Cash upfront, the statutory payment schedule, GST and monthly repayment for a KeyStone @ Mandai freehold B2 unit.
This calculator models a purchase at KeyStone @ Mandai end to end: the eight-week option and Sale & Purchase period, the Sale of Commercial Properties Act payment schedule that follows, the GST attaching to each instalment, Buyer's Stamp Duty, and the monthly repayment once the loan is fully drawn. It opens at the project's entry quantum of S$2,219,000 — adjust the price, loan-to-value, tenure and rate to match the unit and the facility you are working with.
KeyStone @ Mandai is under construction with an estimated TOP of 31 December 2028, so the forward schedule below is the construction-stage one. For duty on its own, use the stamp duty calculator; for what is currently available, see the balance units chart and the indicative price guide.
Figures update as you type.
90% is generally offered to an operating company taking the unit for its own use. Investment purchases are usually capped nearer 80%.
Check the rate that applies after the lock-in ends, not just the headline rate.
Used only for the property tax estimate at the foot of the page.
Add a booking date to turn the week numbers into dates.
At the loan-to-value selected on the left.
GST is charged on each instalment as it falls due, not once at the end.
Your own funds only. Anything the bank draws down is excluded.
This is upfront cost only. The construction instalments below are drawn down by your bank as each stage completes, with the GST on each one payable in cash.
Sale of Commercial Properties Act schedule. Timelines are indicative and set by construction progress, not by calendar dates.
Swipe sideways to see the full table
| Stage | Timeline | % | Instalment | GST 9% | Your cash | Loan drawn | Loan % | Interest | Principal | Repayment |
|---|
Once the loan is fully drawn.
During construction you pay interest only on what has been drawn so far, so the amount climbs stage by stage — see the two right-hand columns above.
Payable from TOP onwards. Nothing is levied during construction.
Commercial and industrial property is taxed at a flat 10% of Annual Value. IRAS sets the Annual Value from market rents for comparable units — the rent figures here are your own estimate, not an assessment.
Same price, tenure and rate; only the loan differs.
Your own funds go in first. The calculator puts the smaller of the upfront requirement and the non-financed share of the price into cash, then lets the bank disburse against what is owed to the developer at each stage. At 80% the bank funds every construction instalment in full and you have already met the 20%. At 90% the bank draws the excess above the stage sum when the sale completes and the mortgage is in place — legitimate, because the Sale of Commercial Properties Act schedule governs what you owe the developer at each stage, not who supplies the money. Below 80% the loan exhausts partway through and later stages revert to cash, which is why the schedule carries a separate "Your cash" column instead of quietly over-disbursing.
GST follows what is owed to the developer, not what you personally fund. At 90% the developer is still owed the full 20% in the first eight weeks, so the GST on that 20% remains payable, in cash. Some tools charge GST only on the portion the buyer funds, which understates the opening outlay.
No regulatory ceiling applies to an industrial purchase, so each bank sets its own limit and the decisive factor is use. An operating company occupying the unit is treated most favourably, because the lender is lending against a business that will occupy and maintain the premises. An investment purchase held for letting sits lower. A borrower already carrying a mortgage can fall further, and a short remaining lease both reduces the ratio and shortens the tenure — which is where KeyStone @ Mandai's freehold tenure helps, at purchase and again at refinance.
Two further points matter on B1 and B2 stock specifically. Many banks will not lend to an individual purchaser and prefer the unit to be bought through a company, often an investment-holding company; this affects whether a loan is offered at all, not merely how much. And the Total Debt Servicing Ratio of 55% applies to individual borrowers, including sole proprietors and individuals incorporating a company solely to buy — companies are assessed on their financials instead. CPF cannot be used for an industrial purchase; funding is cash plus bank loan. All indicative — confirm with your bank and MAS.
Whether the GST on the purchase is recoverable cannot be determined from the outside. What is commonly distinguished is the entity. An operating company — GST-registered and already carrying on taxable business activities — may generally claim the GST as input tax as it is incurred through construction. A non-operating company — newly incorporated, or an investment-holding vehicle not yet carrying on taxable activities — would not usually begin claiming during construction, and may instead start once the property reaches TOP and operating activities commence, whether by letting the unit as a taxable supply or by operating from the premises. These are general guidelines only and the outcome is subject to the rules set by IRAS. Speak to IRAS or your tax adviser.
Fitting-out and renovation, valuation fees, mortgage duty, bank processing and facility charges, and any GST on professional fees all sit outside the figures above. If you are buying to occupy, budget separately for rent still running on your existing premises while progressive interest builds on the new one — the two overlap for the whole construction period and that overlap is routinely underestimated. Stamp duty is computed on the price or the market value, whichever is higher.
Every figure on this page is an indicative estimate produced from the inputs you enter. Confirm Buyer's Stamp Duty and GST with IRAS, financing limits with MAS and your bank, and the payment schedule with the Sale & Purchase Agreement before you commit.
The Sale of Commercial Properties Act schedule puts 20% of the price with the developer across the eight-week option and Sale & Purchase period, and the 9% GST on that 20% is payable in cash because banks do not finance GST. On the entry unit at S$2,219,000 that is S$443,800 plus S$39,942 of GST, together with Buyer's Stamp Duty of S$80,550 and your legal fee. The calculator above adds these up for whatever price and loan-to-value you enter, and shows the components rather than a bare total. Every figure is indicative — confirm with IRAS, MAS or your bank before you commit.
There is no statutory loan-to-value ceiling on an industrial purchase, so the limit is the bank's. An operating company taking the unit for its own use is generally the best-treated case and can reach around 90%; an investment purchase is usually nearer 80%, and an existing mortgage elsewhere can pull it lower. Many banks also decline to lend to individual buyers for B1 and B2 units and prefer the purchase to sit in a company, so establish that before you plan around a figure. Confirm the position with your bank.
No. GST at 9% attaches to each instalment as it falls due, starting with the option fee, so it is spread across the build rather than settled at the end. Whether your company can recover that GST as input tax turns on the entity: an operating company already carrying on taxable business activities may generally claim it as it is incurred, while a newly incorporated or investment-holding vehicle would not usually begin claiming during construction and may instead start once the property reaches TOP and operating activities commence. These are general guidelines, not determinations, and the position cannot be worked out from the outside — it is subject to the rules set by IRAS.
Send us the stack and size you have in mind and our official KeyStone @ Mandai sales team will come back with the current quantum, the balance units and an indicative financing structure.