Answers to questions you may have on buying The Luxurie Condo
What are the costs involved in buying new property in Singapore?
- Purchase price of the Luxurie Condo unit itself.
- Stamp Duty payable to IRAS (Inland Revenue Authority of Singapore). Easily calculated using the formula: (3% x Purchase Price) minus $5,400. See below for when Stamp Duty is payable.
- Legal fee payable to your Conveyancing Lawyer. Usually around $2,000 to $3,000. If you are taking a bank loan, your bank is likely to cover most or all of your legal fee if you use one of their panel of lawyers.
When is Stamp Duty payable?
Stamp Duty is payable within 2 weeks of signing the Sales & Purchase Agreement (S&P). You are required to sign the S&P within 3 weeks of receiving it. The S&P is usually sent to you (or your lawyer if you have given the Developer your lawyer’s particulars beforehand) between one to two weeks after booking the unit and getting the Option to Purchase.
Stamp Duty formula: (3% x Purchase Price) – $5,400
Stamp Duty may be reimbursable from your own CPF funds, but you will need to pay it in cash first, as it takes time for CPF to release it to you after your lawyer applies to them to do so.
Any other costs for the Luxurie? Such as admin charges or commissions or agent fees?
No. Buyers do not pay commissions on private property purchases (unlike purchases of HDB flats). Nor do buyers pay any admin or agent fees.
How are purchases of Singapore property funded?
If you are NOT currently paying off another housing loan:
- First 5% cash (by cheque) at time of booking your luxurie condo unit.
- Next 15% within 8 weeks (typically) of booking the unit. This 15% can be from CPF funds, or from cash.
- The remaining 80% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or your bank) pays out the money as and when construction reaches the stages listed in the Progressive Payment Schedule. This means that if you’re taking a bank loan, your monthly installments begin only when the bank disburses the amount, and are based only on what is disbursed.
If currently paying off a housing loan:
- First 5% cash (by cheque) at time of booking your Luxurie condo unit.
- Next 15% within 8 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF funds, or from cash.
- When foundation works are completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
- When the reinforced concrete framework is completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
- The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly installments payable start out small and slowly increase.
How do I check whether I can afford to pay for The Luxurie Condo?
If you are not sure about the payments involved, or at what stages you need to pay them, or whether you can use up all the money in your CPF OA account, just let us know and we will help you work out a preliminary financial plan.
Just drop us a note at The Luxurie Contact Form
How to book a unit at the Luxurie Condo?
VIP Previews typically offer the best choice and prices. Sale at the first part of the VIP Preview is by cheque allocation on a first-come-first-served basis.
Let us know of your interest through the Luxurie Contact Form and we will get in touch with you to give you details.