Payment Scheme
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).
| Stage | Standard Payment Scheme (%) |
|---|---|
| Upon the grant of Option to Purchase | 5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement | 20% less Booking Fee |
| Completion of foundation work | 10% |
| Completion of reinforced concrete framework | 10% |
| Completion of partition walls of unit | 5% |
| Completion of roofing/ceiling of unit | 5% |
| Completion of door sub frames/door frames, window frames, electrical wiring, internal plastering, and plumbing of unit | 5% |
| Completion of car park, roads, and drains serving the housing project | 5% |
| Notice of Vacant Possession (TOP) | 25% |
| On Completion date of Parktown Residences | 15% |
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.
The following table shows an example of a typical payment schedule for a new launch condo using the PPS:
It is important to note that the payment schedule may vary depending on the developer and the project. Buyers should always consult with their property agent or lawyer to understand the payment schedule and any associated fees or charges.
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.
The payment timeline for Parktown Residences
| Stage | Payment | Typical Timeline |
|---|---|---|
| Booking Fee | 5% of purchase price | Upon booking |
| Option to Purchase (OTP) | – | Granted within 14 days |
| Sale & Purchase Agreement (S&PA) | – | Sign within 3 weeks of receiving |
| Down Payment | 15% of purchase price (minus booking fee) | Within 8 weeks of exercising option |
| Stamp Duties (BSD & ABSD) | Varies | Within 14 days of signing S&PA |
| Legal and Valuation Fees | S$2,500 – S$4,000 | Upon engagement |
| Foundation Work | 10% | 6-9 months from launch |
| Reinforced Concrete Framework | 10% | 12-18 months from launch |
| Brick Walls | 5% | 15-24 months from launch |
| Ceiling | 5% | 18-30 months from launch |
| Door/Window Frames, Wiring, Plumbing | 5% | 21-36 months from launch |
| Car Park, Roads, and Drains | 5% | 24-42 months from launch |
| Temporary Occupation Permit (TOP) | 25% | Upon issuance |
| Certificate of Statutory Completion (CSC) | 15% | Upon issuance |
Construction Milestones and Progressive Payments
Embarking on a property journey involves understanding the structured payment process tied to construction milestones. This ensures a seamless progression from investment to ownership. Here’s a breakdown of the typical payment schedule:
Key Stages of Payment
- Foundation Work: 10% Payment
Occurs around 6-9 months from the project launch. - Reinforced Concrete Framework: 10% Payment
Follows approximately 6-9 months after the foundation stage. - Brick Walls: 5% Payment
Typically scheduled 3-6 months later. - Ceiling Completion: 5% Payment
Another 3-6 months down the line. - Door/Window Frames, Wiring, Plumbing: 5% Payment
Expected within the next 3-6 months. - Car Park, Roads, and Drains: 5% Payment
Also within a 3-6 month timeframe. - Temporary Occupation Permit (TOP): 25% Payment
- Certificate of Statutory Completion (CSC): Final 15% Payment
Important Considerations
Monthly loan repayments generally commence after the first bank disbursement, depending on your loan-to-value ratio. Payments are due within 14 days of receiving the developer’s notice for each stage. If the purchase is made later in the construction phase, be prepared to settle multiple stage payments simultaneously. Always consult official documentation for specific timelines and percentages unique to your condo launch.