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Buying a new launch condo in Singapore is one of the largest financial commitments you will ever make. Whether it is your first home or an investment property, the process involves strict regulatory requirements, significant upfront cash, and long-term obligations. This 30-point checklist covers everything you need to verify — from financial readiness and due diligence to legal process and OTP signing — before you commit to anything.
Financial Readiness Checklist
Before you step into any showflat or register for a new launch condo in Singapore, your finances must be airtight. Developers move fast at launch — knowing your numbers in advance means you can act decisively when units are released.
☐ Calculate your maximum loan quantum (TDSR 55% rule)
Under MAS rules, your total monthly debt obligations cannot exceed 55% of your gross monthly income. Use the TDSR calculator to determine the maximum loan you qualify for before shortlisting any unit. Factor in all existing loans — car, renovation, personal credit.
☐ Confirm available CPF OA balance
Log in to your CPF account and check your Ordinary Account (OA) balance. Your OA can be used for the downpayment (up to 20% of the purchase price for bank loans) and monthly mortgage instalments. Know the exact amount available today.
☐ Calculate BSD amount on target property
Buyer’s Stamp Duty (BSD) is payable on all property purchases. For residential properties, the rates are: 1% on first $180,000, 2% on next $180,000, 3% on next $640,000, 4% on next $500,000, and 5% to 6% on amounts above. Factor this non-negotiable cost into your budget.
☐ Calculate ABSD (if applicable)
Additional Buyer’s Stamp Duty applies based on your residency status and the number of properties you own. Singapore Citizens purchasing a second property pay 20% ABSD; Permanent Residents pay 5% on first purchase. Check the full ABSD rates table before proceeding.
☐ Verify cash required for OTP booking fee (5%)
At launch, the booking fee is typically 5% of the purchase price and must be paid in cash (no CPF). For a $1.5 million unit, that is $75,000 in cash on the day. Confirm this amount is liquid and accessible immediately.
☐ Confirm progressive payment cash flow for entire PPS schedule
New launch condos use the Progressive Payment Scheme (PPS). Payments are triggered at each construction milestone. Map out the full schedule — typically 10 to 12 stages over 3 to 4 years — and confirm your cash flow at every stage.
☐ Get In-Principle Approval (IPA) from preferred bank
Secure an IPA from your preferred bank before launch day. This confirms the loan amount you qualify for and locks in an indicative interest rate. Some banks honour IPA rates for 30 days. Having an IPA also speeds up formal loan approval after OTP exercise.
☐ Check if you qualify for CPF Housing Grant (EC only)
CPF Housing Grants are available for Executive Condominiums (ECs) purchased directly from developers. Family Grant up to $30,000 and Half-Housing Grant up to $15,000 may apply depending on household income. Private new launches are not eligible for CPF grants.
☐ Understand accrued interest implications for CPF usage
When you use CPF OA funds for your property, CPF Board charges accrued interest (currently 2.5% per annum) on the amount withdrawn. When you sell, this accrued interest must be refunded to CPF before you receive any sale proceeds. Model this into your long-term hold calculations.
☐ Stress-test affordability at +1% SORA rate increase
Singapore mortgage rates are SORA-pegged and fluctuate. Run your monthly instalment calculation at your current rate and then add 1%. If the higher scenario exceeds your comfort level, reconsider your loan quantum or purchase price. MAS stress-tests banks at +3% — apply a personal buffer too.
Research and Due Diligence Checklist
Buying off-plan means you are committing to a property that does not yet exist. Thorough research on the developer, location, and market conditions is essential. Do not rely solely on the developer’s marketing materials.
☐ Research developer track record (CONQUAS score, past project defect reviews)
Check the developer’s past projects on BCA’s CONQUAS database — this scores construction quality. Read forums like HardwareZone and PropertyGuru for defect reviews of their previous launches. A developer with a strong track record is a meaningful risk reducer.
☐ Verify site plan orientation and identify unit stack you want
Request the full site plan and identify which stacks face west (afternoon sun), face other residential blocks, or overlook the bin centre. Orientation affects your daily liveability and future resale. Shortlist two or three preferred stacks before launch day.
☐ Request floor plan and calculate usable area vs gross area
Developers quote gross floor area (GFA) which includes walls, balconies and voids. Calculate the net usable internal area. For investment units, ensure the layout is functional — studios below 400 sqft may face rental demand constraints in some districts.
☐ Check 1km school proximity for P1 registration (if applicable)
Primary school registration in Singapore uses a balloting system where Phase 2C(S) priority is given to residents within 1km. If school proximity is a factor in your decision, verify the address-to-school walking distance using MOE’s official portal and not just Google Maps.
☐ Walk the surrounding area at different times (morning, evening)
Visit the site on a weekday morning and again on a weekend evening. Assess traffic noise, pedestrian footfall, nearby construction activity, and the general ambience. Showflat locations are often different from the actual development site — always visit both.
☐ Check URA REALIS for comparable recent transactions
URA REALIS is Singapore’s official property transaction database. Search for recent transactions in the same district and compare price per square foot (PSF). This tells you whether the developer’s launch price is at, below, or above market. It is free and publicly accessible.
☐ Research upcoming supply pipeline in same district (is market saturating?)
Check URA’s pipeline data for the number of unsold units in the same planning area. High unsold supply creates downward pressure on resale prices when your project TOPs. A district with limited new supply typically supports stronger capital appreciation.
☐ Confirm MRT walking distance and line connectivity
Measure the actual walking time to the nearest MRT station, not the developer’s marketing claim. Check which MRT line it serves and whether it connects directly to the CBD. Distance to MRT is one of the most consistent drivers of rental yield and resale value in Singapore.
