Answer
New Launch Condo Buying Process — Step-by-Step
Buying a new launch condo is a very different experience from buying resale. Here's the full process from showflat to key collection, with timelines and payment milestones.
Answer: The new launch condo buying process takes 3–5 years from booking to moving in. The journey: showflat visit → ballot & booking (5% cash) → S&P agreement (another 15% within 8 weeks) → progressive payments (5–10% at each construction milestone) → TOP (25% + move in) → CSC & key collection (final 15%). You pay interest only on the loan amount drawn down — full mortgage payments start at TOP.
Step-by-Step Process
| Step | What Happens | Timeline |
|---|---|---|
| 1. Research & showflat | Visit showflat, review floor plans, compare projects. Get bank AIP. | Before launch |
| 2. Ballot / e-application | Register interest, get a ballot number. Wait for your turn to select. | Launch weekend |
| 3. Unit selection & booking | Choose your unit. Sign OTP. Pay 5% booking fee (cash/cashier's order). | Day 0 |
| 4. Cooling-off period | 3 working days to cancel (forfeit 25% of booking fee if you do). | 3 working days |
| 5. Appoint lawyer | Engage a conveyancing lawyer to handle the S&P agreement. | Within 2–3 weeks |
| 6. Sign S&P agreement | Sign Sale & Purchase with developer. Pay another 15% (CPF/cash). | Within 8 weeks of booking |
| 7. Pay stamp duty | BSD + ABSD (if applicable) within 14 days of signing S&P. | Within 14 days of Step 6 |
| 8. Progressive payments | Pay 5–10% at each construction milestone. Bank draws down loan progressively. | Over 2–4 years |
| 9. TOP & key collection | Temporary Occupation Permit issued. Pay 25%. Collect keys, inspect unit. | 3–5 years from booking |
| 10. CSC & final payment | Certificate of Statutory Completion. Pay final 15%. Title transfer. | 6–12 months after TOP |
Payment Milestones — $1,500,000 Example
Under the Progressive Payment Scheme (standard for all new launches):
| Milestone | % of Price | Amount | Cumulative |
|---|---|---|---|
| Booking fee | 5% | $75,000 | $75,000 |
| S&P signing | 15% | $225,000 | $300,000 |
| Foundation | 10% | $150,000 | $450,000 |
| Reinforced concrete | 10% | $150,000 | $600,000 |
| Walls | 5% | $75,000 | $675,000 |
| Ceiling / roofing | 5% | $75,000 | $750,000 |
| Electrical / plumbing | 5% | $75,000 | $825,000 |
| Car park / roads | 5% | $75,000 | $900,000 |
| TOP | 25% | $375,000 | $1,275,000 |
| CSC | 15% | $225,000 | $1,500,000 |
First 20% (booking + S&P) comes from your down payment (5% cash + 15% CPF). Bank loan kicks in from foundation stage onward.
What Happens at Each Stage
Showflat & research
Visit the showflat before launch. Study the floor plans, site plan, and unit mix. Compare psf with nearby projects. Get a bank AIP so you know your budget. Check the developer's track record.
Ballot & booking
On launch day, you ballot for a queue number. If drawn, you select your unit and sign the OTP on the spot. The 5% booking fee must be paid immediately via cashier's order or cheque. You then have a 3-day cooling-off period.
S&P agreement
Within 8 weeks, you appoint a lawyer and sign the Sale & Purchase agreement. You pay another 15% of the purchase price (can use CPF OA). Stamp duty (BSD + ABSD) is due within 14 days of signing.
Construction & progressive payments
Over 2–4 years, the developer hits construction milestones. At each milestone, the bank draws down part of your loan and pays the developer. You pay interest only on the amount drawn — keeping your monthly outlay low during construction.
TOP & key collection
When the condo receives its Temporary Occupation Permit, you pay 25% of the price, collect your keys, and can move in. This is when your full mortgage payments begin. Do a thorough defect inspection within the 1-year Defect Liability Period.
CSC & final payment
6–12 months after TOP, the project receives its Certificate of Statutory Completion. You make the final 15% payment. The strata title is transferred, and the condo is legally complete.
Additional Costs to Budget For
| Cost | Amount ($1,500,000 condo) | When |
|---|---|---|
| BSD | $44,600 | 14 days after S&P |
| ABSD (SC 2nd property) | $300,000 | 14 days after S&P |
| Legal fees | $3,000–$5,000 | At S&P signing |
| Sinking fund (at TOP) | $900–$2,400 | At TOP |
| Renovation | $30,000–$80,000 | After key collection |
| Defect inspection | $250–$500 | After key collection |
ABSD only if applicable (2nd+ property for SC, all properties for PR/foreigner). BSD payable from CPF OA. ABSD must be cash.
Running the numbers on a new launch?
Calculate your stamp duty, monthly payments, and total cash needed before you ballot.
FAQ
How long does it take from booking to moving in?
Typically 3–5 years for a new launch condo. This includes construction time (2.5–4 years), followed by TOP (Temporary Occupation Permit) when you can move in. The exact timeline depends on the project’s construction progress and developer.
How does the ballot system work at a new launch?
For popular launches, the developer holds a ballot to determine the order buyers get to choose their units. You register during the preview period, get a ballot number, and if your number is drawn, you choose a unit on your appointed day. Some launches are so popular that not everyone who ballots gets to buy.
How much cash do I need to book a new launch unit?
You need 5% of the purchase price in cash (or cashier’s order) as the booking fee when you exercise the OTP. For a $1.5M condo, that’s $75,000. This is non-refundable after the cooling-off period (3 working days). Another 15% (S&P signing) can come from CPF OA.
What is the cooling-off period for new launches?
After booking, you have a 3 working day cooling-off period during which you can cancel. If you cancel, you forfeit 25% of the booking fee (i.e., 1.25% of the purchase price). After the cooling-off period, cancellation forfeits the full 5% booking fee.
When do I start paying my mortgage for a new launch?
Under the Progressive Payment Scheme, the bank draws down the loan in stages as construction progresses. You pay interest only on the amount drawn — so your monthly payments start small and grow over 3–5 years. Full mortgage payments begin at TOP when the entire loan is disbursed.
Can I sell my new launch unit before TOP?
Yes, but you’ll pay Seller’s Stamp Duty (SSD) if you sell within 3 years of purchase (the date is from S&P signing, not TOP). SSD rates are 12%/8%/4% in years 1/2/3. You also can’t use the Sub-Sale route if SPA is assigned — check with your developer.
Related
- Progressive Payment Scheme — pay in stages as condo is built
- New Launch vs Resale Condo — pros and cons comparison
- Option to Purchase (OTP) — what OTP means
- New Condo Defect Inspection — 1-year DLP, $250–$500
- Down Payment for First Condo — 25% (5% cash + 20% CPF)
Last updated Feb 2026. Payment schedule per Housing Developers (Control and Licensing) Act. Timelines vary by project. This is informational, not financial or legal advice.