Normanton Park Condo New Launch by Kingsford Development 61008833

Normanton Park Condo Resource Guide

Good To Know Before Buying A Property in Singapore

Helpful tips to consider before purchasing ...

Buying a Condo in Singapore

In Singapore, owning a private apartment is a symbol of affluence and luxury. And this is only natural due to the premium status tied to the cost of owning one of these units. For those who have the financial abilities to own a luxurious home, such as Normanton Park, you certainly deserve this long overdue purchase and upgrade in your lifestyle. To facilitate first-time condo owners, we have included references below to websites with important and useful information to make home-ownership a much simpler affair.

Calculating Your Loan Amount

At this stage, you would have probably worked out how much  loan is needed. If you have any doubts, do arrange a session with our appointed agents who will be glad to assist you. To a first-time Normanton Park home-buyer, it may be complicated to work out how much housing loan you can get. The amount of loan you can borrow (also known as loan quantum) depends on many factors – your age, salary, loan duration and property type, the Loan-to-Value (LTV) ratio, Total Debt Servicing Ratio (TDSR) and more.

Setting Up Utilities Account

The next important step is to ensure your utilities account is ready as this is critical for your daily activities, and more so if you have planned for renovation. With today’s efficiencies, such account can be easily set up online with Singapore Power Group. It might be a little of a hassle but it is necessary unless you don’t want water for your showers or laundry, and (most importantly) electricity for your WIFI-enabled devices.

Tackling Administrative Matter

Some homeowners may want to make alterations or installations to the their condo units before moving in. There are a few critical things to take note of. For example, hacking of walls with concealed cables and aircond ducts or installing balcony blinds and shades. Also, do be aware of structural and regulatory considerations when designing your house, such as the loading and restrictions on the floor area. If you’re engaging contractors, most times they can advise you on such matters. But it is always good to familiarize yourself with the legal requirements and documents  before you start moving in.

Seek Professional Advice

Finally, if you’re ever unsure about the process, do seek an expert opinion, especially when it concerns critical administrative documentations. This is also one of the important reasons why most first-time property buyers will want to engage a certified property agent to assist them in managing the entire process smoothly. More so when HDB upgraders plan to use their HDB sale proceeds to make the down payment for the condo while their HDB flats are still in the midst of selling.

What is Loan-to-Value (LTV) ?

The Monetary Authority Of Singapore (MAS) has implemented strict guidelines on the amount of housing loan you can borrow to finance your property and this is usually expressed in terms of Loan-to-Value (LTV) ratio. For example, a LTV ratio of 75% means you can borrow up to 75% of the property value or price, whichever is lower. The remaining 20% can be paid via a combination of cash or CPF while the final remaining 5% must be paid in cash only.

 

The number of years required to pay off the housing loan (loan tenure) will also affect the LTV ratio. If the loan tenure stretches beyond age 65, the LTV ratio will be reduced, resulting in lesser amount of loan you can get from the bank. Other factors that will also affect the LTV ratio are the number of existing housing loans that you are currently servicing . A second home loan will reduce the LTV ratio from 75% to 45% while a third home loan will further reduce the LTV ratio to 25%.

 

More information can be found here : https://www.mas.gov.sg/regulation/explainers/new-housing-loans/loan-tenure-and-loan-to-value-limits

What Is Total-Debt Servicing Ratio (TDSR) ?

The TDSR states that only 60% of a borrower’s gross monthly income may be used on debt repayments. Thus, this puts a limit on your loan quantum by making sure your monthly debt repayments make up less than 60% of your income. In other words, the more debt obligations you have (for example  car loans, credit card bills, student loans, personal loans, and other miscellaneous financial obligations), the harder is for you to secure a home loan from a bank. You might have to extend the repayment period of your home loan so as to keep within the TDSR limits.

 

Learn more here : https://www.mas.gov.sg/regulation/explainers/tdsr-for-property-loans

How does Progressive Payment Scheme work ?

In Singapore, it is a very common practice to buy a property even before it is built. To purchase such a property, you have two options of paying for your new home – all at once or progressively in stages. The latter is known as the progressive payment scheme. Under this scheme, your payment for a property follows the progress of construction it is at. When each stage of the property is completed, the developer will notify your appointed lawyer. Your lawyer will, in turn, call upon you to make progressive payment either in cash or via bank loan disbursement, depending on your financing arrangements. In the event of any construction delay, your payment deadlines will be deferred too. The instalments are paid in stages, all the way until the property receives Certificate of Statutory Completion (CSC). We have summarized a guide below for illustration purpose.

Normanton Park 2 Bedroom Price Oct 2021

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Building Under Construction's Purchase Timeline

Time flies past quickly when you are buying your first home. And before you realize, it’s time for loan repayments and key collection. Purchase Timeline gives you a general idea of what to expect for new condo purchase so that you are prepared for every important payment. The last thing we want to see is the lapse of Option-to-purchase.

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** This timeline can be EARLIER than stated. However, the Completion Date for the whole process is EIGHT (8) weeks from Options-to-purchase (OTP) date; not Sales-and-purchase (S&P) date. If there is any delay in this process, you submit your request in writing to the Developer and is subject to approval by the Developer.

 

In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 25% of the booking fee and has the right to sell the unit to any other party who is interested. The purchaser will get back a refund of the remaining 75% of the booking fee.

