How to Buy a New Launch Property in Singapore: The Complete Guide

What is a new launch property in Singapore?

A new launch property is a private home sold by a developer, often before the building is finished. You buy from plans and a showflat, then pay in stages as construction moves along. A new launch condo in Singapore gives you a brand-new unit and fresh facilities.

Don't mix it up with an Executive Condominium (EC). An EC is a public-private housing type with an income ceiling and a minimum occupation period. A private new launch has neither. That opens it to more buyers, but it often costs more.

Should you buy a new launch or a resale property?

A new launch is best for buyers who can wait and want a new home. Resale is best if you need to move soon or want to see the actual unit first. Neither wins for everyone. It depends on your timeline, your cash, and how you feel about waiting.

Investors, think about the wait. You usually can't rent out the unit until the project is done, so count those years in your plan. Need a home in a year or two? Resale usually fits better.

What should you check before choosing a new launch property?

Check the developer, the location, the layout, and the running costs. Those four decide how happy you'll be with the unit. They also decide how easy it is to rent or sell later.

• Developer: Look at past projects and how they were built and handed over.
• Location: Walk the route to the MRT. Check schools, food, and shops nearby.
• Layout: Compare floor plans, stack, floor level, privacy, and sun direction. A west-facing living room can get hot in the afternoon.
• Running costs: More facilities often mean higher maintenance fees.
• Rental demand: For investors, strong demand near MRT stations, schools, and work areas can help.

Projects also sit in three zones. These are the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR). Prices per square foot usually fall as you move away from the city centre.

How much money do you need before you book?

Count on at least 20% of the price in the first few weeks. That's 5% in cash at booking, then 15% in cash or CPF when you exercise the option. Stamp duty and legal fees come on top. There's no single number for every buyer. It depends on the price, your loan, and your CPF.

A bank can lend up to 75% of the price. That's the Loan-to-Value (LTV) limit. But the Total Debt Servicing Ratio (TDSR) caps all your monthly debt payments at 55% of your gross monthly income. So your own share over the build is at least 25%. If you're selling a flat to fund the move, you can test the figures with the Sell 1 Buy 2 Planner before launch day.

Payments then follow the build:

Your cash and CPF cover the first part. The bank loan then pays most of the later stages. These are the standard stages, and your Sale and Purchase Agreement lists your exact schedule.

How do you buy a new launch property in Singapore, step by step?

Check your money, shortlist projects, visit the showflat, join the ballot, book your unit, sign the paperwork, then pay in stages until you collect your keys. The new launch condo buying process in Singapore follows this order for most projects.

1. Check your money. Get an in-principle approval from a bank. It tells you the most you can borrow, so you shop within budget.
2. Shortlist projects. Compare location, developer, prices, and floor plans.
3. Visit the showflat. Previews often open one to two weeks before launch. Study the layout, stack, facing and price list.
4. Register and join the ballot. You submit an Expression of Interest (EOI) form with the payment the developer asks for. Many projects then run a ballot a couple of days before launch to set the queue. A lower number usually gives you a wider choice.
5. Pick your unit. On launch day, you get a short window when your number is called. Bring three or four backups.
6. Pay the booking fee. You pay 5% in cash and receive the Option to Purchase (OTP). It's the document that holds your unit for you.
7. Sign the agreement. Hire a conveyancing lawyer fast. Sign the Sale and Purchase (S&P) agreement before the OTP deadline. Then pay the 15% and the Buyer's Stamp Duty (BSD), which is typically due within 14 days.
8. Pay in stages. Each payment falls due as a building milestone is finished. The last big one comes at TOP, the approval that lets people move in.
9. Collect your keys. Inspect the unit for defects. The developer must fix reported defects within 12 months after TOP. That's the Defects Liability Period.

What taxes and fees will you pay?

You'll pay BSD on every purchase. You'll also pay Additional Buyer's Stamp Duty (ABSD) if you already own property or you're not a citizen. Legal fees come on top. ABSD is the one that moves your budget the most.

These are the rates for individuals buying on or after 27 April 2023. If joint buyers have different statuses, the higher rate applies. Exemptions and refunds can apply in some cases, so check yours.

Selling soon? Seller's Stamp Duty applies if you sell within four years. It's 16%, 12%, 8% or 4%, depending on the year you sell.

Should HDB owners sell first or buy first?

Buying first is best if you can fund the early payments without selling yet. Selling first is best if you need the sale money or want more certainty. A new launch's long build often gives you time to sell your flat later. But you may pay ABSD upfront.

A Singapore citizen who still owns an HDB flat counts as a second-property buyer. That means 20% ABSD at the start. It may be refunded if you sell the flat within the time limit, so check that limit before you book.

So plan the sale and the purchase together. Where will the money come from at each payment stage? An HDB-to-condo upgrade agent can map that timeline with you before you commit.

What should you double-check on booking day?

Check the unit, floor, stack, price, and payment dates before you sign anything. Booking day moves fast, and that's when buyers rush. Slow down on the details, even with a queue behind you.

• Confirm the unit number, floor, and stack match the one you picked.
• Recheck the price, and get any discounts or vouchers in writing.
• Read the payment dates and the OTP exercise deadline.
• Ask your lawyer about the cancellation and forfeiture terms.
• Keep backup units ready in case yours is taken.

Could you explain the payment schedule to a friend? If not, ask again before you sign.

Why work with a new launch condo agent in Singapore?

An agent helps you compare projects, test your numbers, and prepare for booking day. It's most useful when you're upgrading and timing a sale alongside the purchase. You can also book through the developer's sales team, so it's a choice, not a rule.

Fendy Lee is a Senior Chief District Director at Huttons Asia. He started in real estate in 2007 and has spent close to two decades helping Singaporeans buy, sell and invest. His team of 340 agents works across major new launches. As a residential property agent, he works with upgraders, first-time buyers, sellers and investors.

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