On 13 December 2021, a 39-year-old Chinese national was charged in court for allegedly appointing a Singaporean nominee to purchase a restricted property with the intention that the said nominee holds the property in trust for the Chinese national, under Section 23(1)(b) of the Residential Property Act, Chapter 274.
Investigations by the Commercial Affairs Department revealed that the man was allegedly told by the Singaporean nominee that he would not be eligible to buy the property in his own name as he was a foreigner. The Singaporean nominee then allegedly offered to buy the property on his behalf and to transfer the ownership of the property to the 39-year-old man once he obtained his Singapore citizenship or permanent residency. The man purportedly accepted the offer and made partial payment to the Singaporean nominee for the purchase of the property. The Singaporean nominee allegedly entered into a Sales and Purchase agreement with the developer of the property, which was classified as a restricted property.
The offence of allowing a foreign person to authorise or appoint as his nominee, any citizen or approved purchaser, to purchase or acquire any estate or interest in any residential property that is not non-restricted residential property, with the intention that that citizen or approved purchaser shall hold it in trust for that foreign person, under Section 23(1)(b) of the Residential Property Act, Chapter 274, carries a fine of up to $100,000 or an imprisonment term of up to three years, or both.
SINGAPORE POLICE FORCE
13 December 2021 @ 10:30 AM