Payment schedule for The Martin Modern is as follows:

Booking the property & Signing of Sale and Purchase Agreement 

Afrer booking

you will have to pay a 5%booking fee (Cash/ Cheque) and the Option to Purchase (OTP) will be granted.

The “Developer” will then mail the Sale and Purchase (S&P) Agreement to your banker’s solicitor or to you.

3 weeks

After receiving the S&P you will have to check the date in it as you will be given only 3 weeks from that date to proceed with the S&P.

Within 8 weeks

from the day the option money is paid, you will have to pay the remaining 15%.

You can use your CPF to pay for this and any remaining shortfall will be paid for by Cash.

It is very important that you understand and write down this schedule especially if your CPF does not have enough to cover the amount needed to prepare the necessary Cash if it’s necessary to pay a shortfall

Sales Completion Date 

Also you should remember that this amount will depend on your LTV (Loan To Value), e.g. if your LTV is 70% then the balance amount to be paid is 25%, 15% to be paid on exercising day, balance 10% will be paid by progressive stages

(Example foundation work completed).

Stamp Duty (3% less $5,400, Cash/CPF outlay) | Additional Stamp Duty (% of the Purchase Price)

Stamp Duty

Within 14 days of signing the S&P agreement (or within 30 days if the agreement is signed overseas), you will have to pay the Stamp Duty (3%) / Additional Stamp Duty (5% – 15%) (Cash/CPF outlay) to IRAS (Inland Revenue Authority of Singapore).

Progress Payments using Housing Loan

From this point onwards, you can start using funds from your housing loan, which can be up to 80% of the purchase price.

The tenure of the loan can be up to 30 years, depending on your age. You will have to make payments as follows:

• 10% upon completion of foundation work (Estimated 6-9 months later from work commencement)
• 10% upon completion of reinforced concrete framework of unit (Estimated 6-9 months later)
• 5% upon completion of brick walls of unit (Estimated 3-6 months later)
• 5% upon completion of roofing and ceiling of unit (Estimated 3-6 months later)
• 5% upon completion of electrical wiring (without fittings), internal plastering, plumbing and installation of doors and window frames of unit (Estimated 3-6 months later)
• 5% upon completion of completion of car park, roads and drains serving the housing project (To be advised)
• 25% upon receiving Notice of Vacant Possession and Temporary Occupation Permit (TOP), and the last 15% upon Completion Date, when you receive your CSC (To be advised).

The Clement Canopy will certainly be one of the most beautifully designed properties in Singapore, featuring incredible looks and environmentally friendly functionality as well as an advantageous location and proximity to transport.

On top of that we can add the caliber of its developers UOL and SingLand which will certainly make sure that the property is as high end as it needs to be to have a place inside their impressive portfolios.

When Clement Canopy is finished it will most likely be a candidate to win an award for design and sustainability as well as for having zero negative impact in its constructions zone, which in turn will increase its market value and help smart investors secure their profit.

Also read: Property Taxes in Singapore

The second reason you should invest in this project in this very moment is because it is still not finished, meaning you still have chances of buying a unit before Martin Modern TOP is reached, which means prices might be a little lower, which in turn maximizes the profit margin of your investment.

The third reason you should invest in this project now, is because you will be seen as a visionary after the project is finished. Since it has a new concept, some investors may detract themselves from buying before Martin Modern launch because it’s outside of their comfort zone so they’ll wait for other people to invest first. But remember, the things that require no risk, often yield no reward, yet there’s no big risk on investing in this project because the site plan, the developer’s name and the pictures can easily ensure that the project is going to be successful.

The fourth and final reason for investing in Martin Modern right now has something to do with a phrase that we said in the previous paragraph, “new concept”, Martin Modern features a new concept of an incredibly huge land area with only 2 blocks of building; this is done so that there’s space to include lush gardens and incredible facilities. In fact, the Martin Modern condo in Singapore will feature a botanic garden with more than 200 species of plants and 50 species of trees, this is certainly an unusual feature that no other development has included before and can certainly be the best selling point for the simple reason that people like unique characteristics in everything they buy. People always want to separate themselves from the rest, and the Martin Modern is certainly the opportunity to invest based on that reason.