Sunday, 31 March 2013

Progress Payments - The Nautical Condominium

I received a letter from my banker last week that they have effected a drawdown of 10% and my monthly instalment of SGD2xx will commence on 1 May 2013.

Finally, the foundation work for my block is completed (see attached standard payment scheme).

Standard Payment Scheme 2013
The notice for the next 10% drawdown will be upon the completion of the reinforced concrete framework of my unit. The Nautical development is made up of 5 storeys blocks and my unit is on the 4th floor. Let's say each floor will take a month or so, I guess the next notice will be in four months' time, which is around July or August.

I hope the recent manpower crunch will not affect the developer much so that it can have the labour resources to complete the development by 1st Q 2014. From the Nautical's progress and her neighbour, Canberra's progress, I can see that the completion date (TOP) will be in 4th Q 2014. Note that we were told that the completion time will be in 2016. If we can get the TOP status by 4th Q 2014, it is a bonus already since we can stay or rent out earlier.

I read that the interest rate has already been raised this year. Luckily we took the mortgage loan last year and the legal fees were waived off. This year, I was told from my wife's colleague that the bank will not absorb the legal fees. But I think most banks will absorb the legal fees to a certain extent, say 0.5% of loan amount or cap at $2500.

Heard from a forumer in the condo forum that the Nautical left 12 units (out of 435) unsold. Hopefully, it can be fully sold.


  1. Your really lucky that you got the loan a year ahead before the interest rates are raised. I'm hoping that your condo will be sold as soon as possible. There are lots of condos available nowadays and they're really looking great. Those who are looking for condos really consider the initial look of the place and how the amenities can help them in their daily living.

  2. Talk to realtors about the current status of the housing market, if he says it’s a good time to buy/sell property, then go for it. If not, at least you can save up until the time is right. At the same time, you can consult financial advisers and bank personnel on the financial market. You can save more if you buy properties at the time that interest rates are low. :)

  3. Thanks Lakisha and Calvin for the comments. My intention is either rent out the condo or the HDB apartment. Most likely, we will rent out the HDB apartment to service the monthly instalment of the condo and I'm sure the rental will give us excess after deducting the monthly instalment. We are lucky to fully pay off my HDB and now we will be able to enjoy the upgrade without the worries of financing the condo... My advice to people: get a cheap apartment and fully pay off. Then get a condo with your spare cash... rent out the cheap apartment or condo. In this way, you don't have to worry much about the monthly instalment. I'm thinking of saving enough for investing in blue chip stocks or buy another property either overseas or local...

  4. Heard that Block 99 is going to TOP in April 2015...