☐ Check LTA road and development plans near the site
Review LTA’s road infrastructure plans and URA’s Master Plan for the surrounding area. Upcoming expressway flyovers, bus interchanges, or industrial zones nearby can significantly affect liveability and long-term value. This information is publicly available on the URA Master Plan 2019/2025 portal.
☐ Verify remaining lease (99LH: confirm full 99 years from today)
For 99-year leasehold new launches, confirm the lease commencement date. A project launched in 2026 with lease commencing from 2022 already has 4 years elapsed. The effective remaining lease from your purchase date affects CPF usage eligibility and future resale financing options for buyers.
Legal and Process Checklist
The legal process for a new launch condo purchase is strictly regulated under the Housing Developers (Control and Licensing) Act. Having a property lawyer engaged before OTP signing is not optional — it is essential.
☐ Engage a property lawyer (conveyancing solicitor) before OTP signing
Appoint a conveyancing solicitor before you sign any document. Your lawyer will review the OTP and SPA, liaise with CPF Board, handle stamp duty submissions, and manage all legal milestones. Do not sign an OTP intending to find a lawyer afterwards — timeline is tight.
☐ Read the OTP carefully — especially the indicative price, unit and floor
Before paying the booking fee, verify that the Option to Purchase shows the correct unit number, floor, price, and any included fittings. Errors are rare but costly to correct post-signing. Confirm the developer’s name and company UEN matches their HDA licence.
☐ Confirm ABSD remission eligibility and deadline (HDB sale within 3 years)
Singapore Citizens upgrading from HDB to a private property can apply for ABSD remission on their second property, provided they sell their HDB within 3 years of the new launch SPA date. Confirm your eligibility and the exact 3-year countdown with your lawyer.
☐ Verify developer’s HDA (Housing Developers Act) licence number
Every new launch developer must hold a valid Housing Developer’s Licence issued by the Controller of Housing. Ask for the licence number and verify it on the Controller of Housing’s public register. This is a legal safeguard that your purchase funds are protected under a Project Account.
☐ Confirm progressive payment schedule dates and your bank disbursement alignment
Your bank loan disburses at each PPS stage only after receiving the architect’s certification. There is sometimes a lag of weeks between stage completion and bank disbursement. If there is a gap, you may need to fund the interim period from cash. Discuss this with your banker upfront.
☐ Request the Sale and Purchase Agreement (SPA) draft before Exercise Date
You have 3 weeks from OTP issuance to exercise the SPA (paying the remaining 15% to complete the 20% downpayment). Request the SPA draft from the developer’s lawyers within the first week. Your lawyer needs time to review and flag any non-standard clauses before your Exercise Date.
☐ Confirm CPF withdrawal approval timeline with your lawyer
CPF withdrawal requires a Property Valuation and an Approval Letter from CPF Board. This process typically takes 2 to 4 weeks. Align this timeline with your SPA exercise date to ensure CPF funds are ready when needed. Delays in CPF approval do not extend your OTP deadline.
☐ Understand your cancellation rights and penalties (OTP forfeit)
If you sign the OTP but do not exercise the SPA within the 3-week window, you forfeit 25% of the booking fee (1.25% of the purchase price). If you exercise the SPA and subsequently withdraw, the developer is entitled to forfeit up to 20% of the purchase price plus all stamp duties paid.
☐ Confirm maintenance fee estimate and MCST management company
Ask the developer for the estimated monthly maintenance fee at TOP. For larger condos with extensive facilities, fees can range from $300 to over $800 per month. This is a recurring cost not often factored into affordability calculations. Ask who the managing agent will be post-TOP.
☐ Verify indicative TOP date and legal completion date
Under HDA, developers must obtain TOP within 3 years and legal completion within 5 years from SPA date (with possible extensions). Confirm the indicative TOP range from the developer. A later TOP means your PPS cash outflows are spread over a longer period, which affects your cash flow planning.
VVIP and Pre-Launch Checklist — Maximise Your Position Before Public Launch
The best units at a new launch are typically allocated before the project opens to the public. VVIP access gives registered buyers first pick of floors, stacks, and unit types — often at the lowest prices before any price adjustments on launch day or beyond.
Alvin Tan’s VVIP programme at ERA Realty gives registered clients exclusive pre-launch access to major new launch condos across Singapore. Here is how to maximise your VVIP position:
- Register early — VVIP balloting lists often close 48 to 72 hours before launch. Late registrations typically receive worse ballot numbers and limited unit choice.
- Prepare finances in advance — VVIP buyers who arrive at the showflat without IPA or without confirmed CPF balance often lose their preferred unit while processing paperwork.
- Know your top-3 unit choices — Go in with a ranked list of unit types, stacks, and floors. High-demand stacks sell within the first 30 minutes of launch. Indecision costs you the unit.
- Bring all documents — NRIC (all co-purchasers), latest payslips, CPF statements, existing property documents (if any). Developer sales teams move fast — having documents ready lets you sign immediately.
- Understand the developer’s pricing strategy — At VVIP previews, developers typically release a portion of units. Knowing which floors and stacks are likely to be held back helps you decide whether to commit on Day 1 or wait.
To register for VVIP access to upcoming new launch condos in Singapore, contact Alvin Tan directly. As an ERA Senior Division Director with over a decade of new launch experience, Alvin provides pre-launch briefings, floor plan analysis, and one-on-one financial planning consultations — at no cost to buyers.
📍 WhatsApp Alvin Tan (CEA No. R072324C): Click here to chat — send “Buyer Checklist Guidance”
