URA allows electronic payment for booking fees, deposits of property purchases
The Controller of Housing (COH) has approved the usage of digital payments, like booking fees and deposits, for the purchases of properties.
The COH is a department under the Urban Redevelopment Authority (URA) of Singapore.
All payments received by developers have to be deposited into the project account of the project. In exchange for the digital payment received, the developers have to issue the standard forms of Option to Purchase (OTPs), or the Sale and Purchase Agreement (S&P) to the purchasers.
As all showflats in Singapore are ordered to be closed for the period from 7th of April until 4th of May, developers would need to market their projects using digital platforms.
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