Park Colonial Showflat Location & Address

Park Colonial Condo exact location will be located along Woodleigh Lane Beside Woodleigh MRT Station

5 Important Details You Must Know Before Your Visit Park Colonial Showflat

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Ensure that you are ready to start buying Park Colonial? Make sure that you know these 5 significant things before you visit the showflat:

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  • Be CPF Savvy

The Central Provident Fund allows you to optimize your savings for the future including buying a property. It is necessary to know the eligibility of your CPF amount which comes with varying requirements for different buyers.

  • First time buyers:

Looking forward to purchasing property for the first time? You can use your entire Ordinary Account (OA) amount from your CPF

  • Second time buyers:

A minimum sum of $75,000 is compulsory to fulfill in your Ordinary Account and Special Account (SA) for those seeking to buy their second property.

  • Get a House Loan

Without a loan approval-in-principle (AIP) it is difficult to purchase any sort of property like Park Colonial. Setting a practical budget for a property can only be made through added investment from a loan. The AIP will assist you in knowing the exact amount of loan the bank will provide you. The best part? It’s a free service which will be processed in a total of three working days!

  • ABSD

Today’s complicated economy makes research and knowing your financial standpoint critical. One of these details is your Additional Buyer Stamp Duty (ABSD). Your ABSD varies depending on the amount of properties you have purchased and whether you are a local, a permanent citizen or a foreigner.

Singaporeans:

  • First property will be devoid of any ABSD tax.
  • Second property will be taxed 7%
  • Third property will be taxed 10%

Permanent Citizens:

  • First property will be taxed 5% ABSD
  • Second property will be taxed 10%
  • Third property will be taxed 10%

Foreigners and Companies:

All properties you purchase will be taxed 15% ABSD

  • The Normal Progressive Payment Scheme (NPS)

Planning your cash-flow is instrumental and you can do so by understanding the progression of payments in the NPS, the payment scheme used in a vast majority of new showflats.

Requirements:

  • The Option to Purchase (OTP) is provided by the developer in exchange of a payment of 5% in cash to their project account.
  • Sales & Purchase Agreement (S&P) is sent to within a fortnight.
  • The contract must be exercised to your solicitor within three weeks of when the S&P receipt is issued. Be careful, if the contract is not exercised only 75% of the initial Option Fee will be refunded.
  • The ABSD and Stamp Duty is payable within two weeks of exercising the contract.
  • 15% of the down payment is payable within 8 weeks.

Balloting Process requirements

Those who register early for the Park Colonial preview, can attend on the launch date where the balloting takes place.

The following documents are needed for registering at the balloting:

  • Copy of NRIC
  • An Expression of Interest form (EOI)
  • A cheque addressed to the developer project account

Obviously, all documents will be returned to you in case you choose not to purchase the property.

These are a few things that must be taken into account before you purchase a showflat. Become a wise buyer and happy property buying for Park Colonial condo!