MinLaw says disclosure of buyers' identities, citizenship required in all landed home sales, including GCB deals
Buyers and ultimate beneficial owners of all landed residential property transactions, including those of good class bungalows (GCB), are required to disclose their identities and citizenship.
«This is regardless of whether a caveat is lodged for the transaction, and regardless of whether the purchase is made by an individual, an entity, or through a vehicle such as a trust or company, including a shell company,» said the Ministry of Law on Monday (Dec 23).
As part of the sale process for landed homes, including GCBs, the Singapore Land Authority requires buyers to declare their identities and citizenship when lodging the instrument of transfer at the Land Titles Registry, it added.
The ministry was responding to media reports published two weeks ago.
Bloomberg, The Edge Singapore, The Independent Singapore and The Online Citizen had reported that there are no publicly available government records of GCB sale transactions if caveats were not lodged.