New Launch Condo Singapore

New launch condos refer to newly developed condominium projects that are being marketed and sold for the first time by developers. These properties are usually sold off-plan, which means buyers can purchase units before or during the construction phase. They often feature modern designs, updated amenities, and the potential for capital appreciation upon completion.

Newly launched condos in Singapore generally follow a progressive payment scheme, where payments are made in stages as construction advances. Buyers typically begin by paying an initial booking fee, which ranges from 5% to 10% of the purchase price, to secure their unit. Additional payments are then required at key construction milestones, such as the completion of the foundation, the structural framework, and the final completion of the project. The specific timeline for these payments varies by project. To help you estimate your payment schedule, you can use our Progressive Payment Calculator.

When purchasing a newly launched condominium, buyers are required to pay Buyer’s Stamp Duty (BSD). This tax is calculated based on the purchase price or the market value of the property, whichever is higher. As of February 15, 2023, the BSD rates for residential properties are as follows:

• 1% on the first $180,000
• 2% on the next $180,000
• 3% on the next $640,000
• 4% on the next $500,000
• 5% on the next $1,500,000
• 6% on the amount exceeding $3,000,000

Additionally, an Additional Buyer’s Stamp Duty (ABSD) may apply based on the buyer’s residency status and the number of properties owned. As of April 27, 2023, the ABSD rates are as follows:

• Singapore Citizens: 0% on the first property, 20% on the second property, and 30% on the third and subsequent properties.
• Permanent Residents: 5% on the first property, 30% on the second property, and 35% on the third and subsequent properties.
• Foreigners: 60% on any property.
• Entities (e.g., companies): 65%.

For more detailed information, please refer to our article, “What is Stamp Duty?”. You can also use our Stamp Duty Calculator to compute your stamp duty obligations.

The amount you can borrow for a loan depends on several factors, including your income, credit score, existing liabilities, and the bank’s Loan-to-Value (LTV) ratio. In Singapore, the LTV ratio for residential properties typically goes up to 75%. To get a better understanding of how much you can afford to borrow, consider using our Affordability Calculator.

Typically, buyers do not pay commissions when purchasing a newly launched condo, as the developer usually covers the agent’s commission. However, it is recommended to double-check with your property agent or the developer to make sure there are no extra fees or charges involved.

Purchasing a newly launched condominium has several advantages. These include modern amenities, the possibility of customizable unit layouts (in some cases), the potential for capital appreciation, developer promotional discounts, and more efficient layouts due to the latest Gross Floor Area (GFA) harmonisation. Furthermore, new condos often come with warranties covering construction defects, which provides peace of mind for buyers.

Foreigners are eligible to purchase new launch condominiums in Singapore; however, they must pay a high Additional Buyer’s Stamp Duty (ABSD) rate of 60% (as of April 27, 2023) in addition to the standard Buyer’s Stamp Duty. While there are certain restrictions that may apply to landed properties, condominiums are generally accessible to foreign buyers.

The timeline for completing a new launch condo can vary based on the project’s size and complexity, typically ranging from 3 to 5 years from the launch date. Buyers can find the estimated completion date in the sales agreement or consult the developer for a more accurate timeline.

When considering a property, it is important to take into account several key factors: the location, its proximity to amenities such as MRT stations, schools, and shopping malls, the reputation of the developer, the facilities available at the condominium, the size and layout of the unit, as well as the potential for rental yield or capital appreciation. To explore specific projects and schedule a showflat appointment, please visit our project pages for the latest new launch condominiums.

Singapore has implemented various property cooling measures to ensure a stable housing market. These include the Total Debt Servicing Ratio (TDSR) framework, which limits borrowing based on an individual’s income, and the Additional Buyer’s Stamp Duty (ABSD) for certain types of buyers. There are also restrictions on property ownership for foreigners, as well as measures aimed at preventing speculative buying. To stay updated on the latest regulations and market developments, please sign up for our mailing list or join our WhatsApp or Telegram channels.