New Project Purchase Procedures

NEW LAUNCH PROJECT

Procedures before attending property launches

Private Previews or Pre- Launch are usually extended to the developer’s employees, clients, previous enbloc owners and those who have shown interest in the project before it is opened for official launch.

Not all the units are released during these previews and they are sold in phases. The first phase is crucial. If the preview is successful, the developer will usually raise the price for the next phase.

Buyers are to take note of the following:

1. Buyers are to note down the unit of their preferred choice. It is advisable to choose 2 to 3 units and prioritize the main choice. You need to have a number of back-up choices in case it is through balloting when the response is overwhelming.
2. The Agent will collect one cheque from you:
   i) Cheque made payable to Project Account, crossed and signed.
   ii) Amount is to be left blank as prices are not disclosed until the last minute notification by the
   developer. The proof of cheque is to show your sincerity in purchasing a unit during the Preview or the Launch. Buyers are allowed to cancel the cheque so long the released price by the developers is not to his interest.
3. Original or photocopy of I/C or passport of all purchaser(s).
4. You need to sign the Authorization Letter to authorize the Agent to act on your behalf in the selection and purchase of unit selected.
5. On the day of preview or launch or earlier when the price list is out, the Agent will call you to inform the price of the unit that you have chosen.
6. The Agent will advise you from time to time whether any other purchaser has placed the cheque on the same unit of your choice. If yes, you may like to decide whether to change your priority.
7. If you feel the disclosed price is not attractive or any other issues and wish to withdraw the purchase, just instruct the Agent to withdraw the purchase. Your cheque is then returned to you on the same day with no cost or penalty.
8. If you are agreeable with the Preview Price, you are to instruct the Agent to submit in the cheque for booking. The Agent will fill in the amount on your cheque based on 5% Option Fee of the quantum price of the unit. The Option to Purchase from developer will be generated for your signing.
9. After Option to Purchase (OTP) is issued by the developer, the following shall applies:
   i) The Option to Purchase is not assignable,
   ii) Any changes as i. addition/deletion of name(s), ii. Changes of payment scheme, iii. Changes of unit(s) will not be permitted, The purchaser(s) listed will be final and there shall be no subsequent changes,
   iii) All purchasers must be above 21 years old and must not be ineligible to purchase private property by virtue of Housing Development Board Act and the Executive Condominium Housing Act.
   iv) Stamp duties are to be borne by Purchase(s). Stamp duties at 3% of purchase price minus $5,400 payable within 14 days from the date of acceptance of the Option to Purchase.
   v) Legal fee can be partially or fully subsidized by bank if taking a loan.
10. Developer will forfeit 25% of the 5% booking fee if buyers do not exercise the Option to Purchase with 8 weeks.