Written Answer by Second Minister for Law Edwin Tong to PQ on Ultimate Beneficial Owners Disclosure to Government for Residential Property Transactions

4 February 2025 Posted in Parliamentary speeches and responses

Question for Written Answer

Mr Chua Kheng Wee Louis (Member of Parliament for Sengkang GRC)

Question:
To ask the Minister for Law (a) whether the disclosure of the ultimate beneficial owners (UBO) to SLA or other Government agency is needed for all residential property transactions; (b) whether UBO information is available to the public; (c) if so, how can this be accessed by potential end-buyers or their lawyers; and (d) under what circumstances and to whom can such information be disclosed.

Written Answer:

1. Disclosure of the identities and citizenship of purchasers and ultimate beneficial owners are required to be made to the Singapore Land Authority (SLA) for all landed residential property transactions. This is to ensure compliance with the Residential Property Act 1976. This is regardless of whether the purchase is made by an individual, or through a vehicle such as a trust or entity. Such disclosures are generally not required by the SLA for non-landed properties such as condominium and apartment units.

2. This information on ultimate beneficial ownership is not made public by SLA. This is not required in the conveyancing process for property transactions. The purchase of assets by companies, trusts, and other vehicles is a well known process, and long recognised by law.

3. As regards the question on who potential buyers or their lawyers can deal with, under the Land Titles Act 1993, potential buyers or their lawyers can deal with the party reflected in the title document as the legal owner of the property.

Last updated on 4 February 2025