Answer
Progressive Payment Schedule — New Launch Condos
Buying a new launch condo? You don't pay everything upfront. Here's the exact payment schedule — stage by stage, with real dollar amounts.
Answer: New launch condos in Singapore follow a progressive payment schedule. You pay 5% booking fee upfront, then 15% at S&P signing (total 20% down payment). After that, you pay 5–10% at each construction milestone: foundation, reinforced concrete, walls, ceiling, wiring, car park. At TOP you pay 25%, and the final 15% at CSC. Your bank loan is drawn down progressively — you only pay interest on the amount disbursed, not the full loan.
Standard Progressive Payment Schedule
This schedule is mandated by the Housing Developers (Control and Licensing) Act. Every new launch follows this structure:
| Stage | % of Price | Cumulative | Typical Timing |
|---|---|---|---|
| Booking fee (exercise of OTP) | 5% | 5% | Day of booking |
| S&P Agreement signing | 15% | 20% | Within 8 weeks |
| Foundation work completed | 10% | 30% | ~6–12 months |
| Reinforced concrete framework | 10% | 40% | ~12–18 months |
| Partition walls | 5% | 45% | ~18–24 months |
| Ceiling / roofing | 5% | 50% | ~20–26 months |
| Electrical wiring / plumbing | 5% | 55% | ~22–28 months |
| Car park, roads, drains | 5% | 60% | ~24–30 months |
| TOP (Temporary Occupation Permit) | 25% | 85% | ~30–42 months |
| CSC (Certificate of Statutory Completion) | 15% | 100% | ~42–48 months |
Schedule per Housing Developers (Control and Licensing) Act. Timings are estimates and vary by project complexity.
What It Looks Like in Dollars
Real amounts at three common price points. Down payment assumes 75% LTV bank loan.
| Stage | $1M Condo | $1.5M Condo | $2M Condo |
|---|---|---|---|
| Booking (5%) | $50,000 | $75,000 | $100,000 |
| S&P (15%) | $150,000 | $225,000 | $300,000 |
| Foundation (10%) | $100,000 | $150,000 | $200,000 |
| RC framework (10%) | $100,000 | $150,000 | $200,000 |
| 4 stages × 5% | $50,000 each | $75,000 each | $100,000 each |
| TOP (25%) | $250,000 | $375,000 | $500,000 |
| CSC (15%) | $150,000 | $225,000 | $300,000 |
| Total | $1,000,000 | $1,500,000 | $2,000,000 |
How the Bank Loan Draws Down
Your bank loan does not disburse all at once. Here's how it works for a $1.5M condo with 75% LTV ($1,125,000 loan):
1. You pay the first 25% out of pocket
The first 25% ($375,000) comes from your cash (minimum 5% = $75,000) and CPF (up to 20% = $300,000). This covers the booking fee (5%), S&P (15%), and part of the foundation stage (5%).
2. Bank loan kicks in from the 26th percent
Once your 25% is used up, the bank starts disbursing for subsequent milestones. At the foundation stage (30% cumulative), the bank covers the remaining 5%. At RC framework (40% cumulative), the bank covers the full 10%.
3. Interest only on amount drawn
If the bank has disbursed $300,000 of the $1,125,000 loan, you pay interest only on $300,000. At 3.5%, that is about $875/month. Monthly payments grow as more is drawn.
4. Full mortgage starts at TOP
At TOP (85% cumulative), the bank will have disbursed most of the loan. Your monthly payments reach their final amount. For a $1,125,000 loan at 3.5% over 25 years, that is approximately $5,630/month.
Monthly Interest During Construction
Example for a $1.5M condo at 3.5% interest, 75% LTV ($1,125,000 loan):
| After Milestone | Loan Drawn | Monthly Interest |
|---|---|---|
| Foundation (30%) | $75,000 | ~$219 |
| RC framework (40%) | $225,000 | ~$656 |
| Walls (45%) | $300,000 | ~$875 |
| Ceiling (50%) | $375,000 | ~$1,094 |
| Wiring (55%) | $450,000 | ~$1,313 |
| Car park (60%) | $525,000 | ~$1,531 |
| TOP (85%) | $900,000 | ~$2,625 |
| CSC (100%) → full mortgage | $1,125,000 | ~$5,630/mo* |
*Full mortgage = principal + interest at 3.5% over 25 years. During construction, you pay interest only (no principal repayment). Bank may require partial principal repayment during construction — check your loan terms.
