A unit at Space Nova is a building under construction (expected completion 2029), so it is typically paid for in stages under the Progressive Payment Scheme. This page explains how progressive payments work for a strata industrial purchase at 21 New Industrial Road.
Space Nova is an industrial development, so its progressive payments are governed by the Sale of Commercial Properties Act rather than the Housing Developers rules that apply to condominiums. You pay for the unit in instalments tied to construction milestones rather than in one lump sum. Each stage is triggered when the developer's architect certifies that the relevant phase of work is complete, and your bank disburses the corresponding portion of the loan, so interest accrues only on the amount drawn down at each point.
| Stage | Indicative timeline | Payment | 9% GST |
|---|---|---|---|
| S&P period — 5% option fee plus 15% balance down payment | 8 weeks | 20% | Yes |
| Completion of foundation work | 6–9 months | 10% | Yes |
| Completion of reinforced concrete framework | 6–9 months | 10% | Yes |
| Completion of walls | 3–6 months | 5% | Yes |
| Completion of ceiling | 3–6 months | 5% | Yes |
| Completion of doors and windows | 3–6 months | 5% | Yes |
| Completion of electrical, sanitary and air-conditioning works | 3–6 months | 5% | Yes |
| Completion of car park, roads and drains | 3–6 months | 5% | Yes |
| Temporary Occupation Permit (TOP / CSC) | 9–12 months | 25% | Yes |
| On completion | 12 months | 10% | Yes |
| Total | 100% | ||
Commercial/industrial progressive payment schedule for a building under construction. 9% GST is payable on top of each instalment. Intervals are indicative construction timings and vary by project. The exact schedule follows the Sale & Purchase Agreement — confirm details with your conveyancing lawyer and bank.
| When | Milestone | Amount |
|---|---|---|
| On receiving the OTP | 5% option fee by cheque or cashier's order, plus 9% GST | 5% + GST |
| +2 weeks | Receive the S&P — sign the bank's letter of offer before meeting the law firm | — |
| +3 weeks | Exercise the S&P within 3 weeks of receipt — Buyer's Stamp Duty to IRAS, plus legal fee | BSD + legal |
| +3 weeks | Sales completion — 15% balance down payment, plus 9% GST | 15% + GST |
If the option is not exercised, 2.5% of the option fee is typically forfeited as a cancellation penalty and 2.5% refunded — confirm the exact terms in the OTP.
Four features of the schedule matter in practice for a Space Nova purchase. First, the stage structure: after foundation and framework, the schedule runs five 5% stages (walls, ceiling, doors and windows, electrical/sanitary/air-con, car park), TOP and CSC form a single 25% stage, and the final 10% falls due on completion. Second, CPF savings cannot be used for an industrial property, so the 20% paid at booking and exercise must come from cash or company funds. Third, because the developer is GST-registered, 9% GST is charged on each progressive instalment as it falls due — a GST-registered company purchaser can typically claim it back as input tax, while an individual buyer bears it as a cost. Fourth, industrial financing follows commercial lending terms, so loan-to-value, tenure and interest structure differ from a home loan; see the industrial loan information page.
At booking you pay the 5% option fee of $125,000 plus $11,250 GST. Within eight weeks, on exercising the S&P, you pay the remaining 15% ($375,000 plus $33,750 GST) and buyer's stamp duty. Your outlay through the S&P period is therefore $500,000 plus $45,000 GST plus stamp duty, after which each construction stage — typically financed by the bank loan — is billed with its own GST as the architect certifies it, until the final 10% on legal completion. Run your own figures on the Space Nova industrial purchase calculator.
For owner-occupiers and investors alike, progressive payment eases cash flow during the construction period — you are not financing the full purchase from day one. It also spreads the commitment across the build timeline through to completion in 2029. Stamp duty is handled separately at the Sale & Purchase stage; see the stamp duty & GST page.
To understand financing alongside the payment schedule, review the industrial loan information, then register your interest to receive the brochure and discuss your purchase structure with the team.
Freehold industrial like Space Nova rarely comes to market. Register now to receive the brochure, indicative price guide and balance units ahead of public release.