New Launch Condo Buying Complete: Complete Buying Process Guide

The complete buying process for a new launch condo in Singapore follows a structured timeline from showflat visits to key collection, typically spanning 3-4 years for under-construction units. Homejourney prioritizes your safety by verifying projects and providing transparent guidance, helping first-time buyers and investors navigate confidently.

This cluster article details the tactical steps for buying a new condo, linking back to our pillar New Launch Condo Buying Complete Guide 2025 | Homejourney for broader market insights. In 2025's stable market, with prices from S$1,600 psf for ECs and S$2,200 psf in OCR, understanding this process ensures you avoid pitfalls.[1][4]

Why Master the New Launch Condo Buying Process in 2025?

Singapore's 2025 property market offers stability after rapid growth, with over 11,000 new units launching and prices rising 4-7%.[5] New launches like The Orie in Toa Payoh (from S$1.28M, near Braddell MRT) highlight opportunities near MRTs, vital for value.[2] Homejourney's verified projects directory helps shortlist safely.

First-timers face high-pressure launches; knowing steps like balloting prevents rushed decisions. Foreigners note ABSD (60% for non-PR), while Singaporeans/PRs enjoy LTV up to 75% (TDSR 55%).[5] This guide demystifies it for HDB upgraders and investors.

Step-by-Step Guide: How to Buy a New Launch Condo

Step 1: Assess Eligibility and Budget

Check HDB/URA rules: Singaporeans/PRs for ECs (income < S$16,000/month); anyone for private condos.[1][4] Use CPF grants up to S$30,000 for ECs. Secure IPA via Homejourney's bank rates tool; aim for MSR/TDSR compliance.[1]

Insider tip: Factor BSD (1-6% tiered) and ABSD. For a S$1.5M unit, BSD is ~S$42,250. Budget 25% downpayment (5% cash min).[3][10]

Step 2: Research and Shortlist Projects

Use URA/99.co for launches; compare tenure (freehold like Arina East vs. 99-year), developer rep, location (e.g., D12 Toa Payoh, 5-min walk Braddell MRT Exit A).[2] Homejourney's property search filters verified new projects Singapore.

Location: Prioritize MRT proximity for 20-30% premium.
Developer: Check track record via CEA.
Amenities: Pools, gyms standard; ECs hybrid HDB perks.

Step 3: Register Interest and Ballot

Submit E-Application during preview; balloting assigns queue numbers randomly on launch day.[1] High-pressure: Units sell fast; prepare unit list. 2025 sees faster sellouts with new systems.[8]

Step 4: Select Unit and Pay Booking Fee

When called, choose via elevation chart; pay 1-5% booking fee (cash/cheque to developer account, e.g., S$50,000-S$75,000 for S$1.5M unit).[1][3] Bring NRICs; indecisive? Use 'thinking box' but risk losing choices.[1]

Step 5: Secure Option to Purchase (OTP)

Developer issues OTP within days; exercise with 4% fee (14 days). Send to lawyer/banker for review. Non-binding if unsigned.[6] Timeline: 2 weeks post-booking.[7]

Step 6: Sign Sale & Purchase Agreement (S&P)

Within 14 days of OTP exercise; pay stamp duty (14 days). Engage conveyancing lawyer (S$2,000-S$3,000). S&P locks terms; 25% downpayment follows (15% cash/CPF).[3][6]

Step 7: Progressive Payments

Follow schedule: 10-20% at construction milestones (basement, roof, etc.), bank-financed post-25%. Full table:

Stage	Payment
Booking	1-5%
OTP Exercise	4%
S&P Signing	5-10%
Construction (5-7 stages)	70-80%
Key Collection	5%

Total ~3-4 years to TOP.[3][7]

Step 8: Key Collection and Beyond

At TOP, final 5%; inspect unit. Plan maintenance via Homejourney aircon services. EC MOP 5/10 years before resale.[4]

Financial Breakdown and Regulations (2025)

LTV: 75% max; TDSR 55%. CPF Ordinary Account for downpayment. Hidden costs: Legal fees S$3k, valuation S$500. Use mortgage rates for best deals.[5][9]