New residential towers launch with flexible payment plans

Several new residential towers opened for sale this quarter with payment plans that run past the handover date, a structure that used to be rare outside the largest developers.

A typical plan asks for a 10 to 20 percent down payment, instalments during construction and the balance over two to three years after the keys are delivered.

Before you sign

• Check that the project is registered and that payments go into an escrow account.
• Read the penalty clause for late delivery.
• Ask which service charges start at handover.