Step-by-Step Guide to Buying a Condominium in Singapore

Buying a new launch or Resale condominium in Singapore as a foreigner is a straightforward process when you understand the proper steps and timeline. Below is a clear step-by-step guide to help foreign buyers—especially US citizens and international investors—navigate the entire process smoothly.

Introduction: Buying a New Launch Condominium in Singapore

Buying a new launch condominium in Singapore allows buyers to purchase a property directly from the developer, often at an early stage of development. This option is popular among investors seeking long-term capital appreciation, as new launches typically offer modern designs, better layouts, and strong future value potential.

The purchase process follows a structured and government-regulated framework, with payments made progressively according to construction milestones. While the overall timeline is longer—usually 3 to 4 years until completion—the staggered payment schedule provides greater flexibility in financial planning, making new launch condominiums especially attractive to foreign investors.

Step 1: Financial Planning & In-Principle Approval (IPA)

Before committing to any property, buyers intending to take a bank mortgage should first obtain an In-Principle Approval (IPA) from a local bank.

📌 Why this step matters:

• Confirms your maximum loan eligibility

• Helps you determine a realistic purchase budget

• Assists in deciding the property type and location

• Prevents over-commitment

• Usually valid for 6 months

• Takes 2–4 weeks to process

• Free of charge

  
  

Step 2: Choose the Right New Launch Project

Buyers can select from new launch projects across CCR, RCR, OCR, and Sentosa Cove depending on their investment goals and financial budget.

At this stage, buyers will:

• Review developer brochures and floor plans

• Compare unit sizes, layouts, and pricing

• Understand project timelines and completion dates

  
  

Step 3: Booking the Unit & Option to Purchase (OTP)

Once a unit is selected during the official launch:

• Buyer pays Booking Fee (usually 5%)

• Developer issues the Option to Purchase (OTP)

• Unit is reserved exclusively for the buyer

  
  

📌 For new launches, buyers enjoy a 14-day cooling-off period.

Step 4: Sign the Sale & Purchase Agreement (SPA)

Within 14 days from OTP issuance:

• Buyer signs the Sale & Purchase Agreement (SPA)

• Pays an additional 15%, bringing total down payment to 20%

• Stamp duties (BSD / ABSD, if applicable) are payable

• Legal conveyancing begins

  
  

Step 5: Progressive Payment During Construction

New launch condominiums follow a progressive payment scheme, where payments are made based on construction milestones.

Progressive Payment Schedule (With Bank Loan)

Construction Stage	Payment %	Cumulative %
Booking Fee (OTP)	5%	5%
Signing SPA (within 14 days)	15%	20%
Foundation Works Completed	10%	30%
Reinforced Concrete Framework Completed	10%	40%
Brick Walls Completed	5%	45%
Roofing / Ceiling Works Completed	5%	50%
Door & Window Frames Installed	5%	55%
Car Parks, Roads & Drains Completed	5%	60%
Temporary Occupation Permit (TOP)	25%	85%
Legal Completion	15%	100%

📌 Buyers only pay as construction progresses, easing cash flow planning.

Step 6: Construction Period

• Typical construction period: 3–4 years, usually complete early.

• Buyers do not pay full purchase price upfront

• Bank loan is progressively disbursed

• Interest is charged only on the disbursed amount

  
  

This structure is particularly attractive to foreign investors who prefer staggered capital deployment.

Step 7: Temporary Occupation Permit (TOP)

When the project reaches TOP:

• Buyer pays 25%

• Keys are collected

• Unit can be occupied or rented out

  
  

📌 Final finishes may still be ongoing.

Step 8: Legal Completion

Upon legal completion:

• Remaining 15% is paid

• Property ownership is fully transferred

• Defects liability period begins (usually 12 months)

  
  

Overall Timeline for New Launch Condominiums

Stage	Estimated Timeline
Financial Planning & IPA	2–4 weeks
Unit Selection & Booking	1–2 weeks
SPA Signing	Within 14 days
Construction Period	3–4 years
TOP & Key Collection	Upon project completion
Legal Completion	3–6 months after TOP

Introduction: Resale Condominium Purchase Process & Timeline

Buying a resale condominium in Singapore offers a more straightforward and faster transaction compared to new launch projects. As the property is already completed, buyers can physically inspect the unit and complete the purchase within a shorter and more predictable timeline.

The resale purchase process typically involves price negotiation, signing an Option to Purchase (OTP), arranging bank financing, and legal conveyancing, with the entire transaction usually completed within 8 to 12 weeks. This makes resale condominiums an attractive option for foreign buyers who prefer immediate occupancy or rental readiness with greater certainty over timelines.

About Me: Singapore Property Investment Services for Foreign Buyers

I am a ERA Singapore licensed real estate professional in Singapore, specializing in helping foreign investors and US citizens navigate the Singapore property market. With extensive experience in residential property investments, I provide clear guidance on tax planning, ABSD exemptions, financing, and new launch or resale condominium purchases.

My services include:

• Market advisory for new launch and resale condos

• Assistance with taxes, ABSD eligibility, and stamp duty calculations

• Mortgage and financing coordination with local banks

• End-to-end transaction support, from property selection to key collection

  
  

With a focus on making property investment simple and compliant, I ensure every client makes informed decisions with confidence.

Contact me today to explore your Singapore property investment opportunities.

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