Condo Buying Process

I am a foreigner interested in buying a private condo with my fiancee who is a Singaporean citizen. I am looking at the Kensington Square project which is scheduled for completion in 2017

Despite being a Singaporean, my fiancee is of very little use in advising on the purchase process in Singapore, so I am hoping somebody on this forum might be able to provide some general advice. Apologies if these are very stupid questions.

From what I can deduce, the process seems to pay 5% (~$50k) of the total price immediately in order to secure an option to purchase and then pay a further 15% (~$200k) to exercise the option, which must occur within 8 weeks of purchasing the option.

The notion of paying $200k cash in advance for something that will not be completed for four years seems bizarre to me, as does the proximity of the option's expiry to its acquisition.

Is this process common in Singapore?

Any help would be greatly appreciated!!

Source: Singapore Expats Forum

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20 Aug 2013
Singapore Expats Forum