Progressive Payment vs Deferred Payment (DPS)
| Feature | Progressive (PPS) | Deferred (DPS) |
|---|---|---|
| When you pay | In stages during construction | 20% upfront, 80% at TOP |
| Price premium | Standard price | 2–3% higher |
| Interest during construction | On amount drawn (grows gradually) | None until TOP |
| Total cost | Lower (no price premium) | Higher (premium offsets interest savings) |
| Availability | Always available | Rarely offered (almost extinct in 2026) |
| Best for | Most buyers — lower total cost | Buyers selling existing property at TOP |
DPS is rarely offered in 2026. Almost all new launches use PPS exclusively.
Costs on Top of the Payment Schedule
The progressive payment covers the purchase price. These costs are separate:
| Cost | On $1.5M Condo | When Due |
|---|---|---|
| BSD (Buyer's Stamp Duty) | $44,600 | Within 14 days of S&P |
| Legal fees (conveyancing) | $2,500–$4,000 | At S&P signing |
| Loan legal fees | $1,500–$2,500 | At loan disbursement |
| ABSD (if applicable) | $0–$300,000 | Within 14 days of S&P |
| Total additional costs (SC 1st property) | $48,600–$51,100 |
Thinking about a new launch?
Calculate your monthly payments at each construction stage and total cash needed upfront.
FAQ
What is the progressive payment schedule for a new launch condo?
The progressive payment schedule (PPS) is the standard payment structure for new launch condos in Singapore. You pay in stages as the development is built: 5% booking fee, 15% at S&P signing (total 20% down), then 10% at foundation, 10% at reinforced concrete, four 5% payments during construction, 25% at TOP, and 15% at CSC (legal completion).
How much is the booking fee for a new launch condo?
The booking fee is 5% of the purchase price, payable when you exercise the Option to Purchase (OTP) at the showflat. On a $1.5M condo, that is $75,000. This must be paid by cheque on the day you book the unit. The remaining 15% is due within 8 weeks when you sign the Sale & Purchase Agreement.
Do I pay interest on the full loan amount from day one?
No. Under progressive payment, your bank draws down the loan in stages — you only pay interest on the amount disbursed so far. For example, if the bank has drawn down $300K of a $1.125M loan, you pay interest only on $300K. Monthly payments start small and increase as more milestones are reached.
Can I use CPF for the progressive payments?
Yes. CPF OA funds can be used for the progressive payments, subject to the CPF Valuation Limit and Additional Withdrawal Limit. Your CPF will be drawn down progressively alongside the bank loan to meet each payment milestone. CPF cannot be used for the Cash Over Valuation portion if any.
What happens if the developer delays construction?
Developers are required by law to complete the project within a certain timeframe (typically 3–4 years from S&P for non-landed, 5–6 years for landed). If they miss the deadline, buyers may be entitled to liquidated damages. During any delay, you continue paying interest only on the amount drawn so far — no new milestone payments until the next stage is completed.
What is the difference between PPS and DPS (Deferred Payment Scheme)?
PPS (Progressive Payment Scheme) requires stage payments throughout construction. DPS (Deferred Payment Scheme) lets you pay only 20% upfront and the remaining 80% at TOP. DPS typically comes with a 2–3% price premium and is rarely offered today. PPS is lower total cost for most buyers.
Related
- Progressive Payment Scheme — overview of how PPS works
- New Launch Buying Process — showflat to keys in 3–5 years
- Under-Construction Condo Payment — what you pay while it's being built
- Down Payment for First Condo — 5% cash + 20% CPF/cash
- Mortgage Calculator — monthly payments for any loan
Last updated Feb 2026. Payment schedule per Housing Developers (Control and Licensing) Act. Interest rates are indicative at 3.5%. This is general information, not financial advice.