How to Buy a New Launch Condo in Singapore 2026 — Complete Step-by-Step Guide

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Buying a new launch condo in Singapore is one of the most significant financial decisions you will ever make — and unlike buying a resale unit, the new launch process follows a strict sequence of steps, deadlines and payments that every buyer must understand before signing anything. Miss a deadline for stamp duty, skip the IPA process, or visit a showflat without doing your homework, and you risk paying more than necessary or missing out on the unit you want entirely. This complete guide walks you through every stage of the journey, from eligibility checks all the way to key collection, so you arrive at each milestone fully prepared.

Before You Start — Eligibility Checks and ABSD Planning

Before you visit a single showflat, you need to know exactly where you stand legally and financially. Singapore’s property purchase framework treats Singapore Citizens (SC), Permanent Residents (PR) and foreigners very differently, and the Additional Buyer’s Stamp Duty (ABSD) applicable to your profile can significantly alter the total cost of acquisition.

Citizenship and ABSD rates (2026):

• Singapore Citizens buying their first residential property: 0% ABSD. Second property: 20%. Third and beyond: 30%.
• Permanent Residents buying their first residential property: 5% ABSD. Second and beyond: 30%.
• Foreigners: 60% ABSD on any residential property purchase (with limited FTA exemptions for nationals of certain countries).

If you currently own an HDB flat, check your Minimum Occupation Period (MOP). You must have fulfilled the 5-year MOP before you are eligible to purchase a private residential property while retaining the HDB. You also need to factor in whether you will need to sell the HDB before or after acquiring the condo, as this affects your ABSD liability timeline.

For a detailed breakdown of ABSD rates and how to structure your purchase to minimise stamp duty, see our guide on ABSD Singapore.

Steps 1–3: Getting Your IPA and Shortlisting Projects

Step 1 — Get Your In-Principle Approval (IPA) from a Bank

Your IPA is a conditional letter from a bank confirming the maximum loan amount you qualify for based on your income, existing liabilities and credit profile. It is not a firm offer — but it gives you a reliable ceiling to work with before you start shortlisting projects. Most banks process IPA applications within 3 to 5 business days.

When applying for your IPA, the bank will assess your eligibility under the Total Debt Servicing Ratio (TDSR) framework. TDSR caps your total monthly debt obligations (including the new mortgage) at 55% of your gross monthly income. For more on how TDSR is calculated and what counts as a debt obligation, see our TDSR Singapore guide.

Practical tip: Get IPA letters from two or three banks. Interest rate packages differ, and having competing offers gives you negotiating leverage when you proceed to a formal loan application after booking your unit.

Step 2 — Understand the Progressive Payment Scheme

New launch condos in Singapore are sold under the Progressive Payment Scheme (PPS), which means you do not pay the full purchase price upfront. Instead, payments are released in tranches tied to construction milestones — from foundation work to the issuance of the Temporary Occupation Permit (TOP). Your bank disburses loan tranches in tandem with each milestone, and you may supplement with CPF Ordinary Account funds (subject to the Valuation Limit and Withdrawal Limit). Understanding PPS upfront prevents cash flow surprises mid-construction. Read our full breakdown of the Progressive Payment Scheme for Singapore new launch condos in 2026.

Step 3 — Research Projects: Location, Developer, Price and Unit Mix

With your IPA in hand and your budget ceiling confirmed, you can now shortlist projects seriously. Key factors to evaluate:

• Location fundamentals: Proximity to MRT, schools within 1 km, URA Master Plan zoning for surrounding land, future supply in the same planning area.
• Developer track record: Check the developer’s past projects for build quality, timely TOP and after-sales service reputation.
• Price per square foot: Compare psf against recent transactions in the same district via URA REALIS or developer EOI data.
• Unit mix and stack orientation: Understand which stacks face roads, MRT tracks or other towers. North-south facing units typically command a premium but offer better thermal comfort.
• Estimated TOP date: New launches in 2026 typically project TOP in 3 to 5 years. If you need a place to live soon, factor in rental costs during construction.

Browse our curated list of new launch condos in Singapore for current projects, pricing and showflat details.

Steps 4–5: Showflat Visit, Unit Selection and Booking

Step 4 — Visit the Showflat: What to Look for and What to Ask

Showflats are marketing tools. They are professionally styled, often show the largest units available, and typically omit structural columns, bomb shelter walls and AC ledges from the display unit to maximise the sense of space. Your job at the showflat is to look past the staging and assess the actual product.

What to examine at the showflat:

• Request the floor plan with dimensions — not just the showflat layout. Check how the bomb shelter, AC ledge and yard are positioned within your target unit type.
• Study the site plan carefully. Identify which stacks face the pool, which face roads, and which are directly adjacent to future development land.
• Ask the developer’s sales team for the indicative price list. In Singapore, developers must register prices with URA before launching; you have a right to see the price list at the showflat.
• Ask about the developer’s defect liability period (typically 12 months from TOP), maintenance fees (estimated), and tenure (freehold vs 99-year leasehold).
• Confirm which units are still available and whether there are any balloting or priority queue systems in place for the launch date.

Never make a purchase decision based solely on one showflat visit. Return a second time, ideally at a different time of day and with your appointed agent, to ask technical questions without the launch-day sales pressure.

Step 5 — Select Your Unit and Pay the Booking Fee (1% OTP)

Once you have selected a unit, you will be issued an Option to Purchase (OTP) by the developer’s solicitor. To secure the OTP, you pay a booking fee of 1% of the purchase price (for most launches; check the developer’s specific terms). This booking fee is part of your purchase price — it is not an additional cost.

