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10 Progressive Payment As An Upgrader You Should Take Note!

Updated: Jan 24

HDB owners who are planning to upgarde to condo from hdb or on the lookout for new launch condo singapore. Must consider the Progressive Payment Scheme. As a a condo Buyers you must pay at various stages of construction under this plan.

Before purchasing an new executive condo or a new launch condo singapore we recommend you seek the advice of an experienced property agent singapore.

The Progressive Payment Scheme allows buyers to pay for a property based on its construction progress. This means that as the construction progresses, so will the buyer's payment deadlines.

When each stage of the construction is finished, the developer will notify the buyer's lawyer and request a progress payment for that stage. Depending on the financing arrangement, the buyer will either pay cash or the bank will make a disbursement.

It is important to note that the payment must be received by the developer within 14 days of receiving the notice, or late payment penalties will apply. A typical condo unit progress payment schedule includes several stages, such as foundation work, structural work, and finish work. Buyers can plan and budget for their property purchase more effectively if they understand the Progressive Payment Scheme.

Below is an illustration of the progressive payment:

I understand that this may be confusing for some, so let me give you a concrete example involving specific numbers to help clarify the process.

Calculating your BUC (building under construction) property's progressive payments is also known as new launch condo Singapore

Assume Mr. and Mrs. upgarder have decided to purchase a $1,000,000 condo unit.

The following is a breakdown of how much they will pay at each stage.

They decide on a unit after attending the preview launch: (they were lucky enough to ballot for a unit that they loved)

1st Payment:

5% x $1,000,000 = $50,000 booking fee (paid in cash at the launch)

They both sign the sales and purchase contract. They must also pay stamp duty and legal fees at this point.

2nd Payment:

Following the developer will issues a Sales and Purchase Agreement: 15% x $1,000,000 = $150,000

3rd Payment:

14 days after foundation work is completed: 10% x $1,000,000 = $100,000

4th Payment:

14 days after the reinforced concrete framework is completed: 10% x $1,000,000 = $100,000

5th Payment:

14 days after the partition walls are finished: 5% x $1,000,000 = $50,000

6th Payment:

14 days after roofing completion: 5% x $1,000,000 = $50,000

7th Payment:

14 days after the completion of the door sub-frames/door frames, window frames, electrical wiring (without fittings), internal plastering, and plumbing: 5% x $1,000,000 = $50,000

8th Payment:

14 days after the carpark, roads, and drains for the housing project are finished: 5% x $1,000,000 = $50,000

9th Payment:

Upon receipt of the Temporary Occupancy Period and key collection: 25% x $1,000,000 = $250,000

10th Payment:

Their new home is awaiting them.

Following the sale's legal completion: 15% x $1,000,000 = $150,000

When navigating the process, it's critical to seek the advice of an experienced property agent singapore who can guide you through it.

Read more on our other articles about 2023 is it a right time to upgarde?


We understand that financial planning can be a daunting task, and we're here to simplify it for you speak with us.

If you have a plan in mind but not sure if it works well – do share with us or let us know.

We will do our best to assist you to make sure you look at your plan from multiple angles and ensure you have a very clear picture on what’s going on.

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