URA Has Pre-approved Amendments to the OTP and S&PA for Electronic Payment

Ever wondered when online forms of payment will be accepted for property purchase? Here’s some good news for potential buyers and investors!

The Urban Redevelopment Authority’s (URA) Controller of Housing (COH) has pre-approved the use of digital forms of payment. These contact-less solutions allow you to comply with circuit breaker measures while processing your property sales transactions.

Electronic Payment for Property Purchase

Digital forms of payment will be allowed for booking fees, deposits, or home instalments.

• Fast and Secure Transfers (FAST)
• MAS Electronic Payment System (MEPS)
• General Interbank Recurring Order (GIRO)

Regardless of the mode of payment, the money received has to be deposited into the project account of the housing development.

Effective 9 April 2020:

• Developers still have to issue the standard Option to Purchase (OTPs) and Sale and Purchase Agreement (S&PA) for the sale of their uncompleted properties.
• The OTP and S&PA can also be issued digitally to purchasers.
• Developers can provide particulars, documents, and information (PDI) on the housing project in digital form, provided they can authenticate the identity of purchasers and obtain their written acknowledgement of the PDI before accepting the booking fee

Circuit Breaker Restrictions for Property Developers

According to the URA, all show galleries must be closed starting 7 April 2020. Developers are also not allowed to conduct any physical viewings of completed properties during this period.

If you are looking for new launch properties, our experienced team of real estate consultants can provide you with a personalised virtual tour. Just let us know the projects you are interested in and we’ll take you there!

Thinking of buying a resale property instead? Good thing that you can leverage technology and offer virtual property tours from the safety of your home.

Source: Urban Redevelopment Authority