Most Singapore deals now run through a virtual data room. A family business in Kaki Bukit selling to a regional strategic, a SaaS company at One-North raising a Series A, a REIT manager buying a logistics portfolio: each puts its records in a secure room, invites the other side under NDA and runs due diligence there. The question is no longer whether to use one, but which one fits your deal, your budget and the security review your counterparty will run.
This guide sets out what to check, in the order that saves the most time. It is written for the people who usually make the choice: the CFO or finance manager, the company secretary or in-house lawyer, the corporate finance adviser running the process, and the founder preparing for a round.
What is a virtual data room?
A virtual data room (VDR) is a secure online space for sharing confidential documents with people outside your organisation during a transaction or review. It differs from a shared drive in three ways that matter on a deal: you control access file by file, every page can carry the reader’s name as a watermark, and every view and download is logged.
Data rooms are used across Singapore deal work: private M&A and carve-outs, SGX Mainboard and Catalist listings, REIT acquisitions, startup fundraising, debt restructurings under the IRDA, SIAC arbitrations and regulatory reviews. The use cases section covers 74 of them.
Start with the deal tools you actually need
Feature lists are long, but a handful of tools decide whether a deal runs smoothly. Match them to your deal before you look at brands.
| Tool | Why it matters | Essential for |
|---|---|---|
| File and folder permissions | Each bidder or investor sees only what you release | Every deal |
| Q&A workflow | Questions and answers stay in the room with approvals and a record | M&A, IPOs, larger rounds |
| Dynamic watermarks | Each page shows the viewer’s name and time, which deters leaks | Any competitive process |
| View and download control | Stop downloads of sensitive files, change rights later | M&A, carve-outs, licensing |
| Audit trail | Proof of who opened what and when | Disputes, regulated buyers |
| Redaction | Mask NRIC numbers and salaries without editing files elsewhere | HR-heavy deals |
| Two-factor login | Blocks most account takeovers | Every deal |
| AI features | Indexing, summaries, search and suggested answers | Large rooms, tight timelines |
How many of the 18 rooms list each tool
From vendor documentation recorded in our provider data.
The split is clear. Almost every product has an audit trail and watermarks, but only 13 of the 18 list a Q&A workflow. If buyers will ask more than a handful of questions, that one feature narrows the field more than anything else.
File sharing tools are not deal rooms
Several products in our list are built for sharing and tracking documents rather than running due diligence. They work well for sending a pitch deck to angels, but most lack a Q&A workflow and some lack per-document download control. For a sale or a priced round, use a full deal room.
Check the security documents your counterparty will ask for
In Singapore, the other side often runs a vendor review before it will log in. Banks, insurers and fund managers do so because of MAS technology risk expectations; listed companies and government-linked buyers have their own policies. Have the answers ready.
Security documents to collect from each vendor
- ISO 27001 certificate or a SOC 2 Type II report
- Latest penetration test summary
- Encryption at rest and in transit, with key management
- Hosting region and the cloud provider underneath
- List of sub-processors
- Incident notification terms and timelines
- Data return and deletion at the end of the project
- Standard security questionnaire answers
Certifications vary. In our data most enterprise rooms hold both ISO 27001 and SOC 2, while several published-price rooms list SOC 2 only. Either can satisfy a review, but some institutions ask for ISO 27001 by name. The MAS technology risk page explains what regulated firms look for.
Ask where the room is hosted, and settle the PDPA terms
The Personal Data Protection Act does not require Singapore hosting. Under its transfer limitation obligation, personal data sent overseas must receive a standard of protection comparable to the PDPA, usually through contract terms. In practice, most data rooms host in Australia, the EU or the US. In our data only Box lists a Singapore region, through Box Zones.
Hosting matters most when a buyer or regulator has its own policy. Ask early, because switching vendors halfway through a process is painful.
The PDPA also shapes what goes into the room. Under the business asset transaction exception, a seller can share personal data with a prospective buyer without consent if the data relates directly to the business and is used only to evaluate the deal. The PDPA page covers the conditions. A good room makes this easier with staged access and, where available, redaction.
A typical permission plan for a Singapore sale
| Folder | Bidder deal team | Bidder counsel | Lenders | W&I insurer |
|---|---|---|---|---|
| Corporate and ACRA records | View | Download (watermarked) | View | View |
| Financial statements | Download (watermarked) | Download (watermarked) | Download (watermarked) | Download (watermarked) |
| Material contracts | View | Download (watermarked) | None | View |
| Employees (masked census) | View | View | None | View |
| Employees (named files) | None | View | None | None |
| Tax and IRAS correspondence | View | Download (watermarked) | View | View |
Work out the real cost in Singapore dollars
Almost every vendor prices in US dollars. We convert at US$1 = S$1.2792 (16 October 2026). Then add GST: Singapore GST is 9%, and overseas vendors charge it to customers that are not GST-registered. GST-registered companies usually buy without GST, and partly exempt businesses such as banks account for it under reverse charge.
Headline prices mislead in two ways. Per-user plans look cheap until you add every adviser and bidder. Quote-based plans look predictable until the deal runs two months over and extension fees start. Model the full deal.
Compare all 18 rooms for your project
Set the type of project, your own head count in the room, the number of months it stays live and the GST setting. Rows follow our ranking.
| Data room | Pricing | Project total |
|---|---|---|
 Ellty | Monthly | S$833 |
 iDeals | Range | ~S$10,028 to S$29,648 |
 Datasite | Range | ~S$10,028 to S$29,648 |
 Ansarada | Range | ~S$10,028 to S$29,648 |
 Firmex | Range | ~S$10,028 to S$29,648 |
 Drooms | Range | ~S$10,028 to S$29,648 |
 Intralinks | Range | ~S$10,028 to S$29,648 |
 Box | Per seat | S$663 |
 Citrix ShareFile | Monthly | S$305 |
 DealRoom | Range | ~S$10,028 to S$29,648 |
 SmartRoom | Range | ~S$10,028 to S$29,648 |
 CapLinked | Monthly | S$1,666 |
 SecureDocs | Monthly | S$1,395 |
 ShareVault | Range | ~S$10,028 to S$29,648 |
 Onehub | Monthly | S$83 |
 Venue by DFIN | Range | ~S$10,028 to S$29,648 |
 Digify | Monthly | S$671 |
 DocSend | Per seat | S$2,023 |
Where a vendor lists a price, the total uses it, turned into Singapore dollars at S$1.2792 per US dollar (16 October 2026). Vendors that only quote get a band: our observed range for this kind of Singapore project, which is not a figure from the vendor. Treat all totals as planning numbers.
Compare the shortlist side by side
Once you know the tools you need and your budget, narrow to three. This table shows the top of our ranking with the features that most often separate them.
Top of our Singapore ranking
| Data room | Score | Price (SGD) | Trial | Certifications | Q&A workflow | Redaction | AI features | SSO |
|---|---|---|---|---|---|---|---|---|
| Ellty | 9.2 | ~S$191/mo | 14-day free trial | SOC 2 (hosting) | Yes | No | Yes | No |
| iDeals | 8.6 | On quote | Free trial | SOC 2, ISO 27001, GDPR | Yes | Yes | No | Yes |
| Datasite | 8.5 | On quote | Demo on request | SOC 2, ISO 27001, GDPR | Yes | Yes | Yes | Yes |
| Ansarada | 8.5 | On quote | Free trial | SOC 2, ISO 27001 | Yes | No | Yes | Yes |
| Firmex | 8.3 | On quote | Free trial | SOC 2, ISO 27001 | Yes | Yes | No | No |
| Drooms | 8.2 | On quote | Demo on request | SOC 2, ISO 27001, GDPR | Yes | Yes | Yes | No |
| Intralinks | 8.1 | On quote | Demo on request | SOC 2, ISO 27001 | Yes | Yes | No | Yes |
| Box | 8.0 | ~S$19/user/mo | Free trial | SOC 2, ISO 27001, HIPAA, GDPR | No | No | Yes | Yes |
Read the full ranking of 18 for scores and key facts, and the head-to-head comparisons for common pairs.
Questions to ask every vendor
Put the same questions to every vendor in writing, so the answers can be compared.
- Where is the room hosted, and who are your sub-processors?
- Which certifications do you hold, and can we see the reports?
- Can we set view, print and download rights per document?
- Is there a Q&A workflow with approval steps?
- Can we redact inside the room?
- Is two-factor login on for every user by default?
- Can we export the full audit trail?
- What is the total cost for our expected deal length, including extensions and archive?
- Do you invoice in SGD, and how do you handle GST?
- Which support hours cover Singapore, and who answers?
Choose a data room in five steps
- Define the dealType, parties, expected length, number of users and how many questions you expect.
- List must-have toolsQ&A, permissions, watermarks, audit trail and two-factor login for most deals; add redaction or SSO if needed.
- Check security and hostingCollect certifications and hosting details; confirm they satisfy your counterparty.
- Model the full costTotal for the realistic deal length in SGD, with GST and a currency margin.
- Trial before you commitBuild part of the index and invite a colleague as a test guest.
Common mistakes
- Choosing on brand alone. The rooms that run global auctions are not always the best fit for a Singapore mid-market sale.
- Ignoring guest experience. Bidders open a data room a few times a year. A confusing interface costs days.
- Forgetting the vendor review. A bank buyer’s IT team can take two weeks; start it early.
- Uploading before cleaning up. Fix ACRA records and mask personal data first.
Questions people ask
What is the best virtual data room in Singapore?
It depends on the deal. Our ranking scores 18 rooms on security and PDPA readiness, deal tools, permissions, ease of use and cost in SGD, and each use case page re-ranks them for that kind of deal.
How much does a virtual data room cost in Singapore?
Published deal room plans start from about S$191 a month before GST. Quote-based enterprise rooms for a mid-market sale often cost S$2,300 to S$6,800 a month.
Do I need a data room hosted in Singapore?
Not under the PDPA, which allows overseas hosting with comparable protection. Some banks, MAS-regulated firms and government-linked buyers require it under their own policies.
Is Google Drive or SharePoint enough for due diligence?
For a few documents with one party, possibly. For competitive deals you need per-document rights, watermarks, Q&A and an audit trail designed for outside users.
Can I try a data room before paying?
Many vendors offer a free trial. Ellty offers a 14-day free trial; quote-based vendors usually offer a demo.