The OTP grants you an exclusive right to purchase the unit within the option period. Under Singapore’s Housing Developers Rules, you have 3 weeks from the date of the OTP to exercise it by signing the Sale and Purchase (S&P) Agreement. If you do not exercise within this period, the OTP lapses and the booking fee may be forfeited.

Important: Once you pay the booking fee and receive the OTP, you are committed to the timeline for S&P exercise and stamp duty payment. Do not pay the booking fee unless your finances — IPA, CPF assessment, ABSD plan — are fully in order.

Steps 6–8: S&P Agreement and Stamp Duty Payment

Step 6 — Engage a Solicitor and Exercise the S&P Within 3 Weeks

Immediately after receiving the OTP, engage your own property solicitor (not the developer’s solicitor — you need independent legal representation). Your solicitor will review the S&P Agreement, advise on any onerous clauses, handle CPF board submissions and coordinate with your bank on the mortgage documentation.

To exercise the OTP, you sign the S&P Agreement and pay the further deposit of 4% of the purchase price (bringing your total deposit to 5%). The remaining 15% (for a typical 80% LTV loan) or higher amounts for subsequent properties must be paid within the timelines specified in the S&P. Your solicitor manages the disbursement schedule.

Step 7 — Pay Buyer’s Stamp Duty (BSD) Within 14 Days

Buyer’s Stamp Duty is payable within 14 days of exercising the OTP (i.e., signing the S&P Agreement). BSD is calculated on the higher of the purchase price or the market value of the property, at the following rates (2026):

• First S$180,000: 1%
• Next S$180,000: 2%
• Next S$640,000: 3%
• Next S$500,000: 4%
• Next S$1,500,000: 5%
• Remainder above S$3,000,000: 6%

BSD is payable to IRAS via e-Stamping. Your solicitor will typically handle this on your behalf. You may use CPF Ordinary Account funds to pay BSD, subject to CPF Board rules.

Step 8 — ABSD Payment (If Applicable) Within 14 Days

If ABSD applies to your purchase profile, it is also due within 14 days of exercising the OTP. ABSD is calculated on the same basis as BSD (higher of purchase price or market value) and must be paid in cash — CPF cannot be used to pay ABSD. Missing this 14-day deadline results in penalties, so ensure your cash reserves are in place before booking day.

For married couples with one SC spouse and one PR spouse purchasing their first property together, ABSD may be remissible — consult your solicitor and IRAS guidelines for the current remission framework.

Steps 9–11: Progressive Payments, TOP and Key Collection

Step 9 — Progressive Payments as Construction Milestones Are Reached

Under the Progressive Payment Scheme, the developer issues payment calls at each construction milestone — typically: foundation, reinforced concrete framework, partition walls, roofing, windows and doors, car parks and roads, and finally TOP. Each call triggers a payment from your bank (loan disbursement) and, if applicable, from your CPF account. Your solicitor will notify you of each call and confirm the amounts due.

You are not required to make any active mortgage repayment during construction — interest accrues on the disbursed loan amount and is either charged monthly (interest-only during construction, under many bank packages) or rolled up. Confirm your bank’s construction-period interest structure when you finalise your mortgage.

Step 10 — TOP Inspection and Key Collection

When the project receives its Temporary Occupation Permit (TOP) from the Building and Construction Authority (BCA), the developer will invite you to collect your keys. Before key collection, you are entitled to a joint inspection of your unit with the developer’s representative. This is your opportunity to identify defects, incomplete works or deviations from the approved plans.

Document every defect with photographs and timestamps. Submit a formal defect list to the developer — all defects identified within the defect liability period (DLP), usually 12 months from TOP, must be rectified by the developer at no cost to you. Do not accept keys and sign off on the unit until you are satisfied that all defects noted during inspection are acknowledged in writing.

Step 11 — CSC Issuance and Final Payment

After TOP, the developer works toward obtaining the Certificate of Statutory Completion (CSC), which confirms that the development fully complies with approved building plans and statutory requirements. The final payment tranche under the Progressive Payment Scheme is typically triggered upon CSC issuance. Your solicitor will handle the final legal completion, including the transfer of title and lodgement with the Singapore Land Authority (SLA). Once CSC is obtained and final payment is made, you are the legal owner of the property.

Common Mistakes First-Time New Launch Buyers Make in 2026

• Booking before getting IPA: Never pay a booking fee without a confirmed IPA. If your loan is subsequently rejected or the approved amount is lower than expected, you may forfeit your booking fee and face financial penalties.
• Underestimating ABSD cash requirements: ABSD must be paid in cash within 14 days. Buyers who forget to ring-fence this cash ahead of booking day face a scramble to liquidate investments or take emergency loans.
• Ignoring the 5-year MOP rule: HDB flat owners who purchase a private property before fulfilling their MOP face regulatory action from HDB, including forced disposal of the HDB flat.
• Relying solely on developer’s solicitor: The developer’s solicitor acts for the developer, not you. Always engage an independent solicitor to review your S&P Agreement.
• Not factoring in carrying costs during construction: If you are renting while waiting for TOP, budget for 3 to 5 years of rental outlay on top of progressive payments and mortgage interest.
• Overlooking maintenance fees and sinking fund: Monthly maintenance contributions can range from S$300 to over S$1,000 for larger developments. Budget these into your ongoing holding costs.
• Choosing unit based on showflat staging alone: The showflat rarely reflects the actual unit you are buying. Always cross-reference the floor plan and site plan for your specific stack and level.