New Launch Booking Day in Singapore: How the Ballot, Booking Fee and OTP Work

Key takeaways

• The booking fee buys you an Option to Purchase, not the unit itself. URA’s guide puts the booking fee at between 5% and 10% of the purchase price.
• The developer must give you mandatory information on the project and unit, and get your written acknowledgement, before accepting the booking fee.
• You have 3 weeks from delivery of the S&PA and title deeds to exercise the option and pay the balance of the 20% down payment.
• Walking away after booking has a cost: the developer may forfeit 25% of the booking fee.
• The ballot or queue that decides when you choose a unit is arranged by the developer, so ask how it works before the day.

Background

Buying an uncompleted unit from a licensed housing developer follows a different route from buying a resale condo. URA’s Home Buyer’s Guide describes five stages: basic checks, the purchase decision, booking your unit, signing the agreement and collecting your keys. Booking day sits in the middle of that sequence, and the documents and timelines that start on that day are set out in URA’s guide and in the developer’s contract documents.

URA states that licensed housing developers must use the standard form of S&PA, and that no amendment to the S&PA can be made without the prior approval of the Controller of Housing. Payments after the down payment then follow the payment schedule in the S&PA, which is covered in the progressive payment guide.

For current projects and launch updates, see the new launch projects page.

Latest guidance

URA’s Buying Property page was last updated on 29 June 2026 and, with the Home Buyer’s Guide documents it links to, was reviewed on 1 November 2026. URA circular COH20-03 on the re-issue of an OTP to the same purchaser took effect on 28 September 2020. This article does not report a new policy or effective date.

Developers’ booking arrangements differ from launch to launch, so confirm the current procedure with the developer’s sales team before the day.

Who is affected

This guide is for buyers booking an uncompleted private residential unit, such as a new condominium, directly from a licensed housing developer at a launch.

It is most relevant if you are attending a launch for the first time, if you plan to rely on a bank loan or CPF savings, or if you are an upgrader coordinating a sale with a new purchase.

Who is not affected

Buying a completed resale condo uses a different OTP and contract process; the new launch vs resale comparison explains the broad differences. Buying a sub-sale unit from an existing buyer also involves different documents, and CEA’s sub-sale checklist notes that the buyer will sign a fresh S&PA with the developer.

HDB flats and executive condominiums have their own application and eligibility rules that this article does not cover. This article does not give legal, tax or loan advice for a specific purchase.

What remains unchanged

• Paying the booking fee does not complete the purchase; you still have to exercise the option within the option period.
• You cannot assign or transfer the OTP the developer grants you to any other person.
• The S&PA is in the standard form and cannot be amended without the Controller of Housing’s approval.
• Stamp duty, loan approval and CPF use are separate matters with IRAS, your bank and CPF Board.
• No price movement, rental outcome or resale gain is guaranteed.

Planning considerations

1. Settle financing before the ballot

Booking day moves quickly, and the balance down payment follows within weeks. Check your loan eligibility with your bank, review your debt servicing position and confirm how much CPF you can use before you pay a booking fee. The TDSR guide and the CPF for private property guide explain the main checks.

2. Do the basic checks on the developer

URA’s guide advises buyers to verify whether the developer holds a sale or no-sale licence where the project has more than 4 units, as developers with a no-sale licence are not allowed to sell any residential unit. If you are working with a property agent, you can check their registration on CEA’s public register.

3. Understand how the ballot or queue works

URA’s guide does not set out a balloting method, so the arrangements come from the developer. Ask in advance how buyers are called, what documents and payment you need to bring, and how long you will have to choose a unit when your turn comes. Shortlist several units in order of preference, and decide beforehand which ones you would not buy, so that you are not making a large decision on the spot. The floor plan selection guide can help you rank layouts.

4. Read the mandatory information before paying

The developer must give you a set of mandatory information before accepting your booking fee, including floor plans, the strata area breakdown, building specifications, conditions or restrictions imposed by authorities and any approved amendments to the S&PA. You will be asked to acknowledge in writing that you received it, so read it rather than signing it as a formality.

URA’s guide notes that a cheque handed over before booking is not a commitment to purchase, and that you should ask for it to be returned if you do not go ahead. Developers also carry out customer due diligence checks, so bring the identity documents the sales team asks for.

5. Use the option period properly

Once the S&PA and title deeds are delivered, you have 3 weeks to exercise. Use that time to have your lawyer review the S&PA, to firm up your loan and to check your stamp duty. URA’s guide states that Buyer’s Stamp Duty is payable after signing the S&PA and that Additional Buyer’s Stamp Duty may also apply; see the Buyer’s Stamp Duty guide and confirm the amount and payment deadline with IRAS.

6. Know the cost of changing your mind

If you decide not to proceed, you can give the developer written notice, and URA’s guide states that the option lapses immediately when the developer receives it. The developer may then forfeit 25% of the booking fee. Under URA circular COH20-03, developers must not re-issue an OTP for the same unit to the same purchaser within 12 months after the earlier OTP expires, so you cannot simply book the same unit again later.

7. Plan beyond the down payment

After you exercise, the rest of the price is paid in stages as construction progresses, according to the payment schedule in the S&PA. URA’s guide warns that if a payment remains unpaid for more than 14 days after it is due, the developer may treat the S&PA as repudiated, and if the S&PA is annulled the developer may forfeit 20% of the purchase price. The new launch projects page explains how Melvin helps buyers compare projects and prepare for a launch; loan, legal and tax matters remain with your bank, lawyer and IRAS.

FAQ

This article provides general educational information. Booking arrangements, contract terms, loans, CPF use and stamp duty depend on the actual purchase and should be confirmed with the developer, your bank, CPF Board, IRAS or a lawyer before a binding commitment is made.