Condos with the most attractive deferred payment schemes

A spate of such incentives — at projects such as Reflections at Keppel Bay (above), The Crest and Marina Collection — proves to be a lure for homebuyers and investors
On Sept 15, more than 30 units at Reflections at Keppel Bay were snapped up via a placement exercise conducted by property agencies OrangeTee and PropNex Realty.
The units were in two 8-storey blocks (Nos 1 and 3) located nearest to the guardhouse at the main entrance fronting Telok Blangah Road, with views of Mount Faber. These two villa blocks contain more than 90 units in total and are part of the 151 units that developer Keppel Land held back for lease under the Residences at Reflections programme when the project was completed in 2011.
The properties offered for sale were two-bedroom units of 1,055 to 1,238 sq ft and three-bedroom units of 1,528 to 1,905 sq ft. Only a maximum of 30 units in Block 1 were offered for sale with the option of a deferred payment scheme (DPS). Meanwhile, units in Block 3 were offered for sale under the normal payment scheme.
There were two packages offered under the DPS. Under DPS1, buyers need only pay 1% booking fee, with the remainder 19% deposit due a fortnight later. However, the buyer will have to exercise the option and pay stamp duty within eight weeks. The remaining 80% will be payable two years later.
Under DPS 2, the buyer will pay a 20% deposit and be issued an option to purchase. The payment for the remaining 80% will only be due 24 months after the option date. In the meantime, the option can be assigned to another person during the 22 months prior to exercising the option to purchase.
Most of the buyers opted for DPS 2. However, regardless of which DPS they choose, they are not allowed to move in or lease out their units immediately. This is because some of the units are sold with an existing tenancy under Residences at Reflections, according to a marketing agent.
Furniture rebate
All buyers, however, were given a...