Payment Scheme
Tampines 11 Payment Scheme
When buying a Tampines 11 condo, buyers have the option to pay for the property progressively, in stages, instead of paying the full amount upfront. This payment scheme is known as the Progressive Payment Schedule (PPS).
Progressive Payment Scheme (PPS)
The Progressive Payment Scheme (PPS) is a payment structure designed for properties that are still under construction, commonly referred to as Buildings Under Construction (BUC). This scheme allows buyers to make payments in stages, corresponding to the completion of certain construction milestones.
Below is an example of a typical payment schedule for a new launch condo using the PPS, based on the information provided in the search results:
| Stage | Percentage of Purchase Price | Description | Payment Timing | Payment Mode |
|---|---|---|---|---|
| 1st | 5% | Booking & Obtaining Option To Purchase (OTP) Tampines 11 | Day 1 | Cash |
| Engage a solicitor (~$3000) | ASAP | Cash | ||
| Select Mortgage Loan (Stamp fee ~$500) | ASAP | Cash or CPF OA | ||
| 15% | Downpayment for Tampines 11 | Within eight weeks from Date of Option | Cash or CPF OA | |
| Buyer’s Stamp Duty (BSD) For Tampines 11 | Within two weeks upon signing S&P | Cash or CPF OA | ||
| Additional Buyer’s Stamp Duty (ABSD) For Tampines 11 | Within two weeks upon signing S&P | Cash or CPF OA | ||
| 2nd | 5% | Completion of Foundation Work For Tampines 11 | Upon completion | Cash or CPF OA |
| 3rd | 10% | Completion of Reinforced Concrete Framework | Upon completion | Bank Loan |
| 4th | 5% | Completion of Brick Wall For Tampines 11 | Upon completion | Bank Loan |
| 5th | 5% | Completion of Ceiling / Roofing For Tampines 11 | Upon completion | Bank Loan |
| 6th | 5% | Completion of Doors & Windows, Electrical Wiring, Plumbing & Internal Plastering Of Tampines 11 | Upon completion | Bank Loan |
| 7th | 5% | Completion of Car Park, Roads and Drains For Tampines 11 | Upon completion | Bank Loan |
| 8th | 25% | Obtaining Temporary Occupation Permit (TOP) For Tampines 11 | Upon completion | Bank Loan |
| 9th | 15% | Upon Production of the Certificate of Statutory Completion (CSC) | Upon completion | Bank Loan |
The initial stages of the PPS involve a 5% booking fee and a 15% downpayment, followed by payments for the Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty. Subsequent payments are made as construction progresses, with the percentage of the purchase price paid at each stage varying from 5% to 25%. The final payment is made upon the production of the Certificate of Statutory Completion (CSC).
It’s important to note that while this table provides a general outline, the exact payment schedule can vary depending on the specific terms set by the developer and the progress of the construction. Buyers should consult with their solicitors and mortgage advisors to understand the specific details and financial implications of their purchase under the PPS
The PPS allows buyers to make payments at various stages of the construction process. This means that the buyer will only need to pay a small percentage of the total purchase price at the time of booking, and the remaining balance will be paid in stages as the construction progresses.
Overall, the PPS provides buyers with a more manageable way to finance their new launch condo purchase. With the ability to pay in stages, buyers can better plan their finances and avoid the burden of paying the full amount upfront.