Disclosure of Ultimate Beneficial Owners for Residential Property Transactions

62 Mr Chua Kheng Wee Louis asked 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.

Mr Edwin Tong Chun Fai (The Second Minister for Law): 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.

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.

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.