How much is the booking fee on a new launch condo in Singapore?

The booking fee is commonly 5 percent of the purchase price, paid in cash on booking day when you select your unit, and the developer issues the Option to Purchase in return. CPF cannot be used for this first 5 percent. Verify the exact figure and payment method for the specific project, as terms are set by the developer within the Housing Developers Rules.

How long do I have to exercise the OTP on a new launch?

Under the standard terms for uncompleted private property, you have 3 weeks from the date the Option to Purchase is issued to exercise it by signing the Sale and Purchase Agreement. If you let the option lapse without exercising, a portion of your booking fee is forfeited, commonly 25 percent of it. Confirm the exact window and forfeiture terms in the OTP document for your project.

When do I pay the rest of the money on a new launch condo?

After the booking fee and exercise, new launch condos follow the progressive payment scheme. You pay in stages tied to construction milestones certified by the project architect, from foundation through to completion, spread across the build period. Stamp duty, Buyer's Stamp Duty and any Additional Buyer's Stamp Duty, falls due shortly after you exercise the OTP. Verify the specific project's payment schedule before you commit.

New Launch Booking Day: How E Application, Balloting and the OTP Actually Work

Q: What is the e application or expression of interest for a new launch?

The e application, sometimes called an expression of interest, is a pre registration you submit before booking day. It generates a reference number and signals which unit types you are interested in. It does not commit you to buy and usually carries no fee, but it gives you priority to view and book ahead of walk in buyers once the project is officially launched. Always verify the specific project terms, because developers structure priority differently.

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Buyer guide · New launch balloting

By Winfred Quek, Associate Marketing Consultant · CEA R073319H · Crestbrick Pte Ltd (L31010886H) · Published 14 July 2026

Quick answer: Buying a private new launch condo runs on a fixed sequence, not a first come free for all. You register interest through an e application, submit a booking cheque, and if the project is over subscribed you go into a ballot that sets your queue position. On booking day you pick your unit in queue order, pay a booking fee, commonly 5 percent in cash, and receive the Option to Purchase. You then have a 3 week window to exercise the OTP by signing the Sale and Purchase Agreement, at which point stamp duty falls due and your payments shift onto the progressive payment schedule tied to construction. Knowing where the decision points sit, before the room gets loud, is what separates a calm buyer from a rushed one.

Facts verified: 14 July 2026 · Percentages are well established standard terms; always verify the specific project terms with the developer · Sources attributed below

The first time you attend a new launch booking day, the pace of the room can override your judgement. Sales galleries are engineered for momentum: a countdown, a queue, a wall of unit stickers turning red as stacks sell. For a first time buyer that energy is the enemy of a good decision. The antidote is simple. If you already know the sequence, you stop reacting to the room and start working your own checklist. This guide walks the entire path, from e application to progressive payments, with the decision points marked so nothing on the day is a surprise.

Step one: the e application or expression of interest

Before a project opens, the developer collects interest through an e application, also described as an expression of interest. You submit your details and flag which unit types you are considering, and the system issues you a reference number to use on booking day. It is a pre registration, not a purchase. It usually carries no fee and does not commit you to buy.

What the e application buys you is priority. Registered applicants are typically invited to view and book ahead of walk in buyers once the project is officially launched. For a tightly held launch, that priority is the difference between choosing your preferred stack and taking whatever is left. Submit it early, and treat the unit types you list as a genuine shortlist, because that shortlist is what you will act on when the clock starts. Verify the specific project terms, since developers structure priority and registration slightly differently from launch to launch.

Step two: registering with a booking cheque

Closer to booking day, you confirm your intent by registering a booking cheque or booking fee deposit with the developer. This is the step that turns a soft expression of interest into a live position in the queue. The cheque is held pending the outcome of booking day and is applied toward your booking fee if you proceed, or returned if you do not secure or accept a unit.

The strategic point here is preparation, not paperwork. Your financing has to be sorted before this stage, not after. That means your in principle loan approval is in hand, your Total Debt Servicing Ratio headroom is confirmed, and your cash for the booking fee is liquid and ready. New launch cash flow is front loaded and unforgiving, which is exactly why I map it out early in the progressive payment scheme guide. Walking into registration without financing locked is how buyers end up forfeiting money later.

Step three: the ballot when a project is over subscribed

When more registered buyers want in than there are units available, the developer runs a ballot. Balloting is simply the fair mechanism for assigning queue order when demand exceeds supply. Your ballot outcome determines your position, and your position determines when you are called up to select a unit on booking day.

Two things are worth understanding about the ballot. First, developers may extend priority tiers ahead of the general ballot, for example to buyers who registered earliest or to a first phase release, so the queue is not always a single random draw. Second, a strong ballot number is an advantage on choice, not a reason to buy. I have watched buyers treat a good queue position as a mandate to commit to a unit they had not properly assessed, purely because the momentum said go. The ballot decides your turn. It does not decide whether the unit in front of you is the right one.

Do not let a good queue number buy the wrong unit. A strong ballot position only means you choose earlier. It says nothing about whether the stack, floor, facing, layout, entry price or your holding math actually work. Decide your acceptable units, and your walk away line, before booking day. If your number is called and nothing on your shortlist is available at a price that works, walking away is a valid, disciplined outcome.

Step four: selecting a unit and paying the booking fee

On booking day, buyers are called in queue order to select from the units released. When your turn comes you confirm your unit, and to secure it you pay the booking fee, commonly 5 percent of the purchase price, in cash. CPF cannot be used for this first 5 percent. In return, the developer issues the Option to Purchase, the OTP, which grants you the exclusive right to buy that specific unit within the option period.

