The standard new launch payment schedule
Every private new launch in Singapore sold under the Housing Developers Rules follows the same new launch payment schedule, known as the progressive payment scheme. You pay 20% upfront, then the rest in stages as the building goes up.
Worked example: a S$1.8 million unit
Suppose you buy a 3-bedroom at Chencharu Central Residences for S$1.8 million with a 75% bank loan, as a first-time Singapore Citizen buyer.
| Stage | % | Amount | Paid from |
|---|---|---|---|
| Booking fee | 5% | S$90,000 | Cash |
| S&P signing | 15% | S$270,000 | Cash and/or CPF |
| Foundation to car park (6 stages) | 40% | S$720,000 | Bank loan (drawn in stages) |
| TOP | 25% | S$450,000 | Bank loan (5% of it from cash/CPF) |
| CSC | 15% | S$270,000 | Bank loan |
Illustration only. The exact split between your own funds and the loan depends on your loan-to-value limit. Buyer's Stamp Duty (about S$59,600 on S$1.8 million) is due within 14 days of exercising the option.
Why the schedule helps buyers
- Lower early instalments. Interest is charged only on the amount drawn down, so monthly payments start small.
- Time to sell your flat. Upgraders can stay in their HDB flat while the condo is built. See the HDB upgrader guide.
- Buyer protection. Payments go into a project account and are released to the developer as each stage is certified.
Estimate your own figures with the stamp duty and loan calculator. For a stage-by-stage example on a S$2 million unit, see our progressive payment guide for One Chuan Grove.
Frequently Asked Questions
What is the progressive payment scheme?
It is the standard way to pay for an uncompleted private home in Singapore. You pay a percentage of the price at each construction stage, as set out in the Housing Developers Rules, so your bank loan is drawn down gradually.
Can I use CPF for the new launch payment schedule?
Yes. After the first 5% booking fee in cash, you can use CPF Ordinary Account savings, subject to CPF rules and limits, for the remaining down payment and later instalments.
Is there a deferred payment scheme?
Deferred payment schemes are not generally allowed for new launches in Singapore today. The progressive payment scheme is the norm.