Artist’s impressionBuying Under Construction at Parktown Residence in Brief
Parktown Residence is sold under construction, which means the buyer pays in stages as the blocks are built, rather than the full price at purchase. The stages and percentages are set by the Housing Developers Rules.
The developer expects vacant possession on 30 June 2030 and legal completion on 30 June 2033. This article explains what happens in between.
The Payment Stages at Parktown Residence
The booking fee of 5% is paid when the option to purchase is granted, and a further 15% falls due when the sale and purchase agreement is signed, bringing the total to 20%. Foundations, the reinforced concrete framework, partition walls, roofing, doors and windows, and the car park each add 5% to 10% as they are certified.
The Temporary Occupation Permit brings the cumulative total to 85%, and the Certificate of Statutory Completion completes the 100%. The payment scheme page lists every stage.
How the Parktown Residence Loan Is Drawn
The buyer’s own share, in cash and CPF, is paid first. The bank then pays each certified stage, and interest during construction is charged only on what has been drawn, so repayments begin small and rise as the blocks go up.
The progressive payment calculator shows the loan and the instalment at each stage for a chosen price.
Dates That Matter at Parktown Residence
The 99-year lease began on 9 October 2023. The expected date of vacant possession is 30 June 2030, and legal completion is expected on 30 June 2033. At legal completion, about 89 years of the lease would remain, by simple arithmetic.
The dates are the developer’s expectations, as stated in the brochure, and the sale and purchase agreement governs.
Stamp Duty Timing at Parktown Residence
Buyer’s Stamp Duty and any Additional Buyer’s Stamp Duty are due within 14 days of signing the sale and purchase agreement, ahead of the construction stages. Together with the booking fee, they form the first cash outlay.
The stamp duty page carries the tables and a worked example.
Following Construction at Parktown Residence
The developer notifies buyers as each stage is certified. The latest updates page records public milestones, and the Sales Concierge can explain the stages reached for a particular block.
Buyers are encouraged to keep funds available for each notice, and to ask their bank about the timing of each drawdown.
Questions for the Sales Concierge at Parktown Residence
Useful questions include which stages have been certified for a chosen unit, what the payment schedule looks like in dollars, and how the stamp duty applies to the buyer’s profile.
The Sales Concierge answers these on the contact page and by call or WhatsApp on 6200 6220. Showflat viewings are arranged by appointment through the Sales Concierge.
This article is general information as at the date shown and is not financial, legal or tax advice. Statutory figures are from IRAS and MAS; particulars of Parktown Residence are from the developer’s brochure and announcements. Figures marked illustrative are not prices at the development.
Talk to the Parktown Residence Sales Concierge
The Sales Concierge shares the latest price list, the balance units and the e-brochure for Parktown Residence on request. Showflat viewings are arranged by appointment through the Sales Concierge.