Answer
New Launch Condo Payment Milestones — Full Schedule (2026)
Buying a new launch condo means paying in stages over 3–4 years as the developer builds. Here's exactly when each payment falls, how much cash you need, and what your monthly outflow looks like at every milestone.
Answer: You pay 5% booking, then 15% on exercise (total 20% within 8 weeks), followed by 7 construction stages from foundation to TOP. For a $1.5M condo, upfront cash needed is roughly $120K (5% cash + stamp duty). During construction, interest-only payments start at ~$438/mo and climb to ~$1,148/mo. Full mortgage kicks in at TOP: ~$5,640/mo.
Progressive Payment Schedule ($1.5M Condo)
75% LTV bank loan, 3.5% interest rate
| Stage | % | Amount | Cumulative |
|---|---|---|---|
| Booking fee | 5% | $75K | 5% |
| Exercise of OTP | 15% | $225K | 20% |
| Foundation | 10% | $150K | 30% |
| RC framework | 10% | $150K | 40% |
| Brick/partition walls | 5% | $75K | 45% |
| Ceiling/roofing | 5% | $75K | 50% |
| Electrical wiring | 5% | $75K | 55% |
| Car park/roads/drains | 5% | $75K | 60% |
| TOP (move-in) | 25% | $375K | 85% |
| CSC (legal completion) | 15% | $225K | 100% |
BSD of $44,600 is payable separately within 14 days of S&P signing.
Monthly Interest During Construction
Interest-only on loan amount drawn at each stage (3.5% p.a.)
| After Stage | Loan Drawn | Monthly Interest |
|---|---|---|
| Foundation (30%) | $150K | $438/mo |
| RC framework (40%) | $300K | $875/mo |
| Ceiling/roofing (50%) | $450K | $1,313/mo |
| Car park (60%) | $600K | $1,750/mo |
| TOP (85%) — full P&I | $1,125K | $5,640/mo |
After TOP, full principal + interest repayment begins (25-year tenure shown).
Calculate your exact cash flow for a new launch
Plug in your target condo price, income, and CPF balance to see your monthly outflow at every construction stage.
FAQ
What is the progressive payment schedule for a new launch condo?
You pay in stages as the developer builds. For a $1.5M condo: (1) Booking fee — 5% ($75K) on the day you book. (2) Exercise of OTP — 15% ($225K) within 8 weeks, bringing total to 20%. (3) Stamp duty (BSD) — $44,600, payable within 14 days of S&P signing. (4) Foundation stage — 10% ($150K). (5) Reinforced concrete framework — 10% ($150K). (6) Brick/partition walls — 5% ($75K). (7) Ceiling/roofing — 5% ($75K). (8) Electrical wiring — 5% ($75K). (9) Car park/roads/drains — 5% ($75K). (10) TOP — 25% ($375K). (11) CSC (legal completion) — 15% ($225K). Total: 100% ($1.5M). The first 20% is typically cash + CPF. From foundation onward, your bank loan kicks in — you only pay interest on the progressive drawdowns, not the full loan amount.
How much cash do I actually need upfront for a new launch condo?
For a $1.5M new launch (first property, 75% LTV bank loan): Booking fee 5% = $75K (minimum $37.5K cash, rest from CPF OA). Exercise 15% = $225K (CPF OA can cover most of this, but 5% of purchase price must be cash — so $75K cash total for the 20%). Stamp duty BSD = $44,600 (cash or CPF). So within the first 2 months, you need roughly $75K cash + $44.6K stamp duty = ~$120K in cash. From foundation stage onward, your bank disburses the loan progressively — you pay interest-only on whatever has been drawn. At 3.5% on a $150K drawdown (foundation 10%), that is about $438/mo in interest. Your full mortgage payment only starts after TOP when the entire loan is drawn down.
When does each payment milestone typically fall?
Timelines vary by project, but a typical 3-4 year build: Month 0 — Booking (5%). Month 2 — Exercise OTP (cumulative 20%). Month 6-12 — Foundation (30%). Month 12-18 — RC framework (40%). Month 18-24 — Brick walls (45%). Month 24-28 — Ceiling/roofing (50%). Month 28-32 — Electrical wiring (55%). Month 32-36 — Car park/roads (60%). Month 36-42 — TOP (85%). Month 42-48 — CSC/legal completion (100%). For a $2M condo, your monthly interest-only payment grows from ~$580/mo after foundation to ~$2,920/mo just before TOP. After TOP, your full mortgage kicks in — about $7,510/mo on a $1.5M loan at 3.5% over 25 years.
Can I use CPF for progressive payments?
Yes. CPF OA can be used for the 20% down payment (booking + exercise) and the progressive stage payments. However, the first 5% of purchase price MUST be cash for bank loans. For a $1.5M condo: 5% cash = $75K, then up to 15% from CPF OA = $225K. After the 20% deposit, the bank loan covers progressive drawdowns — so CPF is not drawn further until TOP. At TOP, any remaining down payment or shortfall comes from CPF or cash. One key detail: if you are using CPF for the booking fee at the showflat, you need to have submitted your CPF withdrawal application and gotten approval — this takes 2-3 weeks. Many buyers pay the 5% booking in cash first, then get CPF reimbursement later.
What happens if I miss a progressive payment?
The developer issues a 14-day notice to pay. If you still do not pay, they can: (1) charge interest at 10% p.a. on the overdue amount, (2) after 14 days, annul the sale and forfeit up to 20% of the purchase price. For a $1.5M condo, that is up to $300K forfeited. In practice, developers usually give some grace — especially for the later stages — because they would rather have a completed sale than an empty unit. But legally, they hold the power. If you are struggling with cash flow, talk to the developer early. Some allow short deferrals (2-4 weeks) without penalty. The bank loan drawdowns are automatic — the bank pays the developer directly at each stage, so missing payments is rare once the loan is in place.
How does the interest-only period work during construction?
During the progressive payment phase, you only pay interest on the amount drawn — not the full loan. Example for a $1.5M condo with 75% LTV ($1.125M loan) at 3.5%: After foundation (10% = $150K drawn from loan): interest = $150K x 3.5% / 12 = $438/mo. After RC framework (cumulative 20% from loan = $300K): $875/mo. After ceiling/roofing (cumulative 35% = $393.75K): $1,148/mo. After TOP (cumulative 65% from loan = $843.75K): full principal + interest kicks in — about $5,640/mo on remaining 25-year tenure. The interest-only period is a significant cash flow advantage — you are paying $438-$1,148/mo for 2-3 years instead of $5,640/mo. But remember, these interest payments do not reduce your principal. Your full loan balance at TOP is still $1.125M.
Related
- Progressive Payment Scheme — overview of PPS vs DPS
- Progressive Payment Schedule (New Launch) — detailed stage-by-stage
- Under-Construction Condo Payment — how payments work before TOP
- New Launch Condo Buying Process — full 3–5 year journey
- New Launch vs Resale Condo — cost and timeline comparison
- Under-Construction Condo Risks — delays, defects, market risk
Last updated Feb 2026. Progressive payment percentages follow Housing Developers (Control and Licensing) Act schedule. Interest calculations assume 3.5% p.a. Actual timelines vary by project. This is general information, not financial advice.