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Step-by-Step Guide: Buying a New Launch Condo in Singapore

According to the Urban Redevelopment Authority (URA), there were only 650 units of private property sold in December 2021, a drop of 58% from the 1,547 units sold in November 2021.

This was largely due to the cooling measures implemented by the government that took effect from 16 December 2021.

So if you have been wanting to invest in a new launch condo, now would be a good opportunity as demand is expected to cool down while the market takes stock of the new cooling measures.

In today’s article, we take a step by step guide on buying a new launch condo.

Work out your sums

First things first. The most important thing is to calculate your finances and know how much you can actually afford.

Bear in mind that after the implementation of the December cooling measures, the current Total Debt Servicing Ratio (TDSR) is 55% of your gross monthly income and that includes other loans such as car loans, personal loans and credit card outstanding payments.

What this means is that the amount you can spend on servicing your loans and debts cannot exceed 55% of your monthly salary.

You should also take note of the Loan-to-Value (LTV) ratio of 75% if you do not have any outstanding housing loan, which means the bank can loan you up to 75% of the purchase price.

This puts a lower amount you can borrow to pay when buying a condo and you must have enough cash and CPF funds to cover the remaining amount.

Next, you can check out the various banks on their loan packages and apply for an In-Principle Approval (IPA) which is the banks' agreement to lend you that amount of money, after evaluating your financial health and credit history. IPAs are only valid for 30 days, so if you are not able to find a suitable new launch condo within that period, you’ll have to reapply for another IPA.

Shortlist properties

Once the financial part is settled, it is time to check out the market and shortlist potential projects.

Check out the latest new launches on, with its 3D map and smart search functions to help with your search.

Things to look for when buying a condo would be nearby amenities, transportation links, the direction of the sun, view from the unit, all of which can be found when using the 3D map.

Visit show flats

After getting all the relevant information from MOGUL's 3D map and shortlisting your potential new home, it is time to pay a visit to the show flats.

In the current pandemic, all show flat visits are by appointment only, so do not plan any walk-ins, because you will be turned away.

As almost all-new launch condos are “building under construction” (BUC), you are likely to be visiting the show flat at a different location from the actual condo site.

Therefore, after viewing the show flat and seeing all the fixtures and furnishings, it is important to make a trip to the actual location. There, you can find out the actual distances to the MRT station, bus stops, schools, supermart etc.

While at the show flat and you decide that this is the one for you, you should submit an Expression of Interest form, which you can get from the agent serving you, together with an unsigned blank cheque.

This process is to indicate to the developer that you are very keen on getting a unit there and the developer, upon receiving the documents, will invite you to select a unit on the actual launch day.

Booking fee

On the launch day, after selecting your unit, you can sign Option to Purchase (OTP) and pay the booking fee of 5%, which you can do so using the blank cheque given to the developer previously.

Upon signing the OTP, if for any reason you decide not to proceed with the purchase, you will forfeit a portion of the booking fee (usually 25%).

With the OTP, you can finalise your loan with your chosen bank. You should also appoint a lawyer to help you with conveyancing matters.

Sales & purchase agreement

Within 2 weeks after signing the OTP, you will receive a Sales & Purchase Agreement (S&P) from the developer, which you must sign and exercise the Option.

Within 8 weeks after exercising the OTP, you will have to pay the balance of the down payment which is 15% of the purchase price by either cash or CPF funds.

Within 2 weeks from the signing of the S&P agreement, you will also have to pay the Buyer’s Stamp Duty (BSD).

If it is your second and subsequent property, you will also have to pay the Additional Buyer’s Stamp Duty (ABSD).

Payment schedule

When buying a new launch condo, especially BUCs, payments are made every few months, each time the developer hits certain pre-set milestones in construction.

Below is an example of a payment schedule for a BUC new launch condo:

​Fee payable/stage of work

% of purchase price

​Booking Fee (cash only)


​Within 8 weeks from the date of option to purchase (Cash or CPF)


​BSD (Within 2 weeks from signing the S&P Agreement)

(On or after 20 Feb 2018)

*Buyer’s Stamp Duty is computed based on the purchase price or market value of the property, whichever is higher.

First $180,000: 1%

Next $180,000: 2%

Next $640,000: 3%

Remaining Amount: 4%

​ABSD (Within 2 weeks from signing the S&P Agreement)

(ABSD rates from 16 Dec 2021)

Singapore Citizen 1st residential property: N.A 2nd residential property: 17% 3rd residential property: 25%

Singapore PR 1st residential property: 5% 2nd residential property: 25%

3rd residential property: 30%

​Foundation work (Est. 6-9 months)


(5% Cash or CPF)

(5% from Bank loan)

​Reinforced concrete framework (Est. 6-9 months)


​Partition walls (Est. 3-6 months)


​Roofing (Est. 3-6 months)


​Door, window frames, electrical wiring (without fittings), Piping (Est. 3-6 months)


​Car park, roads and drains serving the housing project (Est. 3-6 months)


Building, roads and drainage and sewerage works in the housing estate, connection of water, electricity and gas supplies


Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion is issued) (Est. 1-12 months)


So, there you have it, a step by step guide on buying a new launch condo. Do remember to check out the latest in new launch condos by using the 3D map at


For more property news, resources and useful content like this article, check out blog here.

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1 comentário

Hello, I just read your blog post about the step-by-step guide to buying a new launch condo in Singapore and wanted to drop a comment to share my thoughts. As someone who is considering purchasing a new condo in Singapore, I found your post to be very informative and helpful in navigating the process. I appreciated the detail you provided on each step of the process, including researching the market, selecting a property, and making an offer. Your tips on negotiating the price and financing the purchase were also very helpful in understanding the financial considerations of buying a new condo. Overall, I found your blog post to be a valuable resource for anyone looking to purchase a new launch condo in Singapore.…

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