Why You Should Buy During VVIP Preview

Q: How do VVIP Property New Launch in Singapore Work?

A: A VVIP New Launch in Singapore, also known to some as the first launch or VVIP Preview, is a low-risk registration of interest exercise where interested buyers submit cheques to the developer for the subsequent purchase of unit at the development. These cheques are completely blank and unsigned and upon receipt of the cheque, the developer will invite the interested buyer to view the sales gallery and book a unit (if they choose to make a purchase) before the public launch date.
In general, those who sign up for VVIP Previews has 2 major benefits over the rest.
Firstly, the developer will usually release the units with the biggest discounts during VVIP Preview(Early Bird Discounts).  This discount will usually be reduced when the project is open to the public.  What this means is you stand to have a higher capital gain from the sale of your property in future.
Secondly, you will be among the first few to choose, book, an unit before the general public. This opportunity allows you to select and book your best choice unit/s in the project. This could translate to possible higher rental income and/or higher selling price/margins.
In short, VVIP Previews gives you access to the best units of the project which will garner higher rental yield and capital gains.

Q: What do I need to do to be in the VVIP Preview?
A: To be part of a VVIP Preview for a Property New Launch, you can register with any agent marketing the Property New Launch you are interested in.  The marketing agent will then set up an appointment with you for a presentation of the development.  During this presentation, the agent will go through the details of the development with you (such as estimate pricing, floor plans, site plan, financings etc).
If you are keen to participate in a VVIP Property New Launch, you will usually need to provide the agent with the following 3 items.
1. Completed authorisation form
  • indicating the units you are interested in,
  • the authorised price range,
  • purchaser’s particulars and
  • endorsement of the authorisation form.
2. Photocopy of the Purchaser’s NRIC or Passport.
3. A duly signed blank cheque payable to the Project Account [Ensure that the cheque is crossed and Project Account is fully written out.]

Q: Am I obligated to purchase a unit if I have signed up for a VVIP Preview?

A: Signing up for a VVIP Preview does not guarantee that you will get the unit of your choice.  Likewise, it does not mean you cannot back out from the preview after signing up.  Withdrawal of your interest is just a phone call away to get back the above documents from the developer.

Q: What usually happens during the VVIP Preview?

A: The developer will release the official preview prices.

If the pricing is NOT within your authorised price range, your agent will inform you that he cannot proceed and will return the blank cheque back to you at no hidden charges.  On the other hand, if you deem the preview pricing still acceptable, you can give your agent the authorisation to go ahead even if the price is not what was indicated.
Generally, if the pricing is within the parameter of your authorised price range, your agent will still check with you and get the final confirmation before proceeding.
In the event, if there are more than one cheques submitted to a particular unit, it could be by first come first served or by balloting. All the unsuccessful submissions and cheques will then be returned to the buyers.  It is advisable to list a few units in your authorisation form to increase your chance of getting a unit.
In the event your cheque is successfully allocated, an Option To Purchase will be generated to the purchaser’s names.

Q: Do I have to pay agent’s commission?

A: The Agent’s service is complementary to you from the developer.  Therefore no commissions are payable to the agent from the purchasers.  But this does not mean you will get a better price if you go directly to the developers since they are paying the agent’s commissions.  Just imagine them having to take care of the agents deployed by the various marketing agencies to market and tour you around the showflat.
The flow chart below will show the mechanism of a VVIP Preview Launch.

We hope that you have a better understanding of how a VVIP New Launch in Singapore works and should you be interested and decided to sign up for a VVIP Preview, you can choose to call/Whatsapp us at 8666 8919  for more information.