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

By
/ EdgeProp Singapore
|
April 9, 2020 11:10 PM SGT
SINGAPORE (EDGEPROP) - URA’s Controller of Housing (COH) has pre-approved the use of digital forms of payment, such as Fast and Secure Transfers (FAST), MAS Electronic Payment System (MEPS) or General Interbank Recurring Order (GIRO) for property purchases. It will be allowed for payment of booking fees, deposits or home instalments.
Regardless of the mode of payment, the money received is to be deposited into the project account of the housing development. According to URA, the COH will conduct “ad hoc checks” on developers’ booking register to check for compliance.
URA also reminded developers that all show galleries must be closed from April 7 until May 4  (Photo: Albert Chua/EdgeProp Singapore)
URA also reminded developers that all show galleries must be closed from April 7 until May 4 (Photo: Albert Chua/EdgeProp Singapore)
Developers will 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 the intending purchasers and obtain their written acknowledgement of the PDI before accepting the booking fee, says URA.
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URA also reminded developers that all show galleries must be closed from April 7 until May 4. Developers are also not allowed to conduct any viewings of completed properties during this period. “The aim of the one-month “circuit breaker” period is for everyone to stay at home and not go out except for essential activities such as buying food and groceries,” said URA in a circular. “The promotion and marketing of completed/uncompleted properties is not considered an essential service.”
However, developers can continue to showcase and market their projects using technology and digital platforms that do not involve in-person interactions, says URA. “All physical, in-person meetings, whether at the show galleries or elsewhere, should also not be held during this period, or until such time when the relevant measures are removed.”
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