They are like installments to be paid to the developer once a certain stage is completed.
Here is a typical progress payment schedule for a condo unit.
|8 weeks from the OTP date||15%|
|Reinforced concrete framework||10%|
|Door sub-frames / door frames, window frames, electrical wiring (without fittings), internal plastering and plumbing||5%|
|Car park, roads and drains serving the housing project||5%|
|Building, roads and drainage and sewerage works in the housing estate, connection of water, electricity and gas supplies (TOP)||25%|
|Final Payment Date and/or Completion||15%|
You must ensure that all payments due to the developer are made promptly according to the payment schedule (click here, Form 4 for landed housing; Form 5 for condominium/ executive condominium) in the S&PA.
Installment payments of the purchase price have to be made at the completion of each stage of the project construction. Prior to that, the Qualified Person (a registered architect or professional engineer) engaged by the developer will issue a copy of the requisite certificate at each stage to certify the completion.« Back to Glossary Index