THINGS TO UNDERSTAND BEFORE BUYING RIVERFRONT RESIDENCES
The most important thing to know is that show flat appointments are strictly by VVIP registration. It is essential that you come prepared after your finances are sorted out so that you can make a calculated and informed decision during the date of selection. This would ease the process of becoming one of the proud owner of Riverfront Residences along Hougang Ave 7.
CPF usage for Riverfront Residences purchase
Before any property purchase, it is important that you check your Central Provident Fund (CPF) to know how much fund that you will require when purchasing Riverfront Residences. If you are prepared, there would not be any surprises along the way to confront. First timer below age 55 have the capacity to utilize all the money in their Ordinary account. Second property owner would need to reserve half the retirement amount (RA) needed in their cpf account before utilizing the rest for purchase.
Bank loan (IPA) approval before buying Riverfront Residences by Oxley
With government introducing TDSR (Total debt servicing ratio) in 2013 to curb the escalating prices, the process of securing a loan need to be more prudent. It is important that you should apply for the In Principle Approval (IPA) from bank before we commit any purchases.
Following are documents need for buying Riverfront Residences Hougang :
- NRIC or passports of Buyer(s)
- Recent Credit Card Statements
- Bank Application form
- Declaration form of all credit facilities
- MyHDB page for existing HDB owners
- Latest 3 months pay slip and IRAS Tax Assessment Return for individuals who are employed
- Latest 12 months of CPF contribution for individuals who are employed
Additional Buyer Stamp Duty (ABSD)
Local Singapore do not have to pay ABSD for their first residential property purchase. For second property Singaporean will need to pay 7% and 10% for subsequent property purchases. For Singapore permanent residents (PR), first property will need to pay 5% ABSD and 10% for subsequent property purchases. For foreigner, it will be a flat 15% ABSD for all residential property purchases.
Additional Buyer’s Stamp Duty (ABSD) classification
Singaporeans do not have to pay any Additional Buyer’s Stamp Duty (ABSD) on the purchase of the first property. In case of the second and third property, buyers will have to pay 7% and 10% of the cost additionally.
For Permanent Residents (PRs), the buy of your property will be burdened an extra 5% on the price tag and an extra 10% on the property executed cost. Property buys for Foreigners will be burdened 15% of the cost of every property.
Progressive Payment Scheme for Riverfront Residences Singapore
After you have confirmed your unit at Riverfront Residences
- Pay to developer account 5% cheque in exchange for the Option to Purchase (OTP).
- Developer will dispatch Sales and Purchase Agreement (S&P) to you within the next 2 weeks.
- You will have 3 weeks from the date of receiving the Sales and Purchase Agreement (S&P) if you want to exercise the option.
- From the date of exercise, the Stamp Duty and ABSD is payable within 14 days.
- The remaining 15% payment should be paid within 8 weeks from the initial OTP issue date.
Before the launch of the condo, there will be preview period of 1-3 weeks for buyer to visit the showroom. During then the floor plan, unit size and pricing of the unit would be released. Developers usually hire real estate agencies to advertise these property launches. Once confirm purchaser will indicate their interest by register for balloting before the public launch and will be able to select the unit of your choice at a discounted rate from actual launch price for public.
This helps the buyer get access to condominiums with best views and location and saves the developers confusion to determine who will get the show flat. It is essential that you do register for a preview before you visit the show flat if you want the chance of getting the unit of your choice. Going to the show flat without registration after the initial preview launch will deprive you of the chance get the good units as it would likely be sold out by that time.
Documents needed :
- Copy of your ID card
- Completely filled and signed interest form
- Cheque issued to the developers’ project account
In case you decide to withdraw from your decision of buying the property, the cheque shall be returned to you.
THINGS YOU NEED TO DO AFTER YOU PURCHASE A UNIT AT THE RIVERFRONT RESIDENCES SHOW SUITES:
Finalize loan and payment methods:
You will need to go to your bank with the copy of option on hand to finalize your loan for the purchase of Riverfront Residences. You will be receiving the letter of offer from the bank as soon as the bank processes your application.
Sales and purchase agreement:
After the property dealer hands, you the Sales and purchase agreement, you will be given three weeks to sign it and use the option after which you will be required to pay the remaining down payment.
The payment process begins:
After every six months, you will be required to pay 5% to 10% of the purchase price. You will also be issued a Temporary Occupation Permit (TOP) after you have paid 40% of the purchase price of your condominium.
Lastly would be the day of key collection to the dream home in Riverfront Residences Hougang by Oxley Lian Beng JV.