Payment Scheme

Parktown Residence and Parktown Tampines 2 copy_ Parktown Residence

Parktown Residences Payment Scheme

When buying a Parktown Residences 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:

StagePercentage of Purchase PriceDescriptionPayment TimingPayment Mode
1st5%Booking & Obtaining Option To Purchase (OTP) Parktown ResidencesDay 1Cash
Engage a solicitor (~$3000)ASAPCash
Select Mortgage Loan (Stamp fee ~$500)ASAPCash or CPF OA
15%Downpayment for Parktown ResidencesWithin eight weeks from Date of OptionCash or CPF OA
Buyer’s Stamp Duty (BSD) For Parktown ResidencesWithin two weeks upon signing S&PCash or CPF OA
Additional Buyer’s Stamp Duty (ABSD) For Parktown ResidencesWithin two weeks upon signing S&PCash or CPF OA
2nd5%Completion of Foundation Work For Parktown ResidencesUpon completionCash or CPF OA
3rd10%Completion of Reinforced Concrete FrameworkUpon completionBank Loan
4th5%Completion of Brick Wall For Parktown ResidencesUpon completionBank Loan
5th5%Completion of Ceiling / Roofing For Parktown ResidencesUpon completionBank Loan
6th5%Completion of Doors & Windows, Electrical Wiring, Plumbing & Internal Plastering Of Parktown ResidencesUpon completionBank Loan
7th5%Completion of Car Park, Roads and Drains For Parktown ResidencesUpon completionBank Loan
8th25%Obtaining Temporary Occupation Permit (TOP) For Parktown ResidencesUpon completionBank Loan
9th15%Upon Production of the Certificate of Statutory Completion (CSC)Upon completionBank Loan
Parktown Residences Progressive Payment Scheme (PPS) Table

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.