Buying Singapore residential property through a trust triggers 35% Additional Buyer's Stamp Duty (ABSD) upfront (as of 2026-06); entities buying residential property pay 65% ABSD. Both structures are punishingly expensive for residential use, but remission pathways exist for trusts with qualifying child beneficiaries. Commercial property — where ABSD does not apply — is the only scenario where company ownership makes financial sense today.
Estate planning, asset protection, and the desire to lock in a child's first-property status early are the three reasons Singapore property buyers most often explore trusts and company-owned structures. The logic is appealing on paper: place a condominium in a trust today, name your infant as beneficiary, and the child reaches adulthood with a clean first-property entitlement untouched by ABSD. Or register a private limited company, buy the unit in its name, and argue that the beneficial owner is a corporate entity rather than a natural person subject to residential cooling measures.
The Singapore government anticipated both moves. Since May 2022, IRAS requires 35% ABSD to be paid upfront on any residential property transferred into or purchased through a trust, with only a narrow set of remission conditions that return the tax to the buyer. Entity buyers face an even steeper 65% ABSD rate introduced in February 2023. Together, these rates make residential property ownership through structures a poor financial proposition for almost everyone — but the rules are nuanced enough that understanding them in full is worthwhile before dismissing the option entirely.
The Two Structures and Why They Attract Attention
A trust in Singapore is a legal arrangement under which a trustee holds property for the benefit of one or more beneficiaries. Three forms are commonly considered for residential property: bare trusts (trustee holds legal title; beneficiary holds all beneficial interest and is treated as owner for tax purposes), living trusts (inter vivos, set up during the settlor's lifetime), and testamentary trusts (established by will on death). For parents hoping to pre-buy a unit for a child, a bare trust or living trust would historically allow the purchase to be recorded without triggering the child's ABSD count — because the beneficial owner, not the legal owner, is the person whose residential property tally matters under stamp-duty rules.
A company or corporate entity owns property in its own legal name. Before 2023 many corporate structures were used by property investors seeking to avoid stamp-duty obligations at the individual level, pass shares rather than property to reduce transaction costs, and consolidate multiple properties under one legal entity for estate-planning purposes. The IRAS ABSD rate schedule applies to any "entity", defined broadly to include companies, limited liability partnerships, societies, trustees acting in their trustee capacity, and any other non-natural person.
The ABSD Rates That Changed the Calculus
Before May 2022, trusts existed in a partial grey zone. IRAS assessed ABSD based on the beneficial owner's profile, which meant a trust buying for a child with no existing property could potentially attract 0% ABSD (first residential property for a Singapore citizen). Since May 9, 2022 the rules have changed fundamentally:
- Trust ABSD (additional conveyance ABSD): 35% is payable upfront on any residential property acquired into a living trust or bare trust from the date the property is transferred or purchased. This applies regardless of whether the beneficiary's profile would otherwise attract a lower rate.
- Entity ABSD: 65% for entities buying residential property (as of 2026-06). This sits on top of Buyer's Stamp Duty (BSD), which is levied separately at progressive rates up to 6% on the first $1.5 million, rising to 6% on the portion above $3 million. An entity buying a $2 million condominium therefore faces BSD of approximately $69,600 plus ABSD of $1,300,000 — a total stamp duty burden of roughly $1.37 million before any other transaction cost is considered.
- Housing developer surcharge: Entities holding residential property for development purposes face an additional non-remittable 5% ABSD on top of the 65%, producing an effective 70% rate. This surcharge was introduced to prevent corporate structures from warehousing residential land.
The 35% trust ABSD and the 65% entity ABSD are both documented in IRAS's current ABSD rate table. Verify current rates directly with IRAS before transacting, as stamp-duty rates have been revised multiple times in recent years and further changes remain possible.
Trust ABSD Remission: The Narrow Path Back
The 35% trust ABSD is not necessarily permanent. IRAS provides a remission mechanism — essentially a refund — if strict cumulative conditions are satisfied (as of 2026-06):
- The beneficial owner of the entire residential property must be identifiable at the time of the trust instrument and must be a natural person (not another entity or a class of future-born beneficiaries).
- The named beneficial owner must be a Singapore Citizen or Singapore Permanent Resident at the time of purchase.
- The beneficial owner must not own any other residential property at the time of the trust purchase (i.e., this is their first residential property).
- No other natural person can hold any interest (beneficial or legal) in the same property.
- The trustee must lodge a remission application with IRAS within the prescribed timeframe after the trust instrument is executed.
In practice, the most common scenario where remission might be granted is a parent purchasing a condominium on trust for a young child who has no other property. Even then, meeting every condition simultaneously — the child is the sole beneficiary, owns nothing else, is a citizen or PR, and the application is filed correctly — is demanding. IRAS has made clear it will scrutinise applications carefully, and any arrangement where the beneficial ownership is contingent (e.g., beneficiary only vests at age 21, or there are multiple potential beneficiaries) will not qualify for remission.
The Singapore Land Authority registers transfers into trusts at the Land Titles Registry; the trust deed itself or a statutory declaration identifying the beneficiary must be lodged before SLA will register the instrument. Even if the remission is approved, the 35% is paid first and refunded later — the buyer must have the cash available on completion.
Most Singapore property buyers purchase in their own name. But as portfolios grow, family structures become complex, or estate planning takes priority, some buyers consider trusts or corporate entities. These structures can offer asset protection, succession flexibility, and — for commercial property — tax efficiency. They can also attract a punishing 65% IRAS ABSD ratesABSD rate if the buyer does not understand the rules.
