According to market sources, OUE Limited is offering two new payment schemes for OUE Twin Peaks – a 462-unit condominium development on Leonie Hill Road. The schemes are considered as a private arrangement between the buyer and seller as the project has obtained the Certificate of Statutory Completion (CSC).
Under the first scheme, also referred as the delayed payment scheme, buyers can put down a 20% upfront payment and exercise the option by December 30, 2016. Buyers who are liable to pay Additional Buyer’s Stamp Duty today would stand to gain if the government tweaks the ABSD requirement. On the second day of the Budget debate on Tuesday, member of Parliament Christopher de Souza urged the government to review the ABSD for Singaporeans.
The second scheme allows buyers to pay a 20% upfront payment for the issuance of the options to purchase and to pay the balance two or three years later. It is similar to the deferred payment scheme, which the government withdrew in 2007 for properties that have not obtained CSC.
Buyers have to exercise the option within two weeks and pay the normal stamp duty plus ABSD where applicable. They can collect the keys to their units and occupy or rent them out immediately.
Both schemes are considered as a private treaty between the buyer and the seller. Under the second scheme, we understand that the title deed will be held by the developer until the buyer pays the balance 80% due to the developer.
One advantage of the second scheme is a two- to three-year savings in interest payment. At the same time, buyers can continue earning interest on their CPF and receive rental income. Buyers who are currently constrained by the total debt servicing ratio or loan to value requirements can also take advantage of this scheme. This gives them more time to dispose of other properties and secure a higher loan quantum when the 80% payment is due.
More information, please visit http://www.theedgeproperty.com.sg/content/creative-schemes-move-unsold-units
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