Page 1 of 4 1234 LastLast
Results 1 to 30 of 113

Thread: Progressive payment for Under Constructing development

  1. #1
    Join Date
    Jun 2009
    Posts
    2,511

    Default Progressive payment for Under Constructing development

    Hi all. May I know how is the current Progressive Payment works and behaves for U/C projects and developments?

    Is it the mechanism of PP process that encourages Singaporean to get new developments to re-sales/TOP completed projects instead?

    Please advise and enlighten me. TIA.

  2. #2
    Join Date
    Aug 2009
    Posts
    3,943

    Default

    Quote Originally Posted by yowetan
    Hi all. May I know how is the current Progressive Payment works and behaves for U/C projects and developments?

    Is it the mechanism of PP process that encourages Singaporean to get new developments to re-sales/TOP completed projects instead?

    Please advise and enlighten me. TIA.
    u hv visited FV showflat and still come and ask about the progress payment.
    This shows what sort of ppl ur

  3. #3
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by Laguna
    u hv visited FV showflat and still come and ask about the progress payment.
    This shows what sort of ppl ur
    The agent did explained, however I think he is also unsure as my case can be 60% LTV or 80/90% LTV. The explanation is pretty confusing.

    Thus, I like to seek a clearer understanding through here.

  4. #4
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default

    Quote Originally Posted by yowetan
    Hi all. May I know how is the current Progressive Payment works and behaves for U/C projects and developments?

    Is it the mechanism of PP process that encourages Singaporean to get new developments to re-sales/TOP completed projects instead?

    Please advise and enlighten me. TIA.
    I have a choice of PC sold by developer and PC completed in 2011. Decided to get a new PC instead, the reason are.
    1. The capital gain are minimum and for 99 years lease hold the number of years since TOP is your lost if you buy. e.g. a PC which is 10 years since TOP the lost will be the rental income for the 10 years or you enjoyment on the unit if for self stay.
    2. The condition of the market. The market was due for correction and if buy a completed PC then when the correction is too huge cut lost is not easy, if buy from developer can cut lost or wait for the market to recover.
    3. The money you pay need to generate positive income else buy new PC for capital appreciation.

  5. #5
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by Arcachon
    I have a choice of PC sold by developer and PC completed in 2011. Decided to get a new PC instead, the reason are.
    1. The capital gain are minimum and for 99 years lease hold the number of years since TOP is your lost if you buy. e.g. a PC which is 10 years since TOP the lost will be the rental income for the 10 years or you enjoyment on the unit if for self stay.
    2. The condition of the market. The market was due for correction and if buy a completed PC then when the correction is too huge cut lost is not easy, if buy from developer can cut lost or wait for the market to recover.
    3. The money you pay need to generate positive income else buy new PC for capital appreciation.
    Hi. Thanks for the input.

    Do you by any chance knows how's today progressive payment mode works?

  6. #6
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

  7. #7
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by ikan bilis
    Hello.Many thanks for clearing my doubts.

    So, this is a legal payment mode as of now.

    I like the table showing the level of payments. No wonder new launch projects are so welcoming.

    One question - when the foundation work payment be receivable? Usually the agents would comment 6 to 9 months, but with reference to which date?

  8. #8
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    ask developer, only developer knows work progress... architect/bca will certify the foundation done (or any other stages) and you pay accordingly....

    if your developer run road or collapses after collecting your 20%.... then forever you no need to pay for next 10% foundation work done lor.... haha...

  9. #9
    Join Date
    Jul 2011
    Location
    Earth
    Posts
    4,063

    Default

    Quote Originally Posted by ikan bilis
    ask developer, only developer knows work progress... architect/bca will certify the foundation done (or any other stages) and you pay accordingly....

    if your developer run road or collapses after collecting your 20%.... then forever you no need to pay for next 10% foundation work done lor.... haha...
    I don't think this has ever happened in Singapore?
    Mine has not asked for the first 10% yet .
    It has been one year since I placed my down payment.

  10. #10
    Join Date
    Feb 2012
    Posts
    138

    Default

    Quote Originally Posted by buttercarp
    I don't think this has ever happened in Singapore?
    Mine has not asked for the first 10% yet .
    It has been one year since I placed my down payment.
    Which condo is that?

  11. #11
    Join Date
    Nov 2011
    Posts
    117

    Default

    Quote Originally Posted by buttercarp
    I don't think this has ever happened in Singapore?
    Mine has not asked for the first 10% yet .
    It has been one year since I placed my down payment.
    Very slow.
    I have paid nearly 30% within one yr of signing option...TOP targetted for 2015...

  12. #12
    Join Date
    May 2011
    Posts
    616

    Default

    Quote Originally Posted by buttercarp
    I don't think this has ever happened in Singapore?
    Mine has not asked for the first 10% yet .
    It has been one year since I placed my down payment.
    you should be more worried about build quailty then the payment for pabilion park instead.

  13. #13
    Join Date
    Jul 2011
    Location
    Earth
    Posts
    4,063

    Default

    Quote Originally Posted by Beebot
    Which condo is that?
    It is Pavilion Park inter terrace.