This guide covers the trust and company structures used for Singapore property purchases in 2026, the stamp duty and tax consequences, QC requirements for foreign-controlled entities, and the scenarios where entity ownership genuinely makes sense.
Overview: Why Consider a Trust or Company?
The costs of choosing the wrong structure are severe — 65% ABSD on top of the purchase price. Buyers explore entity structures for four main reasons:
- Estate planning: Trusts let property pass to beneficiaries without probate, with conditions the settlor specifies in advance.
- Asset protection: Property in a properly structured trust may be insulated from the settlor's personal creditors or marital disputes.
- Portfolio management: Investors with multiple commercial properties use corporate vehicles for liability ring-fencing and institutional financing.
- Foreign development: Foreign developers must comply with the Residential Property Act and QC regime, which requires a corporate vehicle.
For the vast majority of individual residential buyers, none of these motivations outweighs the ABSD cost. Entity structures are therefore used almost exclusively for commercial property (no ABSD) or development-scale residential projects where the developer absorbs ABSD as a business cost.
Types of Trusts Used in Singapore Property
A trust is a legal arrangement where a settlor transfers property to a trustee who holds it for the benefit of named beneficiaries. Singapore recognises several trust types relevant to property ownership.
Bare Trust (Nominee Arrangement)
The trustee holds legal title but has no active duties — the beneficiary retains full control. This is the simplest form, commonly used when a parent holds property on behalf of an adult child. For ABSD purposes, IRAS looks through the bare trust to the beneficial owner. If that beneficiary is a Singapore Citizen buying their first property, ABSD is 0%. However, the beneficiary must be clearly identified and declared in the stamp duty return. If not identified, the trust is treated as an entity at 65% ABSD.
Living Trust (Inter Vivos Trust)
Created during the settlor's lifetime, a living trust gives the trustee discretionary powers — deciding when and how distributions are made, managing property for multiple beneficiaries over time. Living trusts are the primary estate planning vehicle: the settlor can specify age thresholds, usage restrictions, and distribution schedules, appoint successor trustees, and avoid probate.
Testamentary Trust
Established under the settlor's will and effective only upon death, a testamentary trust receives property through estate distribution — not purchase — so no ABSD is triggered at creation. ABSD at 65% applies only if the trust later acquires new residential property. Testamentary trusts offer the same succession benefits as living trusts without the upfront ABSD cost, making them the preferred structure for managing inherited property.
Buying Residential Property Through a Company
A Singapore Pte Ltd can hold property in its own name. Companies are frequently used for commercial property. For residential property, the rules are far less favourable.
65% Entity ABSD
Any entity — company, trust, or LLP — purchasing residential property pays 65% ABSD (set in April 2023). On a S$2 million condo, the ABSD alone is S$1,300,000. Combined with BSD of S$69,600, total stamp duty reaches S$1,369,600. This makes entity purchases viable only for development projects where ABSD can be remitted upon completion and sale of all units.
ABSD Remission for Developers
Developers purchasing residential land through an entity may apply for ABSD remission, subject to completing construction and selling all units within QC deadlines. If conditions are met, the 65% ABSD is fully remitted. Failure to meet deadlines means ABSD becomes payable with interest.
Additional Conveyance Duties (ACD)
When property sits inside a company, selling the company's shares is economically equivalent to selling the property. To prevent stamp duty avoidance, Singapore imposes ACD on significant ownership changes in property-holding entities. Rates mirror ABSD — meaning exiting a company structure can be as expensive as entering it.
ABSD Rate Comparison: Individuals vs Entities (2026)
| Buyer Profile | 1st Property | 2nd Property | 3rd+ Property |
|---|---|---|---|
| Singapore Citizen (SC) | 0% | 20% | 30% |
| Permanent Resident (PR) | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| Entity (company, trust, LLP) | 65% | 65% | 65% |
The entity rate is flat at 65% — it does not vary with properties already held. A Singapore Citizen's first property at 0% ABSD means the gap between personal and entity ownership is a full 65 percentage points on a first purchase.
Worked Example: Personal vs Company vs Trust
A Singapore Citizen who already owns one HDB (past MOP) is evaluating a S$2,000,000 condo as a second property. Three structures compared:
Option A: Personal Name (SC 2nd Property)
| Component | Amount |
|---|---|
| Purchase price | S$2,000,000 |
| BSD | S$69,600 |
| ABSD (20%) | S$400,000 |
| Legal fees | S$3,000 |
| Total | S$2,472,600 |
Option B: Pte Ltd Company
| Component | Amount |
|---|---|
| Purchase price | S$2,000,000 |
| BSD | S$69,600 |
| ABSD (65%) | S$1,300,000 |
| Legal + incorporation | S$10,000 |
| Total | S$3,379,600 |
Option C: Living Trust
| Component | Amount |
|---|---|
| Purchase price | S$2,000,000 |
| BSD | S$69,600 |
| ABSD (65%) | S$1,300,000 |
| Legal + trust establishment | S$15,000 |
| Total | S$3,384,600 |
Tax Implications of Entity Ownership
Corporate Tax on Rental Income
A Singapore Pte Ltd pays corporate tax at 17% on net rental income after deductions (property tax, mortgage interest, maintenance, insurance). For high-income individuals whose marginal rate exceeds 17%, this may seem attractive — but extracting profits as dividends or salary triggers additional personal tax, often negating the difference.
No CPF or SRS Benefits
Property held in a company cannot access the individual's CPF OA for down payment or instalments — all payments must be in cash or corporate funds. