,Singapore

GuocoLand, OCBC, Doxa to develop digital platform for dev’t projects transactions

This will be ready by October and will be piloted through Meyer Mansion.

GuocoLand Limited, Overseas-Chinese Banking Corporation Limited (OCBC), and local fintech firm Doxa signed a Memorandum of Understanding (MoU) for the development of a digital solution for the streamlining of transactions for development projects.

The Doxa Connex for Developers platform—which will connect property developers and other parties such as banks, contractors, suppliers and consultants and digitalise transactions in the built environment industry—will be ready in October 2021.

This will be first used in GuocoLand’s luxury freehold condominium project, Meyer Mansion, by year-end, with OCBC Bank as the sole lender for the project.

The platform will also convert quotations into purchase orders and produce cost analysis reports. It will also keep track of large amounts of data, providing transparency in procurement and payment workflow processes, and “clearer project visibility.”

“Digitalising the procurement and payments workflow processes in the built environment value chain is a needed step in the right direction to transform the industry. Piloting Doxa Connex for Developers for Meyer Mansion will automate workflow processes and pave the way for a more efficient, transparent platform for future developments,” GuocoLand Singapore Chief Financial Officer Andrew Chew said.

This is the third MoU signed by GuocoLand as part of its digitalisation efforts.

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