What is a Option to Purchase?

In this topic, we shall look at the Option To Purchase.

The developer is required to provide you with a set of mandatory information on the housing project and unit before accepting the booking fee from you. If you decide to proceed with the purchase of the unit after reviewing the information, you will then pay a booking fee for the issuance of an Option to Purchase (OTP) for the unit.

A licensed housing developer has to use standard OTP form and seek the approval from the Controller of Housing to include any amendments in the OTP.

This is typically the first page.

It will contain:

    • Option to Purchase date.
    • Developer name/license and office.
    • Your name, NRIC and corresponding address.
    • The address you are buying.
    • Size of the unit.
    • Tenure of the land.
    • Encumbrance on the land

Continuing on the 2nd page :

It will contain the :

  • Purchase price
  • 5% Booking fee
  • Vacant Possession Date

Continuing on the 3rd page :

Continuing on the 4th page :

Continuing on the 5th page :

The last page