Scheme Stage Breakdown
Normal Payment Scheme Option Fee 1% of Purchase Price
Exercise Option 4% of Purchase Price within 2 weeks from Option Date
Completion 9.5% of Purchase Price to be paid 8 Weeks From Date of Exercise Of Option
Enhanced Deferred Payment Scheme Option Fee 30% of Purchase Price
Exercise Option $0 within 2 years from Option Date
Completion 70% of Purchase Price to be Paid 8 Weeks From Date of Exercise of Option
Frequent Ask Questions on Enhanced Deferred Payment Scheme (Subject to Contract)
1. How Enhanced Deferred Payment Scheme works in Lloyd SixtyFive?
A: The developer grants the purchaser a 2 years option to purchase and a 30 months master tenancy agreement of the unit upon receiving 30% option fee from the purchaser. During the option period, the purchaser can move into the unit to stay or sublet the unit out for rent. The purchaser will have to exercise the option within the 2 years period and pay the balance amount 8 weeks after exercising the option. During the option period, the purchase will not need to pay for maintenance fees and property tax for the property.
2. Under the Lloyd SixtyFive Enhanced Deferred Payment Scheme, can the tenant renovate the unit?
A: After taking over the unit from the developer, the tenant may do minor renovation to the unit, subject to renovation plans being submitted and approved by the developer. Tenants are to comply with MCST’s Rules & Regulations and relevant Authorities while renovating the unit. If the tenant does not exercise the option to purchase, the tenant will have to reinstate the unit to its original condition, fair wear and tear accepted, and handover the unit to the developer on the lease expiry date.
3. Under the Enhanced Deferred Payment Scheme, can the tenant sublet the unit?
A: The tenant can sublet the unit using the attached sublet agreement in the tenancy agreement. The tenant will have to seek consent on the amendments of the sublet agreement prior to signing any sub leases. A signed copy of the sublet agreement, the letter requesting for
consent to sublet, the side letter attached, stamp duty certificate and the sub-tenant’s ID are to be provided to the developer for records.
4. Under the Enhanced Deferred Payment Scheme, can the named option holder nominate another nominee to exercise the option?
A: The named Option holder may only assign/transfer the Option one-time by a duly signed Letter of Nomination which shall be furnished to the Vendor on the date of the Letter of Nomination before the option expiry. If the named Option holder allows, whether directly or indirectly, the Option to be assigned/transferred more than once from nominee to nominee, theOption may be rendered null and void by the developer. Option holder are to seek their own legal advice when performing the nomination.
5. Under the Enhanced Deferred Payment Scheme, which fees are borne by the developer and which fees/tax are borne by the tenant?
A: The developer will only pay for maintenance fees, sinking fund and property tax for the property during the option period. The Tenant shall bear all other expense such as utilities, internet connection, cable subscription, air con maintenance, all repair and maintenance, lift maintenance (if any), gardening, pest control, pool/jacuzzi maintenance (if any), etc.TG
6. Under the Enhanced Deferred Payment Scheme, when will the unit be handed over to the Tenant?
A: The Tenancy Agreement shall be dated upon the clearance of the Option Fees. The commencement date (which is also the Handover date) shall be on the thirtieth (30th) Business day from the date of Tenancy Agreement.
7. What is the Enhanced Deferred Payment Scheme (Fixed Return)?
A: For some units, EDPS (Fixed Return) are offered. Under this scheme, the option holder will not be given a tenancy agreement (purchaser are not allowed to take possession or move in to the unit), but will receive a fixed return based on the option fee over the option period instead. The developer will be entitled to lease the unit out for rental and collect all rental proceeds. The buyer will takeover the unit upon completion of the sales on a as-is-where-is basis and subject to tenancy.
Lloyd SixtyFive – Defect Liability Period :
For Normal Payment Scheme (NPS) Till 30th June 2018 (subject to change)
For Enhanced Deferred Payment Scheme (EDPS) 1 month from handover date.