Payment Scheme & Timeline
AMO Residence Financing Information
5% to 15% Payment
Buyers of AMO Residence will make payments for their unit via the Normal Progressive Payment Scheme.
The following table highlights the sequence pf payment from the first 5% to the next 15%.
|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.
|Within 2 weeks from Signing S&P**||Purchaser to pay BSD and ABSD (if applicable).||Applicable BSD and ABSD Rates*|
|On the 8th Week from Day 1||Purchaser to pay remaining 15% downpayment + Progressive Payment (depending on stage of construction)||15% + Progressive Payment
**This timeline can be earlier than stated.
The timeline from OTP to 15% payment is a MAXIMUM of 8 weeks. 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.
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:
AMO Residence Financing Information
Normal Progressive Payment
Buyers of AMO Residence will make payments for their unit via the Normal Progressive Payment Scheme, which takes place as the project is being built.
|Stage||Timeline||Normal Progressive Scheme (NPS)
% of Purchase Price
|Upon the grant of Option to Purchase||Option Date||5%|
|Upon signing the Sales & Purchase Agreement (S&P)*||8 weeks from Option Date||15%
|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%|
|Legal Completion Date||CSC||15%|
*Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty, if applicable, are required within 14 days from Exercising the S&P.
Reissue of Option
Please note that since 28 September 2020, developers are restricted from re-issuing options to purchase (OTPs) to the same buyer of the same unit within 12 months after the expiry of the earlier OTP.
- Under the terms of the standard Option to Purchase (OTP), the OTP will expire three weeks after the Sale and Purchase Agreement (S&PA) and copies of the title deeds are delivered to the intending purchaser. The intending purchaser will have to exercise the OTP before it expires by signing the S&PA and returning it to the developer. If the purchaser fails to exercise the OTP, 25% of the booking fee may be forfeited by the developer.
- The three-week validity period for the OTP is put in place to encourage purchasers to exercise financial prudence and commit to purchasing a property only when they have the financial means to do so. Purchasers will be exposed to the risk of forfeiting 25% of their booking fees if they commit to new property purchases without securing the necessary finances upfront.
- However, we have observed that there have been instances where the OTP is re-issued multiple times to the same purchaser(s) for the same unit, which lengthens the option period significantly.
Restriction on Re-Issue of OTPs
- The need for greater financial discipline in making property purchase decisions is especially pertinent given the current economic situation, where workers are facing uncertainties in the labour market. Purchasers should only commit to a property purchase when they are ready to exercise the OTP within the validity period. Therefore, the Controller of Housing will impose new conditions in the sale licences (see Annex A) issued to housing developers with effect from 28 September 2020 to:
- restrict developers from providing upfront agreement to purchaser(s) to re-issue OTP; and
- restrict developers from re-issuing OTP to the same purchaser(s) for the same unit within 12 months after the expiry of the earlier OTP; and to inform purchaser(s) of this condition upfront.
Extension of OTP Validity Period
- While the current validity period in the standard OTP is generally sufficient for most purchasers to exercise the OTP, the Controller recognises that there may be some purchasers who require more time to finalise the necessary arrangements before exercising the OTP. For example, purchasers may require more time to complete the sale of their existing property before exercising the OTP.
- Upon application by such purchasers or the developers, the Controller is prepared to extend the validity period of the OTP up to 12 weeks from the OTP date, provided that both parties (i.e. the purchaser and the developer) are agreeable. Purchasers or developers who wish to apply for an extension of the OTP validity period may submit their application to firstname.lastname@example.org, with the following information:
- a copy of the OTP;
- expiry date of the OTP; and
- reasons for requiring more time to exercise the OTP.
- Please refer to Annex B for a set of frequently asked questions relating to the restriction on re-issue of OTP to the same purchaser(s) for the same unit.
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
Purchasing a Property on Trust
If you are intending to purchase a private residential property on trust, please note the following:
- There will be difficulty selling the property purchased on trust within 3 years from the date of the gift (which is likely to be the completion date), pursuant to Insolvency, Restructuring and Dissolution Act 2018
- Any purchase in trust must be financed in cash, with no loan or CPF usage
- Any income derived from the property, including rental or sale proceeds, are for the benefit of the beneficiary
- Neither the trustee nor the beneficiary is a HDB/BTO/EC owner, purchaser or occupier (where all owners or purchasers of the HDB/EC are Singapore Permanent Residents)
- If the trustee or beneficiary is a HDB/BTO/EC owner, purchaser or occupier (where at least one of the owners of the HDB/EC is a Singapore citizen), the Minimum Occupation Period (MOP) of the HDB/BTO/EC needs to be fulfilled
- If the trustee or beneficiary intends to become a HDB/BTO/EC owner, purchaser or occupier, the intended trustee or beneficiary may have to dispose of the trust property in accordance with prevailing rules and regulations before being eligible for the HDB/BTO/EC.