Navigating Property Launches, Exhibitions, and Developer Engagement

Navigating property launches, exhibitions, and developer engagement involves a structured process that starts with thorough financial planning and extends through various stages until key collection.

Key steps include:

1. Financial Planning: Assess your income, savings, debts, and borrowing capacity using tools like Total Debt Servicing Ratio (TDSR) and mortgage pre-approval. This helps establish a clear budget including additional costs such as stamp duties and legal fees.

2. Registering Interest: For launch-day purchases, registering interest by submitting an Expression of Interest (EOI) and a non-binding booking fee cheque (usually 5% of purchase price) can give you priority access and updates on the project.

3. Visiting Show Flats and Exhibitions: Attending property exhibitions or visiting show flats allows you to evaluate the unit’s layout, finishes, and features. This is crucial before committing to a booking fee and signing documents like the Property Details Information (PDI).

4. Obtaining the Option to Purchase (OTP): After paying the booking fee, the developer issues the OTP, which is a formal offer to buy. This document is essential for securing financing and moving forward with the purchase.

5. Loan Approval and Legal Representation: Before exercising the OTP, ensure your mortgage is approved and engage a conveyancing lawyer to handle legal paperwork and contracts.

6. Exercising the OTP and Down Payment: Exercising the OTP involves signing the sales agreement and paying the remaining down payment (typically 15%). This legally binds you to the purchase.

7. Progressive Payments and Construction Updates: Payments are made progressively based on construction milestones. Staying informed about construction progress helps manage payment schedules and expectations.

8. Temporary Occupation Permit (TOP) and Key Collection: Once the TOP is issued, you can collect your keys and proceed with moving in or renovations.

Developer engagement often involves direct communication during exhibitions, launch events, and through official channels to clarify details, negotiate terms, and stay updated on project progress. Registering interest early can facilitate better access to developer representatives and priority booking.

This structured approach ensures a smoother experience from initial interest to final ownership, helping buyers make informed decisions and manage financial and legal commitments effectively.