For many Singaporeans, looking for new homes is equivalent to buying brand-new condo units. However, there are a lot of factors to be considered in getting these properties.
Knowing where to get new property in Singapore should be the first step because the country is mainly divided into five areas: North, East, North East, West, and Central. These regions are composed of 28 districts.
Another thing to take into consideration when looking for a new launch condominium in Singapore is its vicinity.
Neighbourhood selection depends on one’s preference, whether the condominium is surrounded with more mature and well-developed infrastructure or basically has much modern amenities compared to others. The amenities should have an ideal combination of markets, clinics, gyms, shopping malls, parks, etc. It is also important for a new launch condominium in Singapore to be accessible through public transportation such as buses and the MRT. However, condominiums near MRT stations usually have a scope for capital appreciation. Do not forget to include the proximity of preferred schools within the vicinity.
Tenure is another factor to think about. Whether a condominium’s tenure is freehold like Trilive, 999 or 99 years, it is important to assess both the benefits and drawbacks. When it comes to the facilities of the condominium, they are offered depending on one’s own preference as well. A new launch condominium in Singapore can include a gym, a swimming pool, a clubhouse, a karaoke or recreation room, and function rooms as its facilities — but these all come with a cost.
Upon the issuance of new but defective condominiums, owners are allowed to spot and request for rectifications within 12 months upon date of notice of vacant possessions. The developers of the condominiums must make the necessary rectifications within one month.
When it comes to buying a new launch condominium in Singapore, one should consider his or her finances carefully as owning private property could be the largest expense in his or her pocket. Normally, existing condos request for bigger initial down payments than newly built ones.
Payments for new condominiums can be arranged during their construction period. Generally, it would take about 3.5 years to build a new condominium so the payment schedule could be broken down into 3 main stages: sales, construction, and completion.
For ideas on specific periods on when to make payments during the 3 stages of building a new launch condominium in Singapore, consider the following phases:
• Upon the grant of option to purchase an option fee
• Upon the signing of S&P (Sales and Purchase) Agreement
• Upon the completion of foundation works
• Upon the completion of concrete frameworks
• Upon the installation of electrical wirings, doors, and window frames
• Upon the completion of car park, roads, and drains
• Upon the issuance of notice of vacant possession
• Upon the date of legal completion
For more details info, visit the URA website here for the guidelines.
Once completed, the remaining percentages, as well as monthly instalments, will have to be paid by the owner.
After determining the different costs, it is advisable to create a spread sheet to see what a person’s initial, monthly, and annual financial commitments will look like. Remember that owning property such as a new launch condominium in Singapore is not a decision to be made lightly so everything about purchasing it should be clear and understood by all parties involved.