Introduction:
Getting a new property is not an easy task. With a big chunk of money, you always have to double-check everything before getting a hand in buying a property. Everyone dreams of having a new home with all the comforts. To fulfill your dream, you have to start from the foot of the hill to get to the top. This article is a complete guide on starting a search to get a cheap, new launch condo in Singapore.
A New Launch Condo: The Wise Choice:
In Singapore, there are three choices for residential property.
• HDB
• EC
• New Launch Condo
HDB and EC are public properties with strict government regulations, while the condominium is private property.
But why is a new launch condo a smart choice? The answer is crystal clear. First, there is a class difference. In Singapore, a condo has become a status symbol. Second, people tend to buy a new condo launch for luxury as it has all the amenities like swimming pools, grill, garden area, sports area, gymnasium, etc. Most importantly, you don’t have to take care of the maintenance. Condo management takes care of the maintenance by itself.
Most of the people in Singapore, especially the younger generation, tend to move in new but cheap condos. They have other options like HDB and EC, but many of them prefer living in a condo.
Here are few steps to acquire ownership of your new condo:
Jump into Searching Venture:
Search for a suitable condo launch is a venture in itself. You have to choose the best new launch condo development and the suitable unit within the development for yourself. The first and foremost source of search is the internet—Mark all of the condo launches you want to visit and look into. Condo launches also advertise their new launches in newspapers and flyers. You can mark the date of new launches.
A Rough Estimate of Finances:
Estimate your finance is a problematic step yet necessary. You can make a rough estimation of all expenses and know how much you can spend buying a condo. You can check bank loan limits and CPF OA also.
It is recommended to get AIP (Approval in principle), so you can get an idea:
• How much loan bank will give you?
• How much you have to pay the monthly mortgage amount?
Different banks offer different deals, so you have to check which one suits you more.
New Condo Launches:
New condo launches are beneficial in many ways. The developers give
• Vouchers,
• Early bird discounts and
• Some compensation from stamp duty.
Here is the list of some of the new condo launches of 2021:
• Park Nova
• Irwell Hill Residences
• Normanton Park
• One North Eden
• Peak Residence
• Klimt Cairnhill
• Les Maisons Nassim
• The Reef at King’s Dock
You can check these launches for a suitable condo. Each of these launches has a beautiful and different location. They have all the facilities a family can need.
How will you choose which condo launch is best for you? The answer to this question is simple. Check your priorities. Make a list of your preferences. If you like quietness and less dense areas, try to find a condo launch away from the city center.
If you have school-going children and need school and other amenities near your unit, then Normanton Park, Park Nova, Les Maisons Nassim are best.
If you like breath-taking locations, then choose condo launches with waterfront view like
• The Reef at King’s Dock
• Peak Residence
Visit Your Favorite Site:
You can even visit the launch 1 or 2 weeks before the opening of the launch. The developer does not reveal the prices of the units. However, you can ask for a rough estimation. We will recommend selecting multiple companies because it’s unnecessary to get the same unit that you want. There could be many competitors for it.
If you intend to buy any unit, you can fill EOI (Expression of interest) form and write a blank cheque in the developer’s name with a 5% amount of purchase. You should carefully write the cheque. This step will express your interest in purchasing a selected unit. The developer will return payment if you do not proceed afterward.
Afterward, you must show up on the launch day. The management will give you a number. Wait for your call. You must have some cash with you. If they called your number, you have to deposit 5.0% cash on the spot.
How to Get OTP?
Option to purchase letter shows that you are the legal buyer of the property. Within eight weeks, you must pay another 5% booking fees in cash to the developer. In exchange for this payment, the developer will issue OTP to you. You can hire a lawyer for this procedure.
Sales and Purchase Agreement:
The developer will send two copies of the sales and purchase agreement, one to you and one to your lawyer. You must send that signed copy back to the developer.
Down Payment and Other Formalities:
Within eight weeks of getting OTP, you have to pay a down payment, 15% of the purchase price. After that, you can use your CPF OA for a down payment. After that, you have to pay BSD or ABSD, if needed. Now, real patience starts from here. First, wait for your condo to be ready. Then, you can pay the remaining 80% according to the construction rate of the apartment.
Your lawyer will take care of all the matters if you give 80% payment from the bank loan. Then, the developer will call you to pick your new condo keys, once it is ready. Congratulations! You are now an owner of a new condo.
Conclusion: The path from a wish to buy a condo to get it is long and awaiting but fruitful. Searching for a cheap and new condo launch is not that difficult. All you have to do is to sit and make a wish list. Think about what do you need and want. It is the essential point. Once it is done, things start getting more accessible because you know your direction now. The next main point is financing. It is not that difficult to get a home loan from a bank in a country like Singapore. Financing problem is also solved. So, take the above steps and get your condo to your dream location.
