How much downpayment must I pay when buying a new launch private condo? You should prepare for the initial cash booking of 5% first to ensure that the unit is blocked off for you. You will get to sign the Option To Purchase (OTP) on the same day.

Thereafter, the Sales & Purchase Agreement will be sent to you within 2 weeks and of which you need to sign this contract within 3 weeks of receipt of this document. By signing on this important contract, it means that you have exercised your OTP. If you do not wish to exercise your OTP, a forfeiture of 25% of your Booking Fee will go into action. Of course, you will be refunded with the balance of the Booking Fee.

The Buyer Stamp Duty (and Additional Buyer Stamp Duty) is required to be paid within 2 weeks of exercising your OTP to the Inland Revenue Authority of Singapore (IRAS).

The next payment is the 15% Downpayment and this needs to be made within 8 weeks from your initial 5% Booking Fee which you made at the start of your new condo purchase process.

Subsequent payments depend on the building progress of your new launch condo. Detailed discussion can be arranged with New Condo Launch | Condo Singapore with regards to the Payment Schedule and anything else regarding your Singapore condominium purchase.

% to be paid	Process	Mode of payment
5	Booking Fee (upon booking and signing of Option To Purchase (OTP))	Cash
3*	Buyer Stamp Duty*	Cash &/or CPF
15	Downpayment on signing of Sales & Purchase Agreement (to be paid within 8 weeks of Booking Fee)	Cash &/or CPF
10	Foundation completes	Cash &/or CPF
10	Reinforced Concrete Framework completes	Cash &/or CPF
5	Brick wall completes	Cash &/or CPF
5	Ceiling / Roofing completes	Cash &/or CPF
5	Window Frames and doors in position; together with Electrical Wiring (w/o fittings), Plumbing and Internal Plastering completes	Cash &/or CPF
5	Car Park, Roads and Drains of development completes	Cash &/or CPF
25	Temporary Occupation Permit (TOP) and Architect?s Certificate of Completion obtained	Cash &/or CPF
15	2% ? Sale & Purchase completes 8% ? Certificate of Statutory Completion produced 5% ? 12 months after the notice date to take vacant possession	Cash &/or CPF

(* Note: Additional Buyer Stamp Duty (ABSD) applies when a Singapore Citizen buys his 2nd property and more while still holding on to his first property. On the other hand, the ABSD applies for a Singapore Permanent Resident and Foreigner starting from his 1st property purchase. See table below to determine the percentage payable. The ABSD is in addition to the basic Buyer Stamp Duty (BSD)payable of 3% of the property purchase price minus $5400 if $1m or less and 4% of the property purchase price minus $15400 if more than$1m )

Rates and Computation

**ABSD Rates on the higher of the purchase price or market value**
Profile of Buyer	ABSD Rates from 8 Dec 2011 to 11 Jan 2013	ABSD Rates from 12 Jan 2013 to 5 Jul 2018	ABSD Rates on/ after 6 Jul 2018
Singapore Citizens (SC) buying first residential property¹	Not applicable	Not applicable	Not applicable
SC buying second residential property¹	Not applicable	7%	12%
SC buying third and subsequent residential property¹	3%	10%	15%
Singapore Permanent Residents (SPR) buying first residential property¹	Not applicable	5%	5%
SPR buying second and subsequent residential property¹	3%	10%	15%
Foreigners (FR) buying any residential property	10%	15%	20%
Entities² buying any residential property	10%	15%	25%³
Entities² buying any residential property	10%	15%	plus Additional 5% for Housing Developers⁴(non-remittable)⁵

For BSD rates, click here.

¹ Whether owned wholly, partially or jointly with others.

² An Entity means a person who is not an individual. It includes the following:

An unincorporated association,
A trustee for a collective investment scheme when acting in that capacity,
A trustee-manager for a business trust when acting in that capacity
The partners of the partnership whether or not any of them is an individual, where the property conveyed, transferred or assigned is to be held as partnership property.

³ As entities, developers will also be subject to the ABSD rate of 25% for entities. Developers may apply for remission of this 25% ABSD, subject to conditions.

⁴Housing Developers refer to entities in the business of housing development (i.e. construction and sale of housing units) with respect to the subject property acquired.

⁵ This 5% ABSD for Housing Developers is in addition to the 25% ABSD for all entities. This 5% will not be remitted, and is to be paid upfront upon purchase of residential property.

⁵ABSD is to be rounded down to the nearest dollar.

Example: A Foreigner purchases a unit at a market value of $2 million on 6 Jul 2018 and the ABSD rate of 20% applies.

All entities will be subject to the new ABSD rate of 25%. In addition, housing developers are subject to an additional non-remittable ABSD rate of 5% upon stamping, i.e. aggregate ABSD rate of 30%. Such developers may apply for remission on the ABSD rate of 25% under the ABSD remission for development of 4 or less units or housing accommodation or ABSD remission for development of 5 or more units of housing accommodation.

Entities who are acquiring residential properties with no intention to carry out housing development (i.e. construction and sale of housing units) with respect to the subject property acquired should pay the ABSD rate of 25%.

It is important for the purchasing entity to decide whether it will undertake housing development of the subject property at the point of purchase, in order to ascertain the applicable ABSD treatment. Any subsequent change of intention will not be considered for stamp duty purposes. For example, entities who have paid the ABSD rate of 25% will not qualify for the ABSD Housing Developers Remission, even if they fulfil the remission conditions subsequently. Similarly, developers who paid the ABSD rate of 5% and applied for the ABSD Housing Developers Remission cannot withdraw their application subsequently. If they are unable to meet the remission conditions, the remitted ABSD of 25% will be recovered with interest.