Guide to Buying New Singapore Property

On October 31, 2010, in Lakefront Condo, by admin
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?

  1. Purchase price of the lakefront condo unit itself.
  2. 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.
  3. 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.

Lakefront Residences Condo :: Singapore

On October 28, 2010, in Lakefront Condo, by admin

By KEPPEL LAND (MAYFAIR) PTE LTD. Lakefront Residences is now completely SOLD OUT.

NOTE: This is NOT the Lakefront Residences condo management website.

Lakefront Condo Pool

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

For enquiries or showflat viewing, please Contact Us.

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