This is the moment the transaction becomes real, and it is the decision point that matters most. Everything before it is reversible; the booking fee is the first money genuinely at stake. The disciplined buyer has already answered the only three questions that count before the sticker goes on the board: does the unit fit the plan, does the entry price make sense against comparable stock, and can the cash flow be sustained through construction. If you want the wider comparison of this route against buying something already built, I set it out in new launch versus resale. Verify the exact booking fee percentage and payment method for your specific project, as these are set by the developer within the Housing Developers Rules.

Step five: the OTP and the 3 week exercise window

Once the OTP is issued you enter the exercise window. Under the standard terms for uncompleted private property, you have 3 weeks from the date of the OTP to exercise it, which you do by signing the Sale and Purchase Agreement and paying up to the standard downpayment. In practice this is when your lawyer and banker move in step: the S&P Agreement is reviewed and signed, and the loan is formally taken up.

The exercise window is a genuine decision point, not a formality. If you sign the OTP but do not exercise within the window, you forfeit a portion of your booking fee, commonly 25 percent of it, and you lose the unit. That asymmetry is deliberate: the booking fee gives you time to complete your due diligence and financing, but it is not a free option to sit on. For the mechanics of the OTP document itself, the timelines and what each figure represents, see the Option to Purchase guide. Confirm the exact exercise window and forfeiture terms in the OTP for your project before you rely on any figure here.

Step six: stamp duty and the progressive payment schedule

Shortly after you exercise the OTP, stamp duty falls due. Every buyer pays Buyer's Stamp Duty, calculated on the purchase price or market value, and buyers who are liable, such as those already holding property or buying under certain profiles, also pay Additional Buyer's Stamp Duty on top. These are cash or CPF outlays with firm deadlines, and they are easy to underestimate if you have only budgeted for the booking fee. The full breakdown of how BSD is computed sits in my Buyer's Stamp Duty guide.

From here, a new launch bought off plan runs on the progressive payment scheme. Instead of paying the full price at once, you pay in tranches tied to construction milestones certified by the project architect, from foundation and structural stages through to completion and the issue of the certificate of statutory completion. The schedule is spread across the build period, which means your outflows are staged over several years rather than front loaded. That staging is one of the genuine advantages of buying new, and it is also the part most first time buyers model least carefully.

Stage	What happens	The decision point
E application	Pre register interest, receive a reference number, gain booking priority.	Build a genuine shortlist of unit types; no money committed yet.
Cheque registration	Submit a booking cheque to hold a live position ahead of booking day.	Financing and cash must already be locked, not pending.
Ballot	If over subscribed, a ballot sets your queue order for unit selection.	A good number means earlier choice, not a reason to commit blind.
Booking day	Select your unit in queue order; pay the booking fee, commonly 5 percent in cash; receive the OTP.	First real money at stake. Unit, price and cash flow must all check out.
Exercise window	3 weeks to exercise the OTP by signing the S&P Agreement.	Miss it and a portion of the booking fee, commonly 25 percent, is forfeited.
Stamp duty and PPS	BSD and any ABSD fall due; payments then follow construction milestones.	Budget stamp duty separately; model staged outflows across the build.

Percentages shown are well established standard terms under the Housing Developers Rules; the booking fee, exercise window and forfeiture terms for any specific launch must be verified with the developer and in the OTP document.

How to walk in without being rushed

Lock financing before registration. In principle approval, TDSR headroom and booking fee cash should all be settled before you submit a cheque, never after.
Decide your units, and your walk away line, in advance. Name the stacks and price ceiling that work before booking day, so the ballot result cannot talk you into something else.
Treat the booking fee as the real commitment. Everything before it is reversible; the 5 percent is the first money truly at stake, so the decision must be made before you pay, not during.
Budget stamp duty and staged payments separately. BSD, any ABSD and the progressive tranches are all coming; a plan that only covers the booking fee is not a plan.

For buyers weighing this route against buying from an earlier owner before completion, the sub sale and pre sale dynamics are covered in my pre sale and sub sale guide. The through line across all of it is the same: the sequence is fixed, the pressure is manufactured, and the buyer who knows both stays in control.

Frequently asked questions

What is the e application or expression of interest for a new launch?

It is a pre registration you submit before booking day. It issues a reference number, signals your unit type interest, usually carries no fee and does not commit you to buy, but it grants priority to view and book ahead of walk in buyers. Verify the specific project terms, since developers structure priority differently.

How much is the booking fee on a new launch condo?

It is commonly 5 percent of the purchase price, paid in cash on booking day when you select your unit, and the developer issues the OTP in return. CPF cannot be used for this first 5 percent. Confirm the exact figure and payment method for your specific project.

How long do I have to exercise the OTP?

Under the standard terms for uncompleted private property, you have 3 weeks from the date the OTP is issued to exercise it by signing the Sale and Purchase Agreement. Let it lapse and a portion of your booking fee, commonly 25 percent, is forfeited. Confirm the window and forfeiture terms in your OTP.

When do I pay the rest of the money?

After exercise, new launches follow the progressive payment scheme: you pay in stages tied to construction milestones certified by the architect, spread across the build. Stamp duty, BSD and any ABSD, falls due shortly after you exercise the OTP. Verify the specific project's payment schedule before committing.

Planning a new launch purchase?

Whether a specific launch fits depends on your financing, your holding horizon and what your portfolio already owns. A Property Portfolio Analysis maps booking day against your actual numbers, so you commit to the unit, not the momentum in the room.

Book a free analysis call

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 financial, investment, legal or mortgage advice. Booking fees, exercise windows, forfeiture terms and payment schedules are set by the developer within the Housing Developers Rules and vary by project. Verify all figures, timelines and terms with the developer, your lawyer and your banker before making any purchasing decision.

New launch booking day: how e application, balloting and the OTP actually work