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Pre-approved Amendments to the Option to Purchase and Sale & Purchase Agreement for Electronic Payment

  Published: 13 April 2020
Circular No : URA/COH/Circular-2020-01
Our Ref : URA/COH/Circular

CIRCULAR TO PROFESSIONAL INSTITUTES

Who Should Know:
Developers and solicitors

Effective Date:
With effect from 9 April 2020

  1. Developers are required to use the standard Option to Purchase (OTP) and Sale and Purchase Agreement (S&PA) under the Housing Developers Rules (HDR) and Sale of Commercial Properties Rules (SCPR) for the sale of uncompleted properties. The Controller’s approval is required for any amendments to the standard OTP and S&PA.

  2. To facilitate the use of electronic payment of purchase price, the Controller has  pre-approved amendments to the standard OTP and S&PA, to allow for payments of the instalment of purchase price by Fast and Secure Transfers (FAST), MAS Electronic Payment System (MEPS) or General Interbank Recurring Order (GIRO), as set out in Annex A. Developers may adopt the pre-approved amendments for all OTPs to be issued and S&PAs to be entered into without further approval from the Controller of Housing.

  3. For OTPs that have been issued or S&PAs that have been signed, the OTP and S&PA may also be amended to incorporate the pre-approved modes of payment of purchase price if both developers and purchasers agree, e.g. by way of a side letter or supplemental agreement. If the side letter or supplemental agreement is solely to effect the pre-approved amendments, without any other changes, the prior written approval of the Controller for the side letter or supplemental agreement is not required.

  4. We would appreciate it if you could convey the contents of this circular to the relevant members of your organisation. If you or your members have any feedback or queries concerning this circular, you may contact us via email: ura_coh_registry@ura.gov.sg.
Thank You.

LING HUI LIN (MS)
CONTROLLER OF HOUSING
URBAN REDEVELOPMENT AUTHORITY

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