Singapore property transactions to be digitised in phases
Mar 16, 2023
By   Shicheng
  • City News
  • Digitalisation of property transactions
  • property transactions
  • property transaction procedures
Abstract: The new digital platform is expected to be fully implemented by 2026.

According to related news, Singapore's Minister for Culture, Community and Youth and Second Minister for Law, Mr Tang Chin Fai, announced earlier that real estate transactions involving cumbersome conveyancing procedures will be phased in using the digital platform, which will allow buyers and sellers to pay and submit documents electronically with ease, more efficient processing as well as checking progress updates.


Property transactions are the legal process of transferring property rights and are currently dominated by paperwork.


The first phase will cover the Option to Purchase (OTP) process for developer sales, resale and sub-sale transactions and is expected to be completed by the second quarter of 2024 at the latest.


The latter two phases will cover the developer sale transaction and the remaining procedures for the resale and sub-sale transactions respectively.