Buy New Launch Property in Singapore
Tips on Buying New Launch Property in Singapore
A property that has been newly launched is most of the time over-subscribed or has various buyers choosing the same unit. So the following are tips on choosing a unit on preview day for a newly launched property in Singapore.
Acquiring a property on the first day of a new launch event can be very difficult. Most of the time, the showflat is filled with people including buyers, buyers’ relatives and agents. Some showflats are so crowded that it is difficult to move about in comfort. So how do you get the best unit at the best price?
Before any new launch, buyers are invited to a “Private Preview” where they will select their “choice units” from the floor plans. Once the choice units are chosen, they will be endorsed on a registration form, called the “Particulars of Purchasers”. This form is a registration form that allows the respective buyer to be the “VIP” on preview day. This registration often need buyers to submit a cross out cheque that is payable to the project account.
On the day of the VIP preview, it’s natural for a condominium to be over-subscribed or having many buyers wanting the same unit. So how do developers assign which buyer gets which unit? There are three main systems on the first day of the launch which are: 1) First Come First Serve, 2) Balloting, 3) Balloting to Queue.
First Come First Serve, as the name suggests, will be on a first come, first serve basis. Whichever buyer that is first in the queue at the booking counter once it is open, will get the unit. Based on the demand, the agents would have to queue on behalf of their respective buyers. Sometimes, they would even need to queue 2-3 days ahead.
In the case where various buyers have chosen the same unit, balloting will then be done. Each buyer will be given a number and the developer will randomly select one number, just like in a “lucky draw” manner to decide which buyer will get the unit.
Balloting to Queue is a mixture of both First Come First Serve and Balloting. It is mostly used in big projects with more than 100 units. Buyers who submitted their cheque beforehand will be issued a number. This number will then be placed in a box where a representative will ballot the numbers in a lucky draw manner. Once the number is drawn, the corresponding buyer’s name will be called. This is the only moment where the buyer will be allowed into the showflat. Once inside, the buying policy would be First Come First Serve.
With these three procedures being used on the first day of a new launch, buyers will recognize that a cross cheque is needed beforehand. This cross cheque will decide the “VIP Guest”, which places buyers in front of other guests who are not prepared. When the price is given to the buyers to the time they need to commit the unit, there is very little buffer time, often from five minutes to two hours.
In order for buyers to get their preferred unit at the best price in the restricted period of time, buyers are encouraged to do their homework on the property, which includes doing their bank-in principal approval and also examine the floor plans to select their preferred unit. It is important for buyers to do those for a higher chance of getting the units that they want.
Also see Getting That Great & Best Deal
Acquiring a property on the first day of a new launch event can be very difficult. Most of the time, the showflat is filled with people including buyers, buyers’ relatives and agents. Some showflats are so crowded that it is difficult to move about in comfort. So how do you get the best unit at the best price?
Before any new launch, buyers are invited to a “Private Preview” where they will select their “choice units” from the floor plans. Once the choice units are chosen, they will be endorsed on a registration form, called the “Particulars of Purchasers”. This form is a registration form that allows the respective buyer to be the “VIP” on preview day. This registration often need buyers to submit a cross out cheque that is payable to the project account.
On the day of the VIP preview, it’s natural for a condominium to be over-subscribed or having many buyers wanting the same unit. So how do developers assign which buyer gets which unit? There are three main systems on the first day of the launch which are: 1) First Come First Serve, 2) Balloting, 3) Balloting to Queue.
First Come First Serve, as the name suggests, will be on a first come, first serve basis. Whichever buyer that is first in the queue at the booking counter once it is open, will get the unit. Based on the demand, the agents would have to queue on behalf of their respective buyers. Sometimes, they would even need to queue 2-3 days ahead.
In the case where various buyers have chosen the same unit, balloting will then be done. Each buyer will be given a number and the developer will randomly select one number, just like in a “lucky draw” manner to decide which buyer will get the unit.
Balloting to Queue is a mixture of both First Come First Serve and Balloting. It is mostly used in big projects with more than 100 units. Buyers who submitted their cheque beforehand will be issued a number. This number will then be placed in a box where a representative will ballot the numbers in a lucky draw manner. Once the number is drawn, the corresponding buyer’s name will be called. This is the only moment where the buyer will be allowed into the showflat. Once inside, the buying policy would be First Come First Serve.
With these three procedures being used on the first day of a new launch, buyers will recognize that a cross cheque is needed beforehand. This cross cheque will decide the “VIP Guest”, which places buyers in front of other guests who are not prepared. When the price is given to the buyers to the time they need to commit the unit, there is very little buffer time, often from five minutes to two hours.
In order for buyers to get their preferred unit at the best price in the restricted period of time, buyers are encouraged to do their homework on the property, which includes doing their bank-in principal approval and also examine the floor plans to select their preferred unit. It is important for buyers to do those for a higher chance of getting the units that they want.
Also see Getting That Great & Best Deal