 

The follow-up payments will be progressive according to the stages of  construction of the project. Please refer to “Payment Scheme” to find out more.

What is Buyer’s Stamp Duty (BSD) ?

In Singapore. each time you transact a property, you are subjected to taxation. In this case, you are obliged to pay Buyer’s Stamp Duty (BSD) to Inland Revenue Authority of Singapore (IRAS). Depending on certain conditions and your status such as being a foreigner or owning another property, you are also obliged to pay Additional Buyer’s Stamp Duty (ABSD). The BSD and ABSD were introduced in 2011 as cooling measures to preventing overheating due to speculation. This is to  safeguard Singapore’s stable and sustainable property market. BSD is calculated based on the purchase price or market value of the property, whichever is higher

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What is Additional Buyer’s Stamp Duty (ABSD) ?

You may require to pay ABSD when buying residential property in Singapore. This requirement will depend on your residency status (i.e. whether you are a foreigner, Singapore Permanent Resident or Singapore Citizen) and the number of properties you concurrently own at the time of purchase. These residential properties include HDB flats, condominiums, terrace houses, bungalows, HUDC apartments and cluster houses. Even HDB shops with living quarters and shop-houses with portions permitted for residential use are also considered residential property for ABSD purposes. Similar to BSD, ABSD is computed based on the purchase price of the property, or its  market value, whichever is higher.

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What is Seller's Stamp Duty (SSD) ?

SSD is a property tax that is imposed on a property seller when he/she sells a property within the 3-year holding period ( (that is, the years of ownership). However, you will only be subjected to this tax if you bought a residential property/land on, or after 20 February 2010. In addition, if you acquired a property through inheritance, a transfer of a HDB flat within the family or a property transfer in case of a divorce, SSD is applicable.

 

 

However, if you are an owner of a HDB flat who is looking to sell your flat after fulfilling the 5-year Minimum Occupation Period (MOP),  you will not have to pay SSD.

For the latest update on BSD, ABSD and SSD, please visit IRAS.

 

 

Disclaimer:

 

We will endeavour to update the website as needed. However, information can change without notice and we do not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time. Whilst every effort has been made to ensure that the information provided is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner or your bank to take into account your particular financial situation and individual needs. We do not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, we do not accept any liability for any error or omission on this web site or for any resulting loss or damage suffered by the recipient or any other person.

Other New Condo Launches

We understand that not everyone who visits this website is looking to buy an apartment at Normanton Park. Some may deem Normanton Park unsuitable for family’s needs after viewing the showflat. Or, some may be looking for condominiums in other parts of Singapore.

 

If so, we have other new properties on sale that you may wish to consider. For your convenience, we have included Penrose Condominium, located in the city-fringe RCR region in District 14 Aljunied. Also, on the list we have The Florence Residences, situated in OCR region in Hougang District 19 , which could be something you have been looking for. Located in the same district is the first-of-its-kind integrated development in the north-east region. Sengkang Grand Residences is jointly-developed by CapitaLand & CDL.

Core Central Region (CCR)

CanningHill_Piers_View_From_Fort_Canning
CanningHill Piers In Clarke Quay

The most iconic integrated development with Fort Canning MRT Station at Clarke Quay by the Singapore River in District 6 Core Central Region. Scheduled for completion in 2025, Canninghill Piers (residential) and CanningHill Square (commercial) will be the newest kid on the block at the fringe of CBD. Only 696 of luxurious residences will be available for the discerning buyers and investors. TOP 2025.

Rest Of Central Region (RCR)

Penrose Condo in District 14 RCR, TOP 2024
The Penrose In Aljunied

As a part of the government’s plan to revitalise the heartlands, Geylang/Paya Lebar is about to see some major redevelopment works. And The Penrose is sitting right in the heart of all these transformations. This exciting 566-unit project promises many new luxurious features for its future residents. Plus, it is just a train stop away from Paya Lebar commercial site making it one of the few projects with good investment potential. TOP 2024.

Outside Central Region (OCR)

The Florence Residences - Island Pool
The Florence Residences In Hougang

Besides being located in an amenity-rich neighbourhood, the expansiveness of The Florence Residences‘ site also provides a full suite of leisure options for its residents. Similar to the offerings of a country club, The Florence Residences boasts a whopping 1410 apartments,  128 lifestyle facilities and 12 club themes, lending it a distinctive edge over other residential projects. TOP 2023

sengkang-grand-residences-condo-exterior-singapore
Sengkang Grand Residences In Buangkok

Landmark integrated development at the heart of Sengkang Central with over 300,000 sq ft of lifestyle conveniences under one roof. Comprising 680 units across nine blocks, Sengkang Grand Residences is part of the iconic first-of-its-kind integrated development with a retail mall, community club, hawker centre, community plaza, childcare centre, bus interchange and seamless connectivity to Buangkok MRT station. TOP 2023

The_Gazania_Gazania_Facade
The Gazania In Bartley

The Gazania is just a short 5-minute stroll to Bartley MRT Station and offers a seamless connection to an extensive train network. The Gazania houses 250 luxurious freehold apartments in seven 5-storey blocks, with multitudes of layouts ranging from exquisite 1-bedroom to exclusive 4-bedroom penthouses to cater to a diverse demographic of residents who call The Gazania home

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