Buying a new condo also requires balloting. Just because you want it and can afford it doesn’t mean you can get it.

In the last few weeks, several new condo projects have launched. Skye at Holland Village, Penrith at Queenstown, Faber Residences at Clementi, and soon, Zyon Grand at Havelock. The first three that have launched sold 99%, 97%, and 86% of their units on the first day.

But buying a new condo is not as simple as it seems. Apart from the hefty price tag, you actually need to ballot for one as well. Here’s how it works.

The entire process is split into three phases.

The first phase is the Preview. During this period, which usually lasts about two weeks, you can visit the condo’s showflat, and if you’re interested in the project, you can participate in the ballot. Participating in the ballot is free and non-binding. This means that even if you get ballot number 1, you can still decide to walk away and not buy the condo without any penalties.

After the preview comes the Balloting, which is done online by the developers. Simply put, you find out your ballot number on this day. For Skye at Holland, more than 2,100 ballot numbers were given. There were only 666 units available.

After the balloting comes the Booking Phase. On the first day of booking, potential buyers will select their units (basically choose their preferred unit and pay the option fee) in accordance to their ballot numbers. Booking on the day 1 usually starts at 10 am and lasts the entire day.

What this means is that even if you have the means and intention to secure a new condo, say Skye at Holland, you still need to pray for a good ballot number. You can’t just hope to get ballot number 666 or below. Depending on the type of unit you want, you’ll need an even lower number to secure a decent chance. 

For example, if you want the 3-Bedroom Premium in a specific stack, you only have 37 units to choose from. With that said, having a ballot number of 500 might still be too high. Yes, you’ll definitely have the chance to book a unit, but whether it’s the unit type that you want or can afford, that’s a different story.

There’s also something called Priority Booking. Depending on the project developer, some buyers have priority and get to book one day in advance, before the majority does. This group usually includes bulk buyers (who intends to purchase at least two units), VIP buyers (who have purchased from the developer before), and sometimes, buyers going for specific unit types like 4 Bed Premium or 5 Bedrooms.

These priority booking schemes differ from project to project depending on the developer. At the end of the day, developers just want to sell out their projects; they’re not too concerned with who buys them. These priority booking schemes are strategies that help them achieve that goal.

So, there you have it, a simplified process of a new condo purchase. Not as simple as it seems; you’ll need a bit of luck, or perhaps, the (financial) means to obtain priority booking privileges.