The Short Answer for One Leonie Residences
New homes sold while under construction, as the residences at One Leonie Residences will be, are paid for on the normal progressive payment scheme. The buyer pays 5% to book, 15% on signing the sale and purchase agreement, and the remaining 80% in instalments tied to construction milestones, finishing with 15% on the Certificate of Statutory Completion.
Because the payments follow the building, the bank’s loan is drawn in stages too, and interest is charged only on what has been drawn. The monthly outlay is therefore smallest in the early years and largest towards completion.
The Stages at One Leonie Residences
The Housing Developers Rules set the stages. After the 5% booking fee and the 15% on signing, the buyer pays 10% on completion of the foundation, 10% on the reinforced concrete framework, 5% each on the partition walls, the roofing and ceiling, the doors, windows, wiring and plumbing, and the car park, roads and drains, 25% on the Temporary Occupation Permit and 15% on the Certificate of Statutory Completion.
The payment scheme page lays the stages out in a table with the cumulative share paid at each one, and the progressive payment calculator turns them into amounts for a chosen price and loan.
Cash, CPF and the Loan at One Leonie Residences
A buyer with no outstanding housing loan may borrow up to 75% of the price. Of the 25% paid first, at least 5% must be cash, which the booking fee covers, and the remaining 20% may come from cash or CPF Ordinary Account savings within CPF rules. A buyer still servicing another housing loan may borrow 45%, and must pay at least 25% of the price in cash.
Where the tenure exceeds 30 years, or the loan would run past age 65, the limit falls to 55% and the minimum cash on a first loan rises to 10%. The housing loan page explains when the lower band applies.
Planning the Cash at One Leonie Residences
The early stages call for the buyer’s own funds rather than a loan: the booking fee in cash when the option is issued, and the balance of the first 20% when the sale and purchase agreement is signed, with stamp duty due within 14 days of signing. For residences of the size planned at One Leonie Residences, these early sums are substantial, and a household that maps them against its savings before the preview can sign with confidence.
Interest during construction is charged only on the amount drawn, so a household can see in advance how the repayment will grow stage by stage.
Other Payment Schemes at One Leonie Residences
Developers sometimes offer alternative payment schemes alongside the standard progressive one, such as a deferred arrangement in which a larger share of the price falls due at completion. Whether any such option is offered at One Leonie Residences is for Far East Organization to announce with the price list, and the terms of any alternative scheme are set out in the sale documents.
Where a deferred scheme is offered, the price under it is usually different from the price under the standard scheme, and the buyer still needs to meet the stamp duty and the minimum cash share early. The Sales Concierge sends the details of every scheme on offer to registrants when the developer releases them, together with the price list.
CPF and the One Leonie Residences Payments
Singapore Citizens and Permanent Residents can use CPF Ordinary Account savings towards the purchase within the limits the CPF Board sets, which take into account the buyer’s age, the remaining lease of the property and the valuation. For a freehold home, the remaining-lease conditions that apply to older leasehold properties do not arise.
The CPF Board’s own calculators and the bank’s in-principle approval give the most reliable figures for a particular household.
Construction Stages and Timing at One Leonie Residences
The stages arrive in sequence as the building rises, and each one is certified by the architect before the developer issues a notice of payment. The foundation and framework stages tend to come in the first part of construction, the partition walls, roofing, fittings and external works later, and the Temporary Occupation Permit marks the point at which residents can move in.
The Certificate of Statutory Completion usually follows some time after the Temporary Occupation Permit, once the development has met all its statutory requirements. The final 15% of the price is held until then, which gives buyers a measure of protection at the end of the project.
Starting the One Leonie Residences Plan
A sensible order is to size the loan first with the TDSR calculator, then lay out the schedule with the progressive payment calculator, then obtain a bank’s in-principle approval. Registrants for One Leonie Residences receive the price list on release, which turns the plan into figures for a particular residence.
This article is general information as at the date shown and is not financial, legal or tax advice. Statutory figures are from IRAS and MAS; particulars of One Leonie Residences are from Far East Organization.
Talk to the One Leonie Residences Sales Concierge
The Sales Concierge sends the e-brochure, floor plans and price list for One Leonie Residences as Far East Organization releases them, and arranges a private viewing.