The Singapore Democratic Party (SDP) has called for greater transparency regarding the sale of Minister for Law and Home Affairs K Shanmugam’s Good Class Bungalow (GCB) at 6 Astrid Hill.
The property was sold in August 2023 for S$88 million, a month after Parliament heard Mr Shanmugam and Dr Vivian Balakrishnan explain the circumstances surrounding their rental of black-and-white bungalows at Ridout Road.
In a Facebook post dated 26 December 2024, the SDP referenced a Ministry of Law (MinLaw) press release from 23 December and an accompanying Factually article, which confirmed that buyers and ultimate beneficial owners of all landed residential property transactions in Singapore, including GCBs, must disclose their identities and citizenship.
The releases were issued after POFMA correction directions were served to Bloomberg, The Online Citizen, The Edge Singapore, and The Independent SG over articles concerning the transparency of GCB transactions.
According to the MinLaw statement on Factually, such disclosure is mandatory regardless of whether a caveat is lodged, and applies to transactions made by individuals, entities, or trusts, including shell companies.
The SDP noted that records indicate the buyer of 6 Astrid Hill is a trust, Jasmine Villa Settlement, under UBS Trustees (Singapore) Ltd.
However, a search conducted on 24 December through the Singapore Land Authority’s (SLA) INLIS portal revealed that the ultimate beneficial owner remains undisclosed. A similar search on the Accounting and Corporate Regulatory Authority’s (ACRA) Bizfile also yielded no details about the trust’s ownership.
The party highlighted that the government, based on MinLaw’s statements, possesses information about the buyer’s identity. It argued that this information should be made public.
To bolster its argument, the SDP pointed to instances where the identities of GCB buyers were disclosed:
- A GCB at Gallop Road sold for S$42 million, with the buyer identified as Mr Zhang Hanzhi, son of Mr Zhang Yong, founder of the Haidilao restaurant chain.
- Former PAP Minister Mah Bow Tan sold his GCB for S$50 million, with the buyer named as Ms Wang Qianqian, a former PRC national.
- A GCB at Bin Tong Park sold for S$40 million, purchased by Ms Chloe Tong, wife of Grab CEO Anthony Tan.
The party questioned why, given such precedents, the buyer of Mr Shanmugam’s property has not been similarly revealed.
The SDP concluded its statement by urging the People’s Action Party (PAP) Government to immediately disclose the buyer’s identity. If it fails or refuses to do so, the party asserted, it owes the public an explanation.
The issue touches on broader concerns regarding transparency in high-value property transactions and public accountability, particularly when political figures are involved.
