How Much Cash Do I Need to Buy a Peck Hay Road Condo Unit? A Stage-by-Stage Payment Walkthrough
If you are planning to buy at the Peck Hay Road condo in Newton, the bank loan is only part of the answer. Before a single dollar of the loan is released, you pay a booking fee, the rest of a 20% down payment and stamp duty, all within roughly two months of taking the Option to Purchase. This walkthrough follows that money in the order you pay it, using the rules MAS, IRAS and URA publish today.
The figures used here are an illustration, not a price
The developer, CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited (awarded the Peck Hay Road site by URA on 16 June 2026, on a 99-year lease), has not released prices or unit sizes. To keep the arithmetic readable, this guide uses a hypothetical S$1,500,000 bank loan at 75% loan-to-value, which corresponds to a purchase figure of S$2,000,000. That round number is chosen for easy maths only. It is not an estimate of what any Peck Hay Road unit will cost. Swap in the real price from the price page once the developer publishes it; every percentage below stays the same.
Step 1: the booking fee when you take the Option
When you decide on a unit, you pay the developer a booking fee of between 5% and 10% of the purchase price and receive an Option to Purchase (OTP). The developer then has 14 days to deliver the sale and purchase agreement (S&PA) and title documents to you or your lawyer. Under URA's guide, CPF Ordinary Account savings are only released after you have paid the booking fee and the required cash down payment, so plan to pay the booking fee from your own funds.
Illustration: a 5% booking fee on S$2,000,000 is S$100,000; a 10% fee would be S$200,000.
Step 2: the rest of the 20% down payment
To exercise the Option, you sign the S&PA and pay the balance of the down payment, which brings your total paid to 20% of the purchase price (booking fee included). The standard payment schedule for strata units sets this as due on signing or within 8 weeks of the Option date.
How much of your share must be cash depends on how many housing loans you already have. MAS sets these limits for individuals, for options granted on or after 6 July 2018:
| Housing loans you already have | Maximum loan (LTV) | Minimum cash down payment |
|---|---|---|
| None | 75%, or 55% for longer tenures | 5% at 75% LTV; 10% at 55% LTV |
| One | 45%, or 25% for longer tenures | 25% |
| Two or more | 35%, or 15% for longer tenures | 25% |
The lower limit applies if the loan tenure is longer than 30 years, or if the loan runs past the borrower's 65th birthday. For joint borrowers, banks use an income-weighted average age. The maximum tenure for a private home loan is 35 years.
The part of your share above the minimum cash amount can come from cash or CPF Ordinary Account savings, within CPF's housing limits.
Step 3: stamp duty within 14 days of signing
IRAS requires Buyer's Stamp Duty (BSD) and any Additional Buyer's Stamp Duty (ABSD) to be paid within 14 days after the signed agreement (30 days after receiving it if it is signed overseas). Both are charged on the higher of the purchase price or market value.
BSD for residential property is tiered:
| Portion of the price | BSD rate | On the S$2,000,000 illustration |
|---|---|---|
| First S$180,000 | 1% | S$1,800 |
| Next S$180,000 | 2% | S$3,600 |
| Next S$640,000 | 3% | S$19,200 |
| Next S$500,000 | 4% | S$20,000 |
| Next S$1,500,000 | 5% | S$25,000 (on the remaining S$500,000) |
| Remaining amount | 6% | Nil |
| Total BSD | S$69,600 |
ABSD depends on who is buying. Current rates (for purchases on or after 27 April 2023): Singapore Citizens pay nothing on a first residential property, 20% on a second and 30% on a third or later. Permanent Residents pay 5%, 30% and 35%. Foreigners pay 60% on any residential property, and entities 65%. When people buy jointly, the highest applicable rate among the buyers applies.
Step 4: construction-stage instalments
After the down payment, the standard strata S&PA (Form 5 under the Housing Developers Rules) ties the remaining payments to construction milestones. Each instalment is due within 14 days of the developer's notice that the stage is complete, certified by its architect or engineer.
| Stage | Share of price | On the S$2,000,000 illustration |
|---|---|---|
| On signing / within 8 weeks of the Option (includes booking fee) | 20% | S$400,000 |
| Foundation work completed | 10% | S$200,000 |
| Reinforced concrete framework completed | 10% | S$200,000 |
| Partition walls completed | 5% | S$100,000 |
| Roofing / ceiling completed | 5% | S$100,000 |
| Door and window frames in place; wiring, plastering and plumbing completed | 5% | S$100,000 |
| Car park, roads and drains completed | 5% | S$100,000 |
| TOP (or CSC) issued and utilities connected | 25% | S$500,000 |
| Certificate of Statutory Completion and completion date | 15% | S$300,000 |
With a 75% loan, you fund 25% of the price yourself. The first 20% is paid by signing, so the last 5% of your share is due by the foundation stage, at S$100,000 in this illustration. After that, the bank funds the remaining instalments. The developer has not announced a completion (TOP) date, so how long these stages will take is not yet known.
Late payment carries interest under the S&PA. If an instalment stays unpaid more than 14 days after it is due, the developer may treat the agreement as repudiated, annul it and forfeit 20% of the price. Keep cash available for each notice.
What your own funds add up to, by buyer profile
Using the same S$2,000,000 illustration, here is what you would pay from cash and CPF before and alongside the loan:
| Buyer | Loan | Your share of the price | Of which at least in cash | BSD + ABSD | Total own funds |
|---|---|---|---|---|---|
| Citizen, first home, no existing loan, tenure up to 30 years | 75% (S$1.5m) | S$500,000 | S$100,000 | S$69,600 + S$0 | S$569,600 |
| Citizen, first home, tenure past 30 years or past age 65 | 55% (S$1.1m) | S$900,000 | S$200,000 | S$69,600 + S$0 | S$969,600 |
| Permanent Resident, first home, no existing loan | 75% (S$1.5m) | S$500,000 | S$100,000 | S$69,600 + S$100,000 | S$669,600 |
| Citizen, second home, one outstanding housing loan | 45% (S$900,000) | S$1,100,000 | S$500,000 | S$69,600 + S$400,000 | S$1,569,600 |
Legal and other fees are not included in these figures.
Will a bank approve the loan? A quick TDSR check
Cash is one test; income is the other. MAS caps total monthly debt repayments, including the new home loan, car loans, student loans, credit card debt and any other loans, at 55% of gross monthly income. Banks must calculate the new loan's instalment at the higher of a 4% floor rate or the loan's highest rate after any lock-in period, not your promotional rate.
Illustration: a S$1,500,000 loan over 30 years at 4% works out to about S$7,161 a month. With no other debts, that needs a gross monthly income of about S$13,021 to stay within 55%. Every dollar of existing monthly debt raises that figure. The Mortgage Servicing Ratio (30%) does not apply, because it covers only HDB flats and Executive Condominiums still within their minimum occupation period.
Before the preview: a short cash checklist
- Count how many housing loans you have outstanding. That sets your LTV and minimum cash.
- Confirm your ABSD profile, and every co-buyer's, before choosing whose names go on the Option.
- Get an in-principle loan approval so the TDSR figure comes from your own income and debts.
- Check how much CPF Ordinary Account money you can use, and keep the booking fee and minimum cash ready separately.
- Once prices and layouts are out, redo the numbers with the real figure from the price page and the unit size on the floor plans.
- Register for the showflat preview so you can bring your numbers and ask about the payment schedule in person.
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