OTP vs Completed Purchase: Singapore Timeline Explained

Information accurate as at October 2026. A new launch purchase under construction and a completed (resale or TOP'd) purchase run on completely different timelines. Mixing up the two is the most common planning error we see — especially for buyers selling an existing home mid-purchase.

New launch (building under construction): progressive payment

• Day 0 — Booking. 5% cash booking fee secures the Option to Purchase at the showflat.
• Within 3 weeks — Exercise. Sign the Sale & Purchase Agreement; the developer delivers it to your lawyer and you exercise within the option window.
• Within 8 weeks of option — Completion of exercise. Pay the balance 15% (cash/CPF) plus BSD and ABSD (stamp duties are due 14 days after signing the S&P).
• Thereafter — Construction milestones. 10% on foundation, 10% on reinforced concrete framework, then 5% stages at brick walls, ceiling/roofing, electrical wiring — totalling 40% by completion of superstructure. 25% at TOP, final 15% at CSC (legal completion).

The practical effect: cash outlay in year one is roughly 25%, and monthly bank disbursements grow gradually. Use the mortgage calculator to model repayments at each stage rather than assuming the full loan from day one.

Completed property (resale or already-TOP'd launch)

• Day 0 — OTP granted with a 1% option fee (negotiated).
• Within 2 weeks — Exercise with a further 4% (total 5% deposit).
• 8–12 weeks from exercise — Completion. Balance 95% paid in one lump sum via CPF, cash and loan disbursement; stamp duties within 14 days of exercise.

Which timeline suits you?

If you are selling an HDB or condo to fund the purchase, a new launch gives you 2–4 years of runway — you can often sell closer to TOP and avoid interim rent. A completed purchase demands the full 95% within about three months, which usually means a bridging loan or a precisely sequenced sale. Buyers upgrading from HDB should also check the 15-month wait-out rule for private property after selling (introduced in the 2022 cooling measures — see the cooling measures guide).

Next step: shortlist projects on the full launch list and check TOP dates on each project page before planning your sale.