Things to know before visiting a Riverfront Residences @ Hougang Ave 7 show flat:

The vital thing for you to know is that show flats appointments are strictly by VVIP prior registration. So, if you want to be able to select the unit you desired, it is essential you come prepared after sorting your budget and finances so that you can make an informed decision. Following are the means that will expedite you the way of turning into a happy owner of the latest RIVERFRONT RESIDENCES condominium. Here are a couple of compulsory things you ought to do before you visit any property showroom:

Check your CPF For Riverfront Residence Condo By Oxley:

Before the purchase of any property, you should check your Central Provident Fund (CPF) to know how much funds you require. Such an arrangement will make sure you do not have to confront any surprises along the way. First-time purchasers will have the capacity to utilize all assets in their Ordinary record while second-time purchasers must satisfy the base entirety necessity of $75000 in their CPF accounts.

Get your loans approved for Riverfront Residences Lian Beng:

Since the TSDR (Total Debt Servicing Ratio) and MSR (Mortgage Servicing Rights) were enforced by the government, securing loans has become somewhat troublesome. You should apply for an Approval in Principal (AIP) and can utilize local brokerage companies to compare rates of other properties. Any financier or broker can enable you to do that. The best part about it is that it is a free service!

Here is the set of documents you will require are for Former Rio Casa, Riverfront Residences:

  1. Copy of NRIC or passports of all buyers
  2. Recent Credit Card Statements that you have used
  3. Application form
  4. Declaration form of all credit facilities
  5. HDB page to show that your HDB status
  6. Latest 3 months pay slip and IRAS Tax Assessment Return for individuals who are employed
  7. Latest 12 months of CPF contribution for individuals who are employed

Know you Additional Buyer’s Stamp Duty (ABSD) bracket:

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.

Know how the Progressive Payment Scheme works for Riverfront Residences:

After you have confirmed the unit you will be purchasing; you will need to:

  • Pay the developer’s project account 5% cash in exchange for the Option to Purchase (OTP).
  • The developer will dispatch the Sales and Purchase Agreement (S&P) to you in 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 use the option.
  • From the date of exercise, the Stamp Duty and ABSD is payable within 14 days.
  • The remaining down payment of 15% should be paid within 8 weeks from the initial OTP issue date.

Balloting process:

Before the launch of the condo, there will be a see period of 1 to 2 weeks given to the purchaser so that he becomes aware of the size and the price of the unit. Developers usually hire external real estate agencies to advertise these property launches. Amid this preview period, the purchaser will be qualified to register for balloting way before the public launch and will be able to select the unit of your choice at a discounted rate.

This helps the buyer get access to condominiums with best views and location and saves the developers a lot of chaos and 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 later on with registration will deprive you of this chance as all the good units would be sold out by that time.

The documents you will need for this purpose are:

  • Copy of your ID card
  • Completely filled and signed interest form
  • The 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 condo. You will be receiving the loan 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.

You have finally passed all the difficult stages; you can now collect the keys to the condominium of your dreams.

Following these steps simply deliver you in the direction of proudly owning the unit you prefer. Investing in this luxury does imply that you will need to wait to experience it, but know that the entire struggle you put up with will definitely be worth it.

2018 Singapore’s Private Residential Market Direction