Progressive Payment Schedule for
Buildings Under Construction (BUC) Singapore
Singapore Housing Developers Act
Developers are regulated under the Singapore Housing Developers (Control and Licensing) Act (Chapter 130) (the “Act”) and would use the standard form of the Sale and Purchase Agreement (the “SPA”) for each purchase of the property, regardless of the tenure of the real estate.
The property developer correspondingly passes to the buyer the risks of possession via a dynamic progressive payment plan that is intended to continuously match and pay the purchase price of the property which is undergoing construction as the development advances at each stage. The payment schedule, specified in the standardised Sales and Purchase Agreement (SPA) is likewise deliberately adjusted to the phase of finish stage, certified by a qualified professional as defined under segment 2(1) of the Building Control Act (Chapter 29).
Details of Progressive Payment Schedule
|Order of Payment||Progress of Work|
Percentage of Purchase Price
|1st||a. On obtaining Option To Purchase (Booking Fee)|
|b. Within 8 weeks from the date of the Option|
|2nd||a. Notice that the foundation works relating to the Unit have been completed|
|3rd||b. Notice that the reinforced concrete works relating to the Unit have been completed|
|4th||c. Notice that the brick walls relating to the Unit have been completed|
|5th||d. Notice that the ceiling of the Unit has been completed|
|6th||e. Notice that the door and window frames are in position. and that the electrical wiring (without fittings), the internal plastering and theplumbing of the Unit have been completed|
|7th||f. Notice that the installation of electrical plant, sanitary equipment andair-conditioning plant (if any) relating to the Unit has been completed|
|8th||g. Notice that the car park, roads and drains serving the Building have been completed|
|9th||a. Notice of Vacant Possession and the Temporary Occupation Permit or Certificate of Statutory Completion in respect of the Unit (or a certified copy thereof)|
|b. Certificate by the Vendor's qualified person that the Unit and the Building (and all the roads drainage and sewerage works for the Building) have been constructed plans approved by the Commissioner of Building Control, and that all water and electricity supplies and all gas supplies (if any) have been properly connected to the Unit|
|1 ) Where completion of the sale and purchase takes place before the issuance of the Certificate of Statutory Completion ("CSC"):-|
|a) 2% to be paid to the Vendor on completion of the sale and purchase;|
|b) 8% to be paid to the Singapore Academy of Law ("SAL") as stakeholder and to be released less all authorized deductions by SAL to the Vendor within 3 working days of production of the CSC (or a certified true copy thereof) by Purchaser to SAL within 4 working days certified true copy thereof) by Purchaser to SAL within 4 working days of receipt by Purchaser of the CSC (or a certified true copy thereof)|
|2) Where CSC is issued before completion of the sale and purchase :-|
|a) 2% to be paid to the Vendor within 14 days after the Purchaser receives the CSC (or a certified copy thereof);|
|b) 8% to be paid to the Vendor on completion of the sale and purchase|
The data and information provided on this website (www.NewPropertyAdvisor.com) is for general data purposes and may not make a difference to a specific arrangement of actualities or under all conditions. Nothing on this site ought to be taken as legitimate guidance for any individual case or circumstance. Laws and sales agreements are always changing and updated. The data and information on this site was accurate at the time of posting and every effort are taken to keep it current. However, we are not responsible for obsolete materials.
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