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New Launch Property Singapore
What are some of the benefits of buying new launch condo in Singapore? Buyers who are buying new launch property aren't required to complete the entire price at once because a newly launched condo isn't technically built yet; rather, it is spread out into what are known as "progressive installments." Due to the ability to pay a smaller loan balance and spread out payments over a longer period of time, new launch condominiums are a fantastic option for buyers who don't really have much in the way of upfront funds. This can make the buyer's mortgage financing less stressful. Whenever the developer reaches certain pre-determined conditions in construction, as mentioned in the table above, payments are made by bank installments or through CPF. This equates to paying 5 to 10 percent of the purchase price every six months or so until the Temporary Occupation Permit (TOP) is issued (approximately three years after launch), at which point the full 40% becomes payable. All buyers benefit from the lesser payments since they result in smaller, easier-to-manage mortgage installment commitments.
You'll be in the best position to benefit most from capital growth from your unit if you decide to sell it because you'll be the first owner of the property. This is influenced by two key elements. First of all, as a secondary buyer, you probably paid more for the home (since the seller would want to make a profit over his investment). As a result, when you want to sell the apartment, you can be up against neighbors who were able to purchase at the lowest feasible price—developer prices—and yet make a profit. As a result, you will have to reduce your asking price, which will reduce your starting point. Second, there won't be any asset depreciation in a newly launched condominium. The closer you sell to the development's completion date, the earlier depreciation will start to accrue. The chance for profit increases as depreciation decreases. To avoid paying any Seller's Stamp Duty (SSD) on your investment, wait at least three years after your acquisition.
Developers will frequently offer discounts, coupons, and freebies depending on the project in an effort to get you to buy. This occurs more frequently when the market is weak or during major occasions like Chinese New Year. In order to entice consumers, developers have been incredibly inventive with their offers and bargains. such as Stay-and-Pay Scheme, stamp duty refunds, and VVIP discounts. Even though it does not necessarily mean you will pay half as much for the unit, it does make the deal much more enticing. It may take one to three years to move into a freshly developed condominium, but there are undoubtedly many benefits that make the wait worthwhile.
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