GuocoLand seeks to streamline procurement and payments for developments

By Charlene Chin / EdgeProp Singapore | August 3, 2021 5:18 PM SGT
Meyer Mansion (Credit: GuocoLand)
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SINGAPORE (EDGEPROP) - Developer GuocoLand has partnered with OCBC Bank and local fintech company Doxa to develop and build an end-to-end digital workflow solution to streamline the procurement and payments processes for development projects. (See also: Guoco Tower wins FIABCI World Prix d’Excellence Award)
Slated to be ready in October this year, the platform will connect property developers and other parties — banks, contractors, suppliers and consultants — in the built environment value chain.
On the platform, contractors will be able to use the platform to create and send e-invoices to developers; architects and external consultants will be able to carry out the required certification via an e-certification process; and developers will be able to send both the e-invoices and e-certifications to their banks to trigger payment.
The platform will also allow the developer to convert quotations into purchase orders, and generate cost analysis reports, thus providing them with a more timely overview of their cash flow.
GuocoLand intends to trial the platform for Meyer Mansion, its luxury freehold condominium project.
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