving you an advantage in negotiations and securing your desired property.

To ensure the developer’s reputation, you can undertake the following steps:

  • Research the developer’s track record and experience in the industry.
  • Check if the developer has completed previous projects successfully and if they have received positive feedback from buyers.
  • Review online forums, property websites, and social media platforms for any information or complaints related to the developer.
  • Seek recommendations from real estate professionals or individuals who have previously purchased properties from the developer.

Exercising the Sale and Purchase Agreement within the stipulated timeframe is crucial as it formalizes your commitment to purchase the property. This step ensures that both parties (buyer and developer) are bound by the terms and conditions of the agreement. Failing to exercise the agreement within the specified timeframe may result in the forfeiture of your booking fee and the potential loss of the property.

It is recommended to engage a solicitor and a mortgage banker early in the buying process. Once you have identified a property and obtained an IPA, you should engage a mortgage banker to proceed with the formal loan approval process. Simultaneously, you should engage a solicitor who will assist in reviewing legal documents, conducting due diligence on the property, and facilitating the conveyancing process.

In addition to the progressive payment, you should consider the following additional costs:

  • Buyer’s Stamp Duty (BSD): This is a tax imposed on the purchase price or market value of the property, whichever is higher.
  • Additional Buyer’s Stamp Duty (ABSD): Applicable to buyers who are Singapore Permanent Residents (PRs) or foreigners purchasing residential properties.
  • Legal Fees: These include legal services provided by the solicitor for reviewing the Sale and Purchase Agreement and facilitating the conveyancing process.
  • Valuation Fees: Required by the bank to assess the value of the property.
  • Renovation and Furnishing Costs: Budget for any renovations, interior design, or furnishing expenses after the property is handed over.

In the event of construction delays, developers are typically bound by contractual obligations to complete the project within a specified timeframe. However, there may be circumstances beyond their control that cause delays. It is essential to review the Sale and Purchase Agreement to understand the provisions related to construction delays, including compensation mechanisms and extensions of the completion date

Disclaimer: The information provided on this website is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. We strongly recommend that you verify all the information with the direct official sources before any sale, rent and purchase of any property. Any reliance you place on such information is therefore strictly at your own risk. We do not assume any responsibility or liability for any errors or omissions in the content of this website or for any action taken by users based on information provided on this website.

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