UA-31894581-1 FAQ, Frequently Asked Questions, Commercial Property Singapore

Contact at +65 9114 3737
Email: CosySingapore@gmail.com

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Contact

+65 9114 3737

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FAQ

1How can I contact CosySingapore consultants?
You can contact the consultants via phone call/Whatsapp/SMS at +65 9114 3737

Alternatively, you can email at CosySingapore@gmail.com

2What is the normal schedule of payment for a typical new commercial property launch?
For commercial property, all payments are subjected to G.S.T.

Below is a typical schedule to be used as a guide but please check with the consultants if there are any changes to the specific property launch.

Order of Payment Progress of Work Percentage of Purchase Price
* Commercial & Industrial: All payments are subjected to G.S.T
1st a. On obtaining Option To Purchase (Booking Fee) 5%
b. Within 8 weeks from the date of the Option 15%
2nd a. Notice that the foundation works relating to the Unit have been completed 10%
3rd b. Notice that the reinforced concrete works relating to the Unit have been completed 10%
4th c. Notice that the brick walls relating to the Unit have been completed 5%
5th d. Notice that the ceiling of the Unit has been completed
6th e. Notice that the door and window frames are in position. and that the electrical wiring (without fittings), the internal plastering and theplumbing of the Unit have been completed 5%
7th f. Notice that the installation of electrical plant, sanitary equipment andair-conditioning plant (if any) relating to the Unit has been completed 5%
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8th g. Notice that the car park, roads and drains serving the Building have been completed
9th a. Notice of Vacant Possession and the Temporary Occupation Permit or Certificate of Statutory Completion in respect of the Unit (or a certified copy thereof) 25%
b. Certificate by the Vendor's qualified person that the Unit and the Building (and all the roads drainage and sewerage works for the Building) have been constructed plans approved by the Commissioner of Building Control, and that all water and electricity supplies and all gas supplies (if any) have been properly connected to the Unit
10th Either:
1 ) Where completion of the sale and purchase takes place before the issuance of the Certificate of Statutory Completion ("CSC"):-
a) 2% to be paid to the Vendor on completion of the sale and purchase; 2%
b) 8% to be paid to the Singapore Academy of Law ("SAL") as stakeholder and to be released less all authorized deductions by SAL to the Vendor within 3 working days of production of the CSC (or a certified true copy thereof) by Purchaser to SAL within 4 working days certified true copy thereof) by Purchaser to SAL within 4 working days of receipt by Purchaser of the CSC (or a certified true copy thereof) 8%
OR
2) Where CSC is issued before completion of the sale and purchase :-
a) 2% to be paid to the Vendor within 14 days after the Purchaser receives the CSC (or a certified copy thereof); 2%
b) 8% to be paid to the Vendor on completion of the sale and purchase 8%
* Commercial & Industrial: All payments are subjected to G.S.T
3What are the Procedures and Timeline of New Launch Sales Transaction?


1. Once you have the go ahead to get a unit, you would need to issue a cheque to the development project account to the value of 5% of the purchase price. This is also know as the booking fee. You would also need to photocopy your identity card or passport and fill in some particular form. For company registration, you would need to submit a copy of the Register of Company documents and copy of the identity card of an authorised director of the company.

2. The developer will issue you an option to purchase, usually on the same day or within a few days. You would need to sign a copy of the option of purchase and keep a copy.

3. Meanwhile, with the copy of Option to Purchase, you could seek financial scheme, usually with a bank. The bank will usually nominate one of their panel of lawyers to assist you. You would need to inform the developer of your lawyer so that the developer’s lawyer will know who to liaise with. This is to be done within 2 weeks, you will have note the date when the option lapsed, this can be found in the option to purchase.

4. Usually within 3 weeks, the developer will send the sales and purchase agreement to your lawyer. You have 3 weeks to sign the sales and purchase agreement and you need to do so at your lawyer’s firm. Your lawyer will need to return all signed documents to the developer’s lawyer.

5. With 2 weeks, you would need to pay the stamp duty upon the exercise of the sales and purchase agreement.

6. Thereafter, you would need to pay 15% and your progressive payment kicks in if there is a demand on your funds.

7. Please note that the duration could be earlier. However, the completion date for the whole process is eight weeks from the date of option and not the sales and purchase agreement. Any delay must be requested in writing (through your lawyer) to the developer subject to approval by the developer.

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