Completed properties are usually units with Certificate of Completion and Compliance (CCC). This certificate acknowledges that the building is well constructed and fit for occupation. The payment plan for completed properties is usually with a 10% down payment and a 3-month time frame to pay the balance 90% of the purchase price upon signing of the Sales Purchase Agreement. There will be an automatic 1-month extension should the Purchaser fail to settle the remaining 90% but only with the payment of late payment interest. Typically this is sold at “as-is-where-is” basis.
Current projects are projects under ongoing construction. These properties are governed under the Housing Development Act. The payment plan for this is fixed under Schedule G or Schedule H. Typically with a 10% down payment and a progressive payment which follows the construction progress of the project, from the foundation to roof tiling and infrastructure amenities such as the road access and drainage. Usually, these properties have a 24-month defect liability period, subject to that the defects are not caused by the renovations.
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