Summary

Buying a new launch condo in Singapore starts with a booking fee of at least 5% of the price for an option to purchase, under the Housing Developers Rules. The developer must deliver the sale and purchase agreement (S&PA) and title deeds within 14 days of the option date, and the buyer then has three weeks to sign, according to the Urban Redevelopment Authority's (URA) Home Buyers' Guide. Signing brings the down payment to 20% of the price. Later instalments follow construction, with 25% due when the Temporary Occupation Permit (TOP) is issued.

Payments then follow a fixed schedule in Form 5 of the Housing Developers Rules, from 20% at signing to 25% at TOP and the last 15% on the Certificate of Statutory Completion.

What this means for Singapore buyers

The buying sequence, step by step

StepWhat happensSource
Before you bookThe developer must give you mandatory project and unit information before it accepts a booking feeURA
Option to purchaseBooking fee of at least 5% of the purchase priceHousing Developers Rules, rule 8
Contract deliveryS&PA and title deeds delivered to you or your lawyer within 14 days of the option dateURA Home Buyers' Guide
ExerciseSign the S&PA within three weeks of delivery and pay the balance of a 20% down payment; the developer may allow up to eight weeks from the option date for that paymentHousing Developers Rules, rule 11; URA Home Buyers' Guide
ConstructionInstalments fall due as each construction stage set out in the S&PA is completedURA Home Buyers' Guide
TOP25% of the purchase price; keys follow once it is paidURA
CompletionWithin 14 days of the developer's Notice to CompleteURA Home Buyers' Guide
After handover12-month defects liability period; the developer must fix defects within one month of your noticeURA

The S&PA for a strata unit follows Form 5 of the Housing Developers Rules, which sets this payment schedule:

StageShare of price
Signing the S&PA (including the booking fee)20%
Foundation completed10%
Reinforced concrete framework10%
Partition walls5%
Roofing or ceiling5%
Doors, windows, electrical wiring and plumbing5%
Car park, roads and drains5%
TOP25%
Certificate of Statutory Completion15%

Source: Housing Developers Rules, Form 5 (SSO). Some payments go to a stakeholder until completion.

Developers must use the prescribed option and S&PA, and any change outside URA's pre-approved amendments needs the Controller of Housing's approval, URA says.

What it costs to walk away

If you do not exercise the option, the developer may keep 25% of the booking fee and refund the other 75%, URA's guide says. Once the S&PA is signed, the stakes rise. If any payment stays unpaid for more than 14 days after it is due, the developer may treat the S&PA as repudiated and forfeit 20% of the purchase price. Late payments also carry interest under a formula set out in the S&PA.

Where your instalments go

Every instalment received before TOP, including the booking fee, and the instalment due at TOP must be paid into the project's Project Account, under rule 3 of the Housing Developers (Project Account) Rules. Withdrawals are limited to the purposes the rules list, and the account can be closed only after the Certificate of Statutory Completion is issued and every sale is completed (rule 9). A developer can also withdraw against a banker's guarantee of the same amount, with the Controller's written approval (rule 10).

Projects with more than four units need a housing developer's licence, URA says. A sale licence allows units to be sold, while a no-sale licence allows construction only. Buyers can check whether a developer's licence is valid through URA's One-Stop Developers' Portal, and URA publishes a list of developers under land sales disqualification or sales suspension.

Cash, CPF and stamp duty

The Monetary Authority of Singapore (MAS) sets a minimum cash down payment of 5% for a first housing loan at the 75% loan-to-value (LTV) limit. The limit falls to 55%, with 10% in cash, if the tenure runs beyond 30 years or past age 65. CPF Board says Ordinary Account savings can go towards the down payment, the housing loan, and stamp and legal fees, subject to usage limits.

Buyer's Stamp Duty (BSD) is charged at 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, 5% on the next S$1.5 million and 6% above that, IRAS says. Additional Buyer's Stamp Duty (ABSD) applies on top: 20% on a citizen's second home and 30% from the third; 5%, 30% and 35% for permanent residents; and 60% for foreigners. Stamp duty must be paid within 14 days of signing, or within 30 days of receipt in Singapore if signed overseas, and late payment can draw a penalty of up to four times the duty, IRAS says. Seller's Stamp Duty applies if you sell within four years of acquisition, for homes bought on or after 4 Jul 2025.

Illustration: a S$2 million unit

Illustration only, assuming a 5% booking fee and a first housing loan at 75% LTV. The booking fee is S$100,000, and MAS's 5% minimum means at least S$100,000 of the down payment must be cash. Exercising the option takes another S$300,000 to reach 20%, from cash or CPF savings. Walking away before signing would cost S$25,000, a quarter of the booking fee. At TOP, S$500,000 falls due. A buyer who defaults after signing risks losing S$400,000. The largest loan on these terms is S$1.5 million.

FAQ

How much is the booking fee for a new launch condo in Singapore? At least 5% of the purchase price, under rule 8 of the Housing Developers Rules.

How long do I have to sign after booking? Three weeks from the day you receive the S&PA and title deeds, which the developer must deliver within 14 days of the option date.

What do I lose if I change my mind? If you do not exercise the option, the developer may keep 25% of the booking fee.

Education only — not tax, legal or investment advice. Confirm with a licensed professional.

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