Know how you can purchase a new launch condo in Singapore

1. Know how you can purchase a new launch condo in Singapore

2. The population of Singapore is increasing day by day due to the massive economic growth and rising opportunities for work. To cater to this increasing population the real estate sector also expanding as per the scale. Now the properties in Singapore are not very expensive, alternatively, Singapore government introduced a unique solution for housing by the Housing and Development Board (HDB), but this facility is only available for the citizens of Singapore.

3. Now if you are new to this place, maybe migrated for job purpose then you can’t obtain an HDB flat as per government’s rules and regulations, but you can always avail a condo for sale in Singapore. Also, there are various other types of housing is available, but before taking any decision you need to know the attributes of the different housing along with the purchasing procedure;

4. The basic attributes of a condo: In Singapore there are several kinds of types of housing solution are available, which include public housing and private housing option, now if you do own a house but not satisfied with that and want to move to another place for a better living then the new launch condo for sale in Singapore is the most suitable option for you. Although for purchasing a new launch condo you have to bear with the 3-year wait time, for the unit to be built and ready for accommodation, but if you can afford the waiting time, then this is the best option for your customized and smart housing. Also, foreigners can purchase a condo, as there are no legal restrictions on foreigners for condo ownership.

5. The purchasing procedure for a new launch condo: In case of a new launch property, you can’t see the actual design of the flat, which will be prepared in the next 3 years, so you need to speculate the design and interior on the time of booking, also you can customize as per your preference, as condos comes under a heavy price tag thus having some added advantages as well. The purchasing processes of a new launch condo are as follows;

6. First, you need to fix your budget for purchasing a condo: A new launch condo might be the most cost-effective option for owning your unit, so you need to evaluate your finances, and need to find out how much you can afford to pay for your home. Although they come with a whole host of discounts from the developers, like vouchers, early-bird discounts, and even stamp duty reimbursements.

7. Select a suitable location: You need to select a perfect location for your perfect home, as condos been developed in the urban areas, so you can find one in your suitable locality. Also you can engage a property agent for this purpose, though it’s not mandatory, but is helpful to aid in your search, as they pose the best knowledge regarding the property market, also they are helpful in guiding you through the purchase process, and take the burden of researching available developments, off your shoulders.

8. Fill the Expression of Interest (EOI) form: Once you selected a prospect property for purchasing, after that you need to fill up an Expression of Interest (EOI) form, which should be handed to the developer, along with a blank cheque with 5 percent booking fee on the property, addressed to the developer’s project account. Here the EOI and cheque will be returned to you without any penalty if you decide not to proceed.

9. Book the selected condo unit: Once the EOI process is completed and advance amount deposited to the developers account, on the official launch day, you’ll need to go down to the show flat early and submit your ballot number, and when your ballot number is called, the booking process of the new launch condo for sale in Singapore is completed.

10. Exercise the Option to Purchase: After you’ve successfully booked a unit, the developer will provide you with a set of ‘Property Details Information’ (PDI) documents – this is a set of all the floor plans, rules and regulations, offered items and other documents relating to your unit. After signing the documents the owner or developer will grant you the Option to Purchase (OTP), which is the legal documentation to complete the purchasing process.

11. Complete the sales and purchase agreement: You can receive the Sales & Purchase Agreement (S&P) from the developer within two weeks of OTP generation and you can take up to three weeks to exercise and sign the option. Once this process is completed then you can go ahead and collect the key of your new property as it is the last step for purchasing a new launch condo, so after that, you can enjoy your stay.

12. Reasoning: So if you are in Singapore and staying at rent or lease, should always pursue an owning a house, as it’s not at all robust thing, there are many options for condos for sale in Singapore and the availability is to a greater extent. The condos are most attractive and smart houses, and as per the common saying, ‘a person’s status is reflected by the status of living’, so the condos will provide the most satisfactory stay for you and your family.

13. But you are planning to purchase a condo, before finalizing you need to enquire all the charges applicable for maintenances and need to fix the budget accordingly with the purchasing price and the maintenance charges, as the additional cost is levied for maintaining the private properties due to the added amenities and privacy.