Posts: 46,858
Threads: 34,114
Likes Received: 6,046 in 5,700 posts
Likes Given: 63,132
Bloomberg: Nearly half of 2024 GCB transactions lack public record, raising transparency concerns
Singapore’s exclusive Good Class Bungalow (GCB) market, marked by secrecy and trust use, is at the heart of a debate over transparency.
Bloomberg reported that Manpower Minister Tan See Leng acquired a GCB in Brizay Park for S$27.3 million in 2023, yet public records are absent.
The transaction was revealed solely through Bloomberg’s report, similar to the sale of K Shanmugam's S$88 million GCB.
https://www.theonlinecitizen.com/2024/12...-concerns/
Posts: 46,858
Threads: 34,114
Likes Received: 6,046 in 5,700 posts
Likes Given: 63,132
Transparency Concerns in Singapore's GCB Market
Title: Bloomberg: Nearly Half of 2024 GCB Transactions Lack Public Record, Raising Transparency Concerns
Source: The Online Citizen, December 12, 2024
Author: Not specified
Article Summary:
Theme: The article highlights the growing issue of transparency in Singapore's Good Class Bungalow (GCB) market, where a significant number of transactions lack public records, raising concerns about accountability and oversight.
Core Points:
- Nearly half of GCB transactions in 2024 lacked property caveats, legal filings that record ownership and ensure transparency.
- This trend allows buyers to keep transactions hidden from public scrutiny, raising concerns about oversight in the high-value property market.
- The involvement of lawmakers in such opaque dealings raises questions about transparency and accountability.
- Critics argue that participation in transactions that exploit legal mechanisms for privacy stands in contrast to the values of openness and fairness these officials are expected to uphold.
- The use of trusts to obscure ownership details in the GCB market is becoming increasingly common, further fueling concerns about transparency.
- Singapore imposes a 65% tax on residential property purchases through trusts, but enforcement challenges persist due to the secrecy surrounding beneficiaries.
Phenomenon:
- The article highlights two specific cases:
- Manpower Minister Tan See Leng's purchase of a GCB in Brizay Park for S$27.3 million in 2023, which was revealed solely through Bloomberg's report.
- Law Minister K Shanmugam's sale of a GCB in Queen Astrid Park for S$88 million through a trust, with the identity of the ultimate beneficiary undisclosed.
Additional Information:
- The GCB market is increasingly favoured by wealthy migrants and the ultra-rich, contributing to its exclusivity and high median prices.
- The article emphasizes the need for stronger safeguards to address secrecy in the elite property sector and preserve public trust.
- The dual revelations of Minister Tan's purchase and Minister Shanmugam's sale illustrate the urgency of addressing transparency concerns in this sector.
Posts: 7,790
Threads: 992
Likes Received: 1,883 in 1,537 posts
Likes Given: 0
(12-12-2024, 09:17 PM)Bigiron Wrote: Transparency Concerns in Singapore's GCB Market
Title: Bloomberg: Nearly Half of 2024 GCB Transactions Lack Public Record, Raising Transparency Concerns
Source: The Online Citizen, December 12, 2024
Author: Not specified
Article Summary:
Theme: The article highlights the growing issue of transparency in Singapore's Good Class Bungalow (GCB) market, where a significant number of transactions lack public records, raising concerns about accountability and oversight.
Core Points:
- Nearly half of GCB transactions in 2024 lacked property caveats, legal filings that record ownership and ensure transparency.
- This trend allows buyers to keep transactions hidden from public scrutiny, raising concerns about oversight in the high-value property market.
- The involvement of lawmakers in such opaque dealings raises questions about transparency and accountability.
- Critics argue that participation in transactions that exploit legal mechanisms for privacy stands in contrast to the values of openness and fairness these officials are expected to uphold.
- The use of trusts to obscure ownership details in the GCB market is becoming increasingly common, further fueling concerns about transparency.
- Singapore imposes a 65% tax on residential property purchases through trusts, but enforcement challenges persist due to the secrecy surrounding beneficiaries.
Phenomenon:
- The article highlights two specific cases:
- Manpower Minister Tan See Leng's purchase of a GCB in Brizay Park for S$27.3 million in 2023, which was revealed solely through Bloomberg's report.
- Law Minister K Shanmugam's sale of a GCB in Queen Astrid Park for S$88 million through a trust, with the identity of the ultimate beneficiary undisclosed.
Additional Information:
- The GCB market is increasingly favoured by wealthy migrants and the ultra-rich, contributing to its exclusivity and high median prices.
- The article emphasizes the need for stronger safeguards to address secrecy in the elite property sector and preserve public trust.
- The dual revelations of Minister Tan's purchase and Minister Shanmugam's sale illustrate the urgency of addressing transparency concerns in this sector.
spore population hitting 15 m is also no problem for these filthy rich ministers as their residence is v exclusive free from noise n crowds
Posts: 200
Threads: 1
Likes Received: 72 in 52 posts
Likes Given: 2
That’s why they practice ownself check ownself.
![[+]](https://sgtalk.net/images/bootbb/collapse_collapsed.png)
The following 1 user Likes Ken's post:1 user Likes Ken's post
• Ola
Posts: 3,006
Threads: 1
Likes Received: 548 in 522 posts
Likes Given: 1
People want to know ... who we are .... So we tell them ....
Posts: 12,384
Threads: 82
Likes Received: 2,517 in 2,158 posts
Likes Given: 284
(13-12-2024, 02:35 PM)Ken Wrote: That’s why they practice ownself check ownself.
yes
that why they knew there is a flaw in ownself check ownself scheme
cause ownself cannot check ownself backside hole
Posts: 5,851
Threads: 35
Likes Received: 2,005 in 1,543 posts
Likes Given: 437
People should really stop highlighting that Singapore is a money laundering haven. It doesn't take a lot of intelligence to know a tiny island has been a sweet spot for over 6 decades for activities that is best kept quiet about...
Posts: 7,012
Threads: 2,214
Likes Received: 1,734 in 1,286 posts
Likes Given: 200
how do u buy a gcb in singapore without any record?
gcb used as money laundering tool ah
Posts: 19,707
Threads: 2,316
Likes Received: 5,182 in 4,406 posts
Likes Given: 742
Double standard, you dont know meh?
“Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind"
(This post was last modified: 13-12-2024, 04:55 PM by
RiseofAsia.)
Posts: 16,114
Threads: 578
Likes Received: 6,510 in 5,247 posts
Likes Given: 5,207
URA under MND has 4 NEW Board of DIRECTORS
i. Dr Chong Yoke Sin, Managing Partner, iGlobe Partners Pte Ltd;
ii. Ms Choo Oi Yee, Chief Executive Officer, ADDX;
iii. Mr Zahidi Abdul Rahman, Principal Architect, Zahidi A R Arkitek; and
iv. Mrs Nina Yang, Chief Executive Officer, SJ CityGlobal, Surbana Jurong Pte Ltd.
---------------------------------------------------
They are hired for a special reason?
Their Annual Reports must be full of flaws
Why do we need 5 Mayors and 80 PAP Ministers?
![](https://i.imgur.com/CLvY2jA.png")
