The short version
- You line up your loan and budget first, then visit the showflat, then ballot (if the launch is oversubscribed), then choose a unit on Booking Day.
- On Booking Day you typically pay a booking fee of 5% of the price in cash form, such as a cheque or cashier's order, not CPF.
- After booking you sign the Sale and Purchase Agreement, pay more of the price and the stamp duties, and the bank loan funds the construction stages.
- For Thomson Reserve: preview 17 to 27 Oct 2026, balloting 29 Oct, Booking Day 31 Oct.
Buying a new launch condo is different from buying a resale home. Prices are fixed by the developer, units are sold in a short window, and you often have only minutes to choose. Knowing the sequence in advance is the best way to stay calm. This guide is written for first-time condo buyers and uses the Thomson Reserve dates as the example.
The process at a glance
| Step | What happens | What you should do |
|---|---|---|
| 1. Plan | Work out budget, loan and cash | Get an in-principle loan approval and check your CPF |
| 2. Register | Register interest for the launch | Register before the deadline (27 Oct 2026 for Thomson Reserve) |
| 3. Preview | Visit the showflat and see the show units | Shortlist several units, not just one |
| 4. Ballot | If demand is high, a ballot sets the order | Note your ballot number and your backup choices |
| 5. Booking Day | You choose a unit and pay the booking fee | Bring documents and the booking fee cheque |
| 6. After booking | Sign the agreement, pay stamp duties, draw the loan | Follow the payment schedule in your agreement |
Step 1: Plan your budget and loan first
Do this before you fall in love with a unit. Two numbers matter most.
- How much you can borrow. Banks apply the Total Debt Servicing Ratio (TDSR), which caps all your monthly debt repayments at 55% of gross monthly income, and they test your loan at a higher stress-test interest rate. Ask your bank for an in-principle approval so you know your ceiling.
- How much cash you need. With a bank loan at 75% loan-to-value, you must pay a 25% downpayment. At least 5% of the price must be in cash, and the rest can come from cash or your CPF Ordinary Account. You also need cash for Buyer's Stamp Duty and legal fees.
Our home loan guide and costs guide show the numbers in detail.
Step 2: Register your interest
New launches usually run a registration process before the showflat opens or during the preview period. For Thomson Reserve, interest should be registered before 27 October 2026. Registering is how you get into the balloting and queue arrangements, so do not leave it to the last day. Message us and we will help you register.
Step 3: Visit the showflat
The preview runs from 17 to 27 October 2026. Use your visit well.
- Walk the show units and the facilities model. Show units are fitted out and styled, so look at room sizes and layouts rather than furniture.
- Compare the floor plans for the types you like. Check the position of the household shelter, the kitchen, the balcony and the bedrooms.
- Ask about stacks and levels. Which block, which level, which direction the unit faces and what is beside it all affect your daily life.
- Shortlist three to five units across at least two or three stacks. On Booking Day your first choice may already be gone by the time your turn comes.
- Ask for the price list and the payment schedule. Prices are not published on this website because they change. Message us for the current list.
Step 4: Balloting
When more buyers want to book than there are units, the developer uses a ballot. In plain terms, balloting is a draw that decides the order in which registered buyers are called to choose a unit. It does not decide whether you can buy at all. It decides how early you get to choose.
For Thomson Reserve, balloting is scheduled for 29 October 2026. Your queue or ballot number then determines when you are called on Booking Day.
Two practical tips:
- Decide your backup plan before you know your number. A late number does not mean a bad outcome if you have several acceptable units. A very early number is wasted if you have only one unit in mind and it is unavailable.
- Confirm the exact procedure with the sales team. Developers set their own arrangements, and they can differ between launches.
Step 5: Booking Day, the cheque and the Option to Purchase
Booking Day for Thomson Reserve is on 31 October 2026. When your number is called you are shown the available units, you choose one, and you sign the booking documents.
- The booking fee. For a new launch this is typically 5% of the purchase price. It is paid in cash form, which in practice means a cheque or cashier's order made out as the sales team instructs. You cannot use CPF for this payment. Because the wrong payee or amount can slow you down, confirm the accepted payment forms and the exact payee beforehand.
- The Option to Purchase. Signing gives you an option to buy that unit at the agreed price. It is not yet a binding purchase. You will have a set period to exercise the option by signing the Sale and Purchase Agreement.
- Bring documents. Expect to need your NRIC or passport and those of any joint buyer. Bring proof of income if the sales team asks, and your bank's in-principle approval letter.
As an illustration only, on an imaginary purchase price of $2,000,000, a 5% booking fee would be $100,000. This is not a Thomson Reserve price.
Step 6: After booking
- Exercise the option. You sign the Sale and Purchase Agreement within the period stated in your Option to Purchase. Commonly the sales team delivers the agreement within a couple of weeks, and you then have a few weeks to sign. Your documents show the actual dates.
- Pay more of the price. The total paid by the end of the exercise stage is typically 20% of the price, including the booking fee. The exact timing is in your Option to Purchase.
- Pay stamp duty. Buyer's Stamp Duty, and Additional Buyer's Stamp Duty if it applies to you, is due within 14 days of signing.
- Complete your loan. Your bank issues a loan offer, and you accept it within its validity period.
- Follow the progressive payment schedule. For a condo under construction you pay in stages as building milestones are reached, and the bank loan funds these stages once your downpayment is covered.
- Wait for handover. For Thomson Reserve the expected Notice of Vacant Possession is 28 February 2031 and legal completion is 28 February 2034. These are estimates.
Common first-timer mistakes
- Going to the showflat without an in-principle loan approval.
- Falling for a single unit and having no backup.
- Forgetting that the booking fee is cash, not CPF.
- Not budgeting cash for stamp duties and legal fees.
- Owning an HDB flat and not checking the Additional Buyer's Stamp Duty. See our costs guide.
- Assuming prices, availability and procedures are fixed. They are set by the developer and can change.
Your checklist
Before the preview ends
- In-principle loan approval from your bank
- CPF balance checked, and cash for the booking fee ready
- Registered interest before 27 October 2026
- Three to five shortlisted units
For Booking Day
- NRIC or passport for every buyer
- Booking fee cheque or cashier's order, in the form and amount the sales team confirmed
- Backup choices written down
- Loan documents and proof of income, if requested
FAQs
What is balloting in a condo launch?
Balloting is a draw used when demand exceeds supply. It decides the order in which registered buyers are called to choose a unit on Booking Day. For Thomson Reserve it is scheduled for 29 October 2026.
How much is the booking fee for a new launch condo?
It is typically 5% of the purchase price. Your sales team confirms the exact amount and payment form for each launch.
Can I use CPF to pay the booking fee?
No. The booking fee is paid in cash form, such as a cheque or cashier's order. CPF can be used later toward the downpayment and progressive payments, subject to CPF rules.
Do I have to be there on Booking Day?
Buyers normally attend in person, or arrange for an authorised representative as the developer allows. Confirm the arrangement with the sales team ahead of time.
What if my ballot number is late?
You can still choose from the units that remain. This is why shortlisting several units across different stacks matters.
Is the Option to Purchase binding?
It gives you the right to buy at the agreed price but only becomes a binding purchase when you exercise it by signing the Sale and Purchase Agreement. If you do not exercise it, you generally lose the booking fee, so be sure of your finances before booking.