From booking to signing: the new launch purchase timeline

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New launch guide

By Winfred Quek, Associate Marketing Consultant · CEA R073319H · Crestbrick Pte Ltd (L31010886H) · Published 13 July 2026

Facts verified: 13 July 2026 · Standard timelines described here are typical practice; always confirm exact dates and figures on your own Option to Purchase · Sources attributed below

The excitement of booking a new launch unit, the balloting queue, the showflat walkthrough, the moment you choose a stack, tends to overshadow what actually happens next. Buyers walk out having paid a booking fee and assume the hard part is largely over. It is not. The weeks that follow are governed by a strict, legally significant timeline, and misunderstanding it is one of the more expensive mistakes a first time new launch buyer can make.

What actually happens when you "book" a new launch unit

When you select a unit at the showflat and pay the booking fee, the developer issues you an Option to Purchase. This is not the sale itself. It is a legal document that gives you the exclusive right, for a defined period, to buy that specific unit at the agreed price, in exchange for the option fee you have paid. Until you exercise that option by signing the Sale and Purchase Agreement, you have not committed to the purchase, and the developer cannot sell the unit to anyone else while your option is live.

This structure exists to protect both sides during the gap between a buyer's initial decision and the point where financing, legal checks and paperwork can be finalised. It is a standard feature of buying uncompleted private residential property in Singapore, and it applies whether you booked during a launch weekend or through a later sale.

The Option to Purchase: what it is and how long you have

The option fee paid at booking is typically a modest percentage of the purchase price, set out clearly on the Option to Purchase document itself. The option then carries a fixed validity period, commonly around three weeks from the date it was granted, within which you must exercise it. This window exists so buyers have time to arrange financing, have their lawyer review the Sale and Purchase Agreement, and confirm they genuinely want to proceed, without the developer being left in limbo indefinitely.

Every Option to Purchase states its own exact expiry date and time. Read that date the moment you receive the document and work backward from it, because this is not a deadline that flexes for personal circumstances.

The exercise window: what needs to happen before it expires

During this window, three things need to come together. First, your mortgage financing needs to be sufficiently firmed up, ideally with an in principle approval already in hand from booking, since a loan that falls through after the option is exercised does not release you from the contract. Second, your conveyancing lawyer needs time to review the draft Sale and Purchase Agreement and flag any concerns before you sign. Third, you need to have the further sum ready that becomes payable when you exercise the option, on top of the option fee already paid, which brings your total upfront commitment to a meaningfully higher share of the purchase price.

Signing the Sale and Purchase Agreement

Exercising the option means signing the Sale and Purchase Agreement and paying the further sum due under its terms. From this point, you are contractually committed to the purchase. The Sale and Purchase Agreement for a new launch is typically based on a standard prescribed form used across developers for uncompleted private residential property, which is one reason the overall structure and payment schedule looks similar from one project to the next, though specific clauses, unit details and payment schedules still deserve a proper legal read through before you sign.

This is also the point where any conditions you negotiated, if applicable, should already be reflected in writing. Verbal assurances from a salesperson made during the booking process carry far less weight than what is actually written into the signed agreement.

Buyer's Stamp Duty and other costs due right after signing

Once the Sale and Purchase Agreement is signed, a separate clock starts for Buyer's Stamp Duty, which is generally due within 14 days of signing if the document was signed in Singapore, or 30 days if signed overseas. This is an IRAS deadline, independent of the developer's own payment schedule, and it needs to be planned for as a distinct cash outflow alongside the sums due to the developer. Legal fees for your conveyancing lawyer also typically fall due around this stage.

Timeline structure is standard practice for uncompleted private residential property. Always confirm exact dates, percentages and terms on your own Option to Purchase and Sale and Purchase Agreement.

What happens after signing: progressive payments begin

Once the Sale and Purchase Agreement is signed and the initial sums are paid, further payments are triggered by construction milestones under the Progressive Payment Scheme, rather than becoming due all at once. The pace of this schedule depends on how quickly the project progresses, and it runs until the unit is completed and keys are handed over. I have written separately about how that payment schedule actually works and how to plan cash flow around it, which is worth reading once your Sale and Purchase Agreement is signed.

Common mistakes buyers make in this window

1. Starting financing conversations only after booking. The exercise window is tight. Buyers who wait to approach a bank until after the option is issued sometimes find themselves rushing an approval against a hard deadline.
2. Not engaging a lawyer early enough. A rushed legal review in the final days of the exercise window is far less useful than one done with time to actually raise questions.
3. Underestimating the cash needed at signing. The sum due on exercising the option, on top of the option fee, is a meaningful amount, and buyers sometimes discover late that liquid funds are tighter than expected.
4. Forgetting Buyer's Stamp Duty is a separate deadline. It is easy to focus entirely on the developer's payment schedule and lose track of the IRAS deadline running in parallel.
5. Assuming verbal promises survive into the contract. Anything a salesperson told you at the showflat needs to be checked against what is actually written in the Sale and Purchase Agreement before you sign.

Frequently asked questions

How much do I pay when I book a new launch unit?

You pay an option fee, commonly referred to as the booking fee, at the showflat to secure an Option to Purchase from the developer. Under the standard framework governing uncompleted private residential property, this option fee is typically capped at a small percentage of the purchase price. The exact quantum and terms are set out in the Option to Purchase document itself, so always confirm the figure with your agent or the developer's sales team before booking.

How long do I have before I must exercise the option?

The Option to Purchase for an uncompleted private residential unit typically runs for a set validity period, commonly around three weeks from the date it is granted, within which you must exercise it by signing the Sale and Purchase Agreement and paying the further sum due. This window is standard practice but always confirm the exact expiry date and time printed on your own Option to Purchase document, since missing it has real consequences.

What happens if I do not exercise the option in time?

If the Option to Purchase lapses without being exercised, the developer is generally entitled to treat the option as expired, and the option fee already paid is typically forfeited or dealt with according to the terms of the option itself. This is a significant financial consequence, so any buyer who develops cold feet or runs into financing issues during the exercise window needs to act, and communicate with the developer or their lawyer, well before the deadline rather than letting it lapse silently.

When is Buyer's Stamp Duty due?

Buyer's Stamp Duty is generally due within 14 days of signing the Sale and Purchase Agreement if it is signed in Singapore, or within 30 days if it is signed overseas. This is an IRAS deadline separate from the developer's own payment schedule, and interest or penalties can apply if it is missed, so it needs to be on your calendar the moment you exercise the option.

Can I back out after signing the Sale and Purchase Agreement?

Once the Sale and Purchase Agreement is signed, you are contractually bound to the purchase, and walking away at that point exposes you to loss of the sums already paid and potentially further liability under the contract, not simply the forfeiture of an option fee. Any hesitation about proceeding needs to surface and be resolved during the option exercise window, before signing, with proper legal advice, not after.

Sources & references

• Inland Revenue Authority of Singapore, Buyer's Stamp Duty
• Urban Redevelopment Authority
• Singapore Statutes Online, Housing Developers (Control and Licensing) Act

Winfred Quek is Associate Marketing Consultant at Crestbrick Pte Ltd, advising Singapore upgraders, investors and families. CEA R073319H. The information on this page is general and does not constitute legal, financial, investment or mortgage advice. Option fee quantum, exercise periods and payment terms are set out in your own Option to Purchase and Sale and Purchase Agreement; verify all figures and deadlines with your conveyancing lawyer and the developer before proceeding.