The Serra Residences is sold under the Progressive Payment Scheme, the standard schedule for private homes bought from a developer while under construction. The buyer pays 5 per cent on booking and 15 per cent on signing the Sale and Purchase Agreement, then further stages as the building rises, with 25 per cent at TOP and the final 15 per cent at the Certificate of Statutory Completion.
This article sets out each stage, how the bank loan fits in, and what it means for cash flow between now and completion.
The Stages at The Serra Residences
| Stage | % |
|---|---|
| Option to purchase (booking fee) | 5% |
| Exercise of the Sale & Purchase Agreement | 15% |
| Foundation work | 10% |
| Reinforced concrete framework | 10% |
| Partition walls | 5% |
| Roofing and ceiling | 5% |
| Electrical wiring, plumbing, doors and windows | 5% |
| Car park, roads and drains | 5% |
| Temporary Occupation Permit | 25% |
| Certificate of Statutory Completion | 15% |
Standard Progressive Payment Scheme, as at September 2026. The schedule for The Serra Residences is set out in its Sale & Purchase Agreement.
The First 20 Per Cent
The 5 per cent booking fee is paid in cash when the Option to Purchase is granted. The remaining 15 per cent falls due when the Sale and Purchase Agreement is exercised, usually within eight weeks. For a buyer with no outstanding housing loan, the Loan-to-Value limit is 75 per cent, so the first 25 per cent of the price comes from the buyer’s own funds, of which at least 5 per cent must be cash; CPF Ordinary Account savings can cover the rest. Stamp duty is due within 14 days of exercise, at the same time.
Paying as the Building Rises
From foundation work to the car park and drains, six construction stages together call 40 per cent of the price. The bank disburses the loan against each stage as the architect certifies it, and interest is charged only on the amount drawn. The monthly instalment therefore starts small and grows as the tower goes up, which is one of the attractions of buying off-plan: the full instalment does not begin until the building is largely complete.
TOP and Completion
The developer’s estimated TOP date is Q4 2030, when 25 per cent of the price falls due. Vacant possession is expected by 1 September 2031. The final 15 per cent is payable on the Certificate of Statutory Completion, with legal completion expected by 1 September 2034. Because these are the largest single stages, the loan should be arranged to cover them in full.
A Worked Illustration
On a round $2,000,000 purely as an illustration, the booking fee is $100,000 and the balance of the first 20 per cent is $300,000, both due within about eight weeks. For a first-time buyer with no outstanding housing loan, the bank lends up to 75 per cent, or $1,500,000, and it is this loan that carries the construction stages, the TOP payment and the final payment at completion. The figures bear no relation to the actual price of any home at The Serra Residences; the calculator on this site models any price.
Deferred and Other Schemes
Some developers offer alternative schedules from time to time, such as a deferred payment arrangement at a different price. Whether any alternative is offered at The Serra Residences is a matter for the developer’s price list and Sale and Purchase Agreement, and the Sales Concierge will confirm the options available at the preview. The Progressive Payment Scheme described here is the standard basis for a new private home under construction in Singapore.
What Happens if Construction Runs Ahead or Behind
Each stage is billed only when the architect certifies that the work is complete, so payments follow the actual progress of the building rather than fixed dates. If work runs ahead of plan, the stages arrive sooner; if it slows, they arrive later. The dates that matter contractually are the expected dates of vacant possession and legal completion, which the developer sets out in the Sale and Purchase Agreement.
A final practical note: the Option to Purchase, the Sale and Purchase Agreement and each stage notice come from the developer’s solicitors, so a buyer’s own conveyancing lawyer should be appointed early to handle the paperwork and the loan drawdowns.
Planning Around the Schedule
Two practical points follow. First, most of the buyer’s own cash is needed in the first eight weeks, together with stamp duty, so it helps to know the figures before the preview. Second, the full loan instalment starts around TOP, which for owner-occupiers may coincide with the sale of a current home, and for investors with the first rental.
The Serra Residences progressive payment calculator models the cash, CPF and loan at every stage for a chosen price and buyer profile, and the payment scheme page explains the schedule. The housing loan page covers the LTV and TDSR limits that decide how much can be borrowed.
Register Your Interest in The Serra Residences
The e-brochure, the full floor plan set and indicative pricing, once released by the developer, are sent to registered parties by the Sales Concierge. Registering is free and carries no obligation.
- The e-brochure and the full project details.
- The floor plans for all thirteen unit types, from 710 to 2,669 sq ft.
- Indicative pricing as the developer releases it.
- A private VVIP preview appointment at the sales gallery.
Register Your Interest
Prefer to speak to someone? Call +65 6200 6220, or message the same number on WhatsApp.