Answers to questions you may have on buying Lakefront Residences
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What are the costs involved in buying new property in Singapore?
- Purchase price of the lakefront condo unit itself.
- Stamp Duty payable to IRAS (Inland Revenue Authority of Singapore). Most easily calculated using the formula: (3% x Purchase Price) minus $5,400. See note below on when Stamp Duty is payable.
- Legal fee payable to your Conveyancing Lawyer. Usually around $2,000 to $3,000. If you are taking a bank loan, chances are your bank may cover most or all of the legal fee if you use one of their panel of lawyers.
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When is Stamp Duty payable?
Stamp Duty is payable within 2 weeks of signing the Sales & Purchase Agreement (S&P). Buyer is required to sign the S&P within 3 weeks of receiving it. The S&P is usually sent to the buyer (or his lawyer if he has given the Developer his lawyer’s particulars) between one to two weeks after booking the unit and getting the Option to Purchase.
Stamp Duty quick formula: (3% x Purchase Price) – $5,400
Stamp Duty may be reimbursable from your own CPF funds, but you will need to pay it in cash first, as it takes some time for CPF to release it back to you after your lawyer writes to them to do so.
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Any other costs for Lakefront Residences? Such as admin charges or commissions or agent fees?
No. Buyers do not pay commissions on private property purchases (unlike purchases of HDB flats). Nor do buyers pay any admin or agent fees.
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How are purchases of Singapore property funded?
If you are NOT currently paying off another housing loan:
- First 5% cash (by cheque) at time of booking your lakefront condo unit.
- Next 15% within 8 weeks (typically) of booking the unit. This 15% can be from CPF funds, or from cash.
- The remaining 80% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches stages as set out in the Progressive Payment Schedule. This means that if you’re taking a loan, your monthly instalments begin only when the bank disburses the amount, and the amounts payable start out small and slowly increase.
If currently paying off a housing loan:
- First 5% cash (by cheque) at time of booking your lakefront condo unit.
- Next 15% within 8 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF funds, or from cash.
- When foundation works are completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
- When reinforced concrete framework is completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
- The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly instalments payable start out small and slowly increases.
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How to book a unit at the Lakefront Residences?
Let us know of your interest through the Contact Form and I will get in touch with you to give you details, including what documents you need to provide.
By KEPPEL LAND (MAYFAIR) PTE LTD. Lakefront Residences is now completely SOLD OUT.
NOTE: This is NOT the Lakefront Residences condo management website.
The Lakefront Residences is an exciting new condominium development on the doorstep of Lakeside MRT station, overlooking Jurong Lake & Gardens. Set in the midst of the Jurong Lake District, near Jurong Gateway precinct & Singapore’s largest commercial district outside the city centre.
Over 80% of the units available have been sold. Reasons why it has been so well received:
. Rear gate just a few steps to Lakeside MRT station.
. Set in Jurong Lake District – huge office, retail, food & entertainment hub cum waterside living.
. Just 1 or 2 train stops to Jurong Point, IMM, JCube, & Science Centre @ Chinese Garden MRT
. Within 1 km of Rulang Primary School; 1 train stop to River Valley High School
. Down the road from future Canadian International School (opens August 2011).
. From 500 sqft one-bedroom units to 1,400 sqft four-bedroom units, as well as penthouses.
. Abundant greenery, lavish water features within the project & neighbouring Jurong Lake.
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Excellent Investment Potential
. 2 train stops to Jurong Gateway business district with:
– 500,000 sqm high-rise offices
– 250,000 sqm medium-rise retail, food outlets, entertainment
– Hotel clusters
– Expected to create 40,000 new jobs
. Set in Jurong Lakeside Precinct with:
– New Lakeside Village & Waterways
– Waterfront playground
– Water activities like kayaking, dragon boating, fishing, wetlands
. Island-wide accessibility right next to Lakeside MRT station
. Keppel Land’s record of picking sites with immense capital appreciation potential eg. Marina Bay.
. Water views. Being next to an MRT station. Lakefront Residences combines the two.
. Good potential for capital appreciation & rental yield.
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Buying Lakefront Residences
Given that Lakefront Residences has already sold out, do consider other alternatives in the vicinity.
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The Reserve Residences Launch
The Reserve Residences is a new condominium being launched for sale by the Far East Group in the Upper Bukit Timah area of Singapore. It is part of an integrated development that includes a retail component, as well as transport hub, unlike the Lakefront Residences which is a pure residential project.
This is a landmark project, as it will occupy the most notable site in the Beauty World precinct. In fact the Reserve Residences will have its own direct underground link to the concourse level of Beauty World MRT station on the Downtown line.
The units here will target both home occupiers who appreciate the sheer convenience of the amenities around. As well as investors who can depend on a tenant pool who want to views as well as easy walk-across access to the Bukit Timah Nature Reserve and Park across Jalan Anak Bukit. As compared to Lakefront Residences that draws upon tenants who work in the Jurong Gateway precinct.
The Reserve Residences launch is expected to take place in mid 2022. Both the floor plans and pricing have yet to be finalised. However Far East Organisation have started construction of the Reserve Residences showflat, and in fact, much of the concept design was already formulated at the tender for this land parcel.
