Payment Scheme & Timeline
Launching April 2022
Developer hotline
North Gaia EC Financing Information
5% to 15% Payment
Buyers of North Gaia EC can make payments for their unit via the Normal Progressive Payment Scheme or Deferred Payment Scheme.
For both schemes, the following table highlights the sequence of payment from the first 5% to the next 15%.
Timeline | Description | Payment |
---|---|---|
Day 1 | Signing of Option to Purchase (OTP) upon receiving Booking Fee | 5% Booking Fee |
Day 1 + Within 2 Weeks** | Sales & Purchase Agreement (S&P) will be sent to Purchaser's appointed law firm or directly to Purchaser if no law firm has been appointed | N.A. |
Within 3 Weeks from receiving S&P** | Purchaser to sign the S&P at the appointed law firm and prepare payment of Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD), if applicable. Law firm will receive a signed copy from the Developer within 2 weeks. | N.A. |
Within 2 weeks from Signing S&P** | Purchaser to pay BSD and ABSD (if applicable). | Applicable BSD and ABSD Rates* |
On the 9th Week from Day 1 | Purchaser to pay remaining 15% downpayment + Progressive Payment (depending on stage of construction) | 15% + Progressive Payment (where applicable) |
**This timeline can be earlier than stated.
The timeline from OTP to 15% payment is around 9 weeks. This timeline can be shorter or longer depending on the approval process from HDB.
If there are any delays, it is mandatory to inform the developer in writing and is subject to approval.
In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 1/4 of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 3/4 of the booking fee will be refunded to the Purchaser. Thereafter, the developer is entitled to sell the unit to any interested party.
*BSD Rates:
If Purchase Price is $1M or below, BSD = (3% of Purchase Price) – $5,400
If Purchase Price is above $1M, BSD = (4% of Purchase Price) – $15,400
The further progressive payment stages are outlined below:
North Gaia EC Financing Information
Normal Progressive Payment & Deferred Payment Scheme
Buyers of North Gaia EC can make payments for their unit via the Normal Progressive Payment Scheme, which takes place as the project is being built, or the Deferred Payment Scheme, which allows buyers to defer the bulk of payments till the TOP of the EC.
Stage | Timeline | Normal Progressive Scheme (NPS) % of Purchase Price | Deferred Payment Scheme (DPS)# % of Purchase Price |
---|---|---|---|
Upon the grant of Option to Purchase | Option Date | 5% | 5% |
Upon signing the Sales & Purchase Agreement (S&P) | 9 weeks from Option Date | 15% + BSD | 15% + BSD |
Completion of Foundation work | 6-9 months | 10% | - |
Completion of Reinforced Concrete Framework | 6-9 months | 10% | - |
Completion of Brick walls | 3-6 months | 5% | - |
Completion of Roofing/Ceiling | 3-6 months | 5% | - |
Completion of Electrical Wiring Internal Plastering, Plumbing & Installation of Door & Window Frames | 3-6 months | 5% | - |
Completion of Car Park, Roads and Drains Servicing the Housing Project | 3-6 months | 5% | - |
Notice of Vacant Possession | TOP | 25% | 65% |
Legal Completion Date | CSC | 15% | 15% |
To apply for monthly Instalment for CPF
- Go online to CPF website at www.cpf.gov.sg
- Key in your Singpass
- Click on My Requests
- Click on Property
- Click on Use CPF For My Property
- Choose the property address you wish to commence monthly instalment for
- Click on any of the following:
- Commence/Revise/Cease Monthly Instalment
- Make Lump Sum Payment
- Make Arrears Payment
- Repay Housing Loan Fully
- Complete the Form and submit online
- Note the deadline for activation of monthly housing instalments
Take note to commence monthly instalments latest by 19th of the month