First-time New Project Buyers : What you need to do before attending property launches
VIPs or VVIPs Private Previews or Soft Launch are usually extended to the developer's employees, clients, previous enbloc owners and those who have shown interest in the project before it was marketed.
Not all the units are released during these previews, and they're usually sold in phases. The previews also serve to test the market.
The developer may launch only a quarter of total project during the first phase. It'll be a mix of good and not-so-great units. This is because you want to be fair to buyers, both present and future.
The first phase is important. If it's successful, then the developer usually raise the price for the next phase and may even raise it progressively during the first phase as units are snapped up.
In every phase, there are a few very good units, and these are usually the first to be sold. These are usually the bigger units on high floors, and with good views or the smaller units for investment purposes.
For first time buyers, you may like to know how the things work before the first day of preview till the official launch. The details are as follows:
a) Buyers note down the units of their desired choice, I would advise to choose 2 to 3 units and prioritize your main choice. You need to have a number of back-up choices in case it’s sold. There are cases where investors mass book the whole block.
b) I will collect one cheque from you :
1) Cheque made payable to Project Account, crossed and signed.
2) Amount is left blank as prices are not disclosed until the last minute by the developer. The check is to show your sincerity to join in the Preview or the Launch.
3) Original or photocopy of I/C or passport of all purchaser(s).
c) You need to sign the Authorization Letter to authorize me to act on your behalf in the selection and purchase of unit selected.
d) On the day itself or earlier when the price list is out, I will call you to let you know the price of the unit you have chosen.
e) I will also advise you from time to time whether any purchaser has place cheque on the unit of your choice. If yes, you may like to decide whether to change your priority.
f) If you feel the given price is not attractive nor any other issues and wish to withdraw the purchase, just instruct me to withdraw. Your cheque is return to you on the same day with no cost or penalty.
g) If you are happy with the Preview Price, on verbal, you will instruct me to hand in the cheque for booking. I will fill in the amount on your cheque based on 5% Option Fee of the quantum price of the unit. The Option to Purchase from developer will generated for your signing.
h) Once the Option to Purchase is issued by the developer;
a) The Option to Purchase is not assignable,
b) Any changes as i. addition/deletion of name(s), ii. Changes of payment scheme, iii. Changes of unit(s) will not be permitted, The purchaser(s) listed will be final and there shall be no subsequent changes,
c) All purchasers must be above 21 years old and must not be ineligible to purchase private property by virtue of Housing Development Board Act and the Executive Condominium Housing Act.
d) Stamp duties are to be borne by Purchase(s). Stamp duties at 3% of purchase price minus $5,400 payable within 14 days from the date of acceptance of the Option to Purchase.
e) Legal fee can be partially/fully subsidized by bank if taking a loan.
Developer will forfeit 25% of the 5% booking fee if buyers do not exercise the Option to Purchase with 8 weeks.
i) If buyers are withdrawing CPF for the next 15% payment, they will have to first secure a bank loan. I will help introduce a banker from the bank of your choice. If using CPF, all buyers must be related.
To join the Preview, you must always get yourself a Realtor, if not, you won't be able to attend the preview until the Official Launch.
VIPs or VVIPs Private Previews or Soft Launch are usually extended to the developer's employees, clients, previous enbloc owners and those who have shown interest in the project before it was marketed.
Not all the units are released during these previews, and they're usually sold in phases. The previews also serve to test the market.
The developer may launch only a quarter of total project during the first phase. It'll be a mix of good and not-so-great units. This is because you want to be fair to buyers, both present and future.
The first phase is important. If it's successful, then the developer usually raise the price for the next phase and may even raise it progressively during the first phase as units are snapped up.
In every phase, there are a few very good units, and these are usually the first to be sold. These are usually the bigger units on high floors, and with good views or the smaller units for investment purposes.
For first time buyers, you may like to know how the things work before the first day of preview till the official launch. The details are as follows:
a) Buyers note down the units of their desired choice, I would advise to choose 2 to 3 units and prioritize your main choice. You need to have a number of back-up choices in case it’s sold. There are cases where investors mass book the whole block.
b) I will collect one cheque from you :
1) Cheque made payable to Project Account, crossed and signed.
2) Amount is left blank as prices are not disclosed until the last minute by the developer. The check is to show your sincerity to join in the Preview or the Launch.
3) Original or photocopy of I/C or passport of all purchaser(s).
c) You need to sign the Authorization Letter to authorize me to act on your behalf in the selection and purchase of unit selected.
d) On the day itself or earlier when the price list is out, I will call you to let you know the price of the unit you have chosen.
e) I will also advise you from time to time whether any purchaser has place cheque on the unit of your choice. If yes, you may like to decide whether to change your priority.
f) If you feel the given price is not attractive nor any other issues and wish to withdraw the purchase, just instruct me to withdraw. Your cheque is return to you on the same day with no cost or penalty.
g) If you are happy with the Preview Price, on verbal, you will instruct me to hand in the cheque for booking. I will fill in the amount on your cheque based on 5% Option Fee of the quantum price of the unit. The Option to Purchase from developer will generated for your signing.
h) Once the Option to Purchase is issued by the developer;
a) The Option to Purchase is not assignable,
b) Any changes as i. addition/deletion of name(s), ii. Changes of payment scheme, iii. Changes of unit(s) will not be permitted, The purchaser(s) listed will be final and there shall be no subsequent changes,
c) All purchasers must be above 21 years old and must not be ineligible to purchase private property by virtue of Housing Development Board Act and the Executive Condominium Housing Act.
d) Stamp duties are to be borne by Purchase(s). Stamp duties at 3% of purchase price minus $5,400 payable within 14 days from the date of acceptance of the Option to Purchase.
e) Legal fee can be partially/fully subsidized by bank if taking a loan.
Developer will forfeit 25% of the 5% booking fee if buyers do not exercise the Option to Purchase with 8 weeks.
i) If buyers are withdrawing CPF for the next 15% payment, they will have to first secure a bank loan. I will help introduce a banker from the bank of your choice. If using CPF, all buyers must be related.
To join the Preview, you must always get yourself a Realtor, if not, you won't be able to attend the preview until the Official Launch.
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