Results 1 to 4 of 4

Thread: Understanding Schedule in Progressive Payment Scheme

  1. #1
    Join Date
    Oct 2006
    Posts
    12

    Default 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

  2. #2
    Join Date
    Apr 2009
    Posts
    407

    Default

    Quote 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
    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.

  3. #3
    Join Date
    Mar 2009
    Posts
    828

    Default

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

  4. #4
    Join Date
    Jul 2009
    Posts
    1,549

    Default

    Looks like a project with MSCP, hence payment for foundation work completed so soon.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

Similar Threads

  1. More project details, simpler payment schedule for homebuyers among URA's proposed ch
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 06-01-22, 09:00
  2. 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
  3. Progressive payment for Under Constructing development
    By yowetan in forum Singapore Private Condominium Property Discussion and News
    Replies: 112
    -: 27-07-12, 20:53
  4. Deferred payment scheme
    By buttercarp in forum HDB, EC, commercial and industrial property discussion
    Replies: 35
    -: 26-03-12, 15:37
  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
  •