URA allows electronic payment for booking fees, deposits of property purchases

The payments to developers for the purchases of properties can now be made digitally.

The Controller of Housing (COH) has permitted the payment of booking fees and deposits to be made to using electronic payment modes.

When the developers have received the funds, they have to deposit the funds into the official project account of the project.

When the payment has been received, the developers have to issue the standard Option to Purchase (OTP) & the Sale and Purchase (S&P) Agreement to the purchasers.

With the closure of all showflats in Singapore from April 7, 2020 – May 4, 2020, developers can still market their developments using digital platforms.


Source: https://www.edgeprop.sg/property-news/ura-allows-electronic-payment-booking-fees-deposits-property-purchases

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