Understanding Schedule in Progressive Payment Scheme

Hi,

Just bought a place on progressive payment and was surprised that right after I exercised the sales and purchase agreement, developer has called upon for the next 10% for "the Foundation Work of the unit" although the site looks flat except for the showflat.

If I had known they will call for the next 10% so quickly, I might have chosen a different loan package instead.

So what I'd like to understand is what are the structural evidence on the development site to look out to give one an indicative for the next upcoming call for payment in the schedule so as to plan finances?

For example, what does the following mean visually?

3rd Payment:
Notice that the reinforced concrete framework of the unit has been completed

Is that pertaining to the concrete framework of an individual's unit on that particular floor or is that some concrete reinforcement we will see sticking up from the foundation level?

Thanks

Quote:

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Originally Posted by wmwa

Hi,

Just bought a place on progressive payment and was surprised that right after I exercised the sales and purchase agreement, developer has called upon for the next 10% for "the Foundation Work of the unit" although the site looks flat except for the showflat.

If I had known they will call for the next 10% so quickly, I might have chosen a different loan package instead.

So what I'd like to understand is what are the structural evidence on the development site to look out to give one an indicative for the next upcoming call for payment in the schedule so as to plan finances?

For example, what does the following mean visually?

3rd Payment:
Notice that the reinforced concrete framework of the unit has been completed

Is that pertaining to the concrete framework of an individual's unit on that particular floor or is that some concrete reinforcement we will see sticking up from the foundation level?

Thanks

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May I know which developer?

Anyway, thats pretty standard for PPS. And every stage has to be certify by a QP. After RC Frame Works, next should be brick walls.

look at the progressive payment schedule...it usually manageable until near TOP.

Looks like a project with MSCP, hence payment for foundation work completed so soon. :D