Vela Bay Progressive Payment Calculator
Most new launch condominiums in Singapore, including Vela Bay follow a progressive payment schedule regulated under the Housing Developers (Control and Licensing) Act. Unlike resale purchases where you pay the full amount on completion, buying a new launch means your payments are spread across 11 construction milestones over approximately 3-4 years.
The schedule works like this: 5% at booking, 15% when you sign the Sale & Purchase Agreement (typically 2-3 weeks later), then 5% instalments tied to specific construction stages of foundation, structural framework, partitioning, roofing, M&E works, and external infrastructure. The remaining 40% is split between TOP (25%) and CSC (15%), which usually follows about 12 months after TOP.
For buyers using a bank loan, the practical impact is significant. Your loan drawdown follows the same progressive schedule, which means your monthly mortgage servicing starts small and increases as construction progresses. During the early stages, you’re only servicing interest on the drawn-down portion and not the full loan amount. This is a key cashflow advantage over buying a completed unit where the entire loan activates immediately.
Use the calculator below to see the estimated payment amounts and timing for your intended purchase price at Vela Bay.
This calculator is for your own planning, for a personalised walkthrough of your payment schedule, register your interest or WhatsApp our sales team and we will run through your numbers with you.
| Stage | % | Amount (S$) | Cumulative (S$) | Est. Date |
|---|
Disclaimer: This calculator is provided for general illustration purposes only and does not constitute financial, legal, or professional advice. All figures, dates, and payment milestones shown are estimates based on typical progressive payment schedules under the Housing Developers (Control and Licensing) Act and may differ from actual payment notices issued by the developer's solicitors. Amounts do not include Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), legal fees, valuation fees, loan facility fees, or interest charges. Actual construction timelines, payment triggers, and completion dates are determined solely by the developer and relevant authorities. We make no representation or warranty as to the accuracy, completeness, or reliability of the information generated by this tool. Users should consult their banker, lawyer, or qualified financial adviser before making any purchase decisions. By using this calculator, you acknowledge that velabaycondo.sg and its representatives accept no liability for any loss, damage, or inconvenience arising from reliance on the results.
How to Use This Calculator — Worked Example
Suppose you are considering a 3-bedroom unit at Vela Bay priced at S$2,000,000, with Sale & Purchase Agreement signing in May 2026 and an expected TOP of Jun 2030. Enter these values above and click "Calculate Payment Schedule." Here is what the results tell you.
The first two payments come fast. You pay S$100,000 (5%) as a booking fee when you exercise the Option to Purchase at the showflat — this is typically by cheque. About 2-3 weeks later, when you sign the Sale & Purchase Agreement, another S$300,000 (15%) is due. That is S$400,000 or 20% of the purchase price within the first month. If you are using a bank loan at 75% LTV, the remaining 5% of this 20% comes from your CPF or cash.
Construction-stage payments are smaller and spread out. The next seven payments are each S$100,000 (5%), triggered when the developer's solicitors certify that a specific construction milestone has been completed — foundation, first-storey framework, highest-floor framework, partition walls, roofing, electrical and plumbing, then external works. For a project with an estimated 4-year construction period, these milestones are roughly spaced a few months apart. You do not choose when to pay — the developer notifies you, and you typically have 14 days to make payment.
The big payment is at TOP. When Vela Bay receives its Temporary Occupation Permit, S$500,000 (25%) becomes due. This is the single largest instalment and the point at which you collect your keys. For most bank loan buyers, this is also when your full mortgage servicing begins — your monthly repayments will jump from partial interest-only servicing to full principal-plus-interest.
The final 15% comes about a year later. The Certificate of Statutory Completion (CSC) is typically issued 12 months after TOP, at which point the remaining S$300,000 (15%) is payable. After this, the property is fully paid.
What this means for your cashflow: On a S$2,000,000 purchase with 75% LTV, your total cash and/or CPF outlay (excluding stamp duties) is S$500,000. Of that, S$400,000 is needed within the first month. The remaining S$100,000 is drawn from your loan progressively. During construction, your monthly loan servicing starts at a few hundred dollars and gradually increases — you are not paying the full monthly mortgage until TOP. This is the core cashflow advantage of buying on progressive payment versus a completed property.
A few practical notes for Vela Bay buyers. The 5% booking fee is payable by cheque upon exercising your Option to Purchase at the showflat, this is the only payment you need to prepare upfront. CPF Ordinary Account funds can be used for subsequent progressive payments, subject to the CPF withdrawal limits for the property type and your available balance. If you are taking a bank loan, the bank disburses directly to the developer’s solicitors at each stage, you do not need to make manual transfers.
Stamp duties (BSD and ABSD if applicable) are payable separately within 14 days of signing the Sale & Purchase Agreement and are not included in the progressive payment schedule above. For a detailed breakdown of stamp duty obligations based on your residency status and property count, refer to the stamp duty page.