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.
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Vela Bay estimated TOP ~2030
Typically signed 2-3 weeks after booking
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.