Payment Scheme
Sora Condo Payment Scheme
When buying a Sora Condo condo, buyers have the option to pay for the property progressively, in stages, instead of paying the full amount upfront. This payment scheme is known as the Progressive Payment Schedule (PPS).
| Stage | Standard Payment Scheme (%) |
|---|---|
| Upon the grant of Option to Purchase | 5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement | 20% less Booking Fee |
| Completion of foundation work | 10% |
| Completion of reinforced concrete framework | 10% |
| Completion of partition walls of unit | 5% |
| Completion of roofing/ceiling of unit | 5% |
| Completion of door sub frames/door frames, window frames, electrical wiring, internal plastering, and plumbing of unit | 5% |
| Completion of car park, roads, and drains serving the housing project | 5% |
| Notice of Vacant Possession (TOP) | 25% |
| On Completion date of Sora Condo | 15% |
The PPS allows buyers to make payments at various stages of the construction process. This means that the buyer will only need to pay a small percentage of the total purchase price at the time of booking, and the remaining balance will be paid in stages as the construction progresses.
The following table shows an example of a typical payment schedule for a new launch condo using the PPS:
It is important to note that the payment schedule may vary depending on the developer and the project. Buyers should always consult with their property agent or lawyer to understand the payment schedule and any associated fees or charges.
Overall, the PPS provides buyers with a more manageable way to finance their new launch condo purchase. With the ability to pay in stages, buyers can better plan their finances and avoid the burden of paying the full amount upfront.