    Quote Originally Posted by samuelk
    you should be more worried about build quailty then the payment for pabilion park instead.
    So what you mean is that I don't need to worry about the delay ?
    But the delay in payment should not affect the build quality, right?

  14. #14
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by ikan bilis
    ask developer, only developer knows work progress... architect/bca will certify the foundation done (or any other stages) and you pay accordingly....

    if your developer run road or collapses after collecting your 20%.... then forever you no need to pay for next 10% foundation work done lor.... haha...
    Hi all... This is to say the progressive payment schedule is random and unpredictable? It is something which we cannot plan ahead and it varies among the developers and constructors?

    Is there any general guideline/min. period that the payment schedule should obliged?

  15. #15
    Join Date
    Apr 2012
    Posts
    166

    Default

    I was called for the 10% payment for foundation completion, only after 1 year I signed the contract.

    Quote Originally Posted by yowetan
    Hello.Many thanks for clearing my doubts.

    So, this is a legal payment mode as of now.

    I like the table showing the level of payments. No wonder new launch projects are so welcoming.

    One question - when the foundation work payment be receivable? Usually the agents would comment 6 to 9 months, but with reference to which date?

  16. #16
    Join Date
    Apr 2012
    Posts
    593

    Default

    Quote Originally Posted by yowetan
    Hi all... This is to say the progressive payment schedule is random and unpredictable? It is something which we cannot plan ahead and it varies among the developers and constructors?

    Is there any general guideline/min. period that the payment schedule should obliged?
    u worried about the interest for your loan? before u exercise your option u will already have the bank loan to cover wad.. so why u so gan jeong about the payment disbursements?

    anyway, as long as the completion is before legal TOP, the developer can pace the building of the project as per their comfort zone. so there's certainly no fixed dates for when certain phases need to be completed.

  17. #17
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by Vincegoh
    u worried about the interest for your loan? before u exercise your option u will already have the bank loan to cover wad.. so why u so gan jeong about the payment disbursements?

    anyway, as long as the completion is before legal TOP, the developer can pace the building of the project as per their comfort zone. so there's certainly no fixed dates for when certain phases need to be completed.
    The main reason for asking is I will surely love to reduce my loan load from 90% to the original 60% sipulated by government. If I am aware and fully control of the payment schedule, I will able to figure out ways to squeeze the remaining 20-30% adjoining to the progressive payment schedule.

  18. #18
    Join Date
    Apr 2012
    Posts
    593

    Default

    Quote Originally Posted by yowetan
    The main reason for asking is I will surely love to reduce my loan load from 90% to the original 60% sipulated by government. If I am aware and fully control of the payment schedule, I will able to figure out ways to squeeze the remaining 20-30% adjoining to the progressive payment schedule.
    for a 1.3mil ppty, you will need to squeeze out an additional 400k in separate tranches over a period of less than 3 years. wow i'm impressed.

  19. #19
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by Vincegoh
    for a 1.3mil ppty, you will need to squeeze out an additional 400k in separate tranches over a period of less than 3 years. wow i'm impressed.
    Based on your forecasted figure, it is achievable within 3 years, total of 36 months with average figure of 10kSGD.

    Based on my parents and in-law HDBs, we are able to deliver a secured disposal rental income of 7000SGD +/- every month, and with extra secured part-time job of additional 1000 SGD.

    This figure is based on the assumption of without touching our current household base income of 7000SGD+.

    It is achievable.

  20. #20
    Join Date
    Jun 2008
    Posts
    3,086

    Default

    Quote Originally Posted by yowetan
    Based on your forecasted figure, it is achievable within 3 years, total of 36 months with average figure of 10kSGD.

    Based on my parents and in-law HDBs, we are able to deliver a secured disposal rental income of 7000SGD +/- every month, and with extra secured part-time job of additional 1000 SGD.

    This figure is based on the assumption of without touching our current household base income of 7000SGD+.

    It is achievable.
    which project have you finally selected? FV?

  21. #21
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by East Lover
    which project have you finally selected? FV?
    Hi. Nothing at the moment.

    I am still searching hard for Mt Sinai area.

  22. #22
    Join Date
    Apr 2012
    Posts
    593

    Default

    Quote Originally Posted by yowetan
    Based on your forecasted figure, it is achievable within 3 years, total of 36 months with average figure of 10kSGD.

    Based on my parents and in-law HDBs, we are able to deliver a secured disposal rental income of 7000SGD +/- every month, and with extra secured part-time job of additional 1000 SGD.

    This figure is based on the assumption of without touching our current household base income of 7000SGD+.

    It is achievable.
    no need pay taxes meh? your parents and parents in law all have full time jobs right?

    are all of them staying with u currently at your tiong bahru flat?

  23. #23
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by Vincegoh
    no need pay taxes meh? your parents and parents in law all have full time jobs right?

    are all of them staying with u currently at your tiong bahru flat?
    They are all retired and beyond 55 years old. I am claiming full tax rebates from the government since they all staying with me.

    My wife is working and we are claiming baby and parenthood rebates etc.

  24. #24
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    bro yowetan....

    have you ever analyse why yourself keep having that big "urge" to upgrade to condo (some more mid-range condo) ??...

    i got 2x tenants and my condo's previous owner all downgraded to hdb and keep $$ proceed shiok shiok... and all of them are staying in big hdb-ea now...

    what's wrong with staying in hdb ah ??... 80% of population are in hdb...

  25. #25
    Join Date
    Jun 2008
    Posts
    1,569

    Default

    Quote Originally Posted by yowetan
    They are all retired and beyond 55 years old. I am claiming full tax rebates from the government since they all staying with me.

    My wife is working and we are claiming baby and parenthood rebates etc.
    It's time you consider mobilizing the two fathers (ur one and in-law) to share a rental taxi. One take night shift, one take day shift, you take graveyard shift.
    Make sure car is running almost 24hrs daily to make your daily taxi rental worth it.

    This one is optional since I believe the taxi income will be ALOT! But just a suggestion, the two mothers (ur one and in-law) will have to go Mustafa or some supermarket become cashiers.

    For the kids, those that can start working, ask them go Macdonalds.

    I'm sure you can get your dream house!

  26. #26
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by ikan bilis
    bro yowetan....

    have you ever analyse why yourself keep having that big "urge" to upgrade to condo (some more mid-range condo) ??...

    i got 2x tenants and my condo's previous owner all downgraded to hdb and keep $$ proceed shiok shiok... and all of them are staying in big hdb-ea now...

    what's wrong with staying in hdb ah ??... 80% of population are in hdb...
    I am seeing to get one to weather the eroding value of Singapore dollars and to the benefits of my children in future.

    As mentioned, different people different perspective different valuation of situation. I feel staying in Mt Sinai nearing to Henry Park primary is tranquil way of living. Again, this is personal choice and preference.

  27. #27
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by focus
    It's time you consider mobilizing the two fathers (ur one and in-law) to share a rental taxi. One take night shift, one take day shift, you take graveyard shift.
    Make sure car is running almost 24hrs daily to make your daily taxi rental worth it.

    This one is optional since I believe the taxi income will be ALOT! But just a suggestion, the two mothers (ur one and in-law) will have to go Mustafa or some supermarket become cashiers.

    For the kids, those that can start working, ask them go Macdonalds.

    I'm sure you can get your dream house!
    My part time taxi driving experience is more than enough; the liability of being a taxi owner is huge and certainly not worth the effort.

    My father(s) will be helping out in taking care of the kids.

    Kids will have to stay focus and grow well as I am preparing them for Henry Park primary.

  28. #28
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    Quote Originally Posted by yowetan
    I am seeing to get one to weather the eroding value of Singapore dollars and to the benefits of my children in future.

    As mentioned, different people different perspective different valuation of situation. I feel staying in Mt Sinai nearing to Henry Park primary is tranquil way of living. Again, this is personal choice and preference.
    alamak !!... don't just let your brain keep stay-tuned to your immediately need, satisfaction, or what people said is correct...

    try thinking a few layers deeper lah.... for e.g.,...
    - any pressurised by peers, wife, relative ??..
    - this forum telling you too many nice stories ?? painting you all the colorful pictures ??..
    - greedy for easy $$ from property market ??...
    - too much 人比人 , e.g. keep comparing yourself and others on achievement ??...

    and etc & etc... all the possible reasons that giving you that big "urge" to upgrade to condo...

  29. #29
    Join Date
    May 2009
    Posts
    3,677

    Default

    Quote Originally Posted by ikan bilis
    alamak !!... don't just let your brain keep stay-tuned to your immediately need, satisfaction, or what people said is correct...

    try thinking a few layers deeper lah.... for e.g.,...
    - any pressurised by peers, wife, relative ??..
    - this forum telling you too many nice stories ?? painting you all the colorful pictures ??..
    - greedy for easy $$ from property market ??...
    - too much 人比人 , e.g. keep comparing yourself and others on achievement ??...

    and etc & etc... all the possible reasons that giving you that big "urge" to upgrade to condo...
    on the contrary, i believe most forummers, with well intentions, are advising otherwise.

    moving to a 3BR (or is it a 2BR) condo and squeeze 3 families - 6 adults and 1 kid is madness

  30. #30
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Quote Originally Posted by eng81157
    on the contrary, i believe most forummers, with well intentions, are advising otherwise.

    moving to a 3BR (or is it a 2BR) condo and squeeze 3 families - 6 adults and 1 kid is madness
    Hi. Our family is 6 adults with 2 kids and a dog.

Similar Threads

  1. Last Progressive Payment "On Completion Date"
    By angel.tan in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 14-04-13, 19:24
  2. Progressive taxes 'a sign of things to come'
    By reporter2 in forum Finance and Legal
    Replies: 1
    -: 06-03-13, 22:45
  3. New condo development payment scheme
    By kash in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 31-12-10, 10:30
  4. Understanding Schedule in Progressive Payment Scheme
    By wmwa in forum Finance and Legal
    Replies: 3
    -: 05-04-10, 10:19
  5. subsale can get progressive payment or not?
    By housewife in forum Finance and Legal
    Replies: 9
    -: 05-08-09, 14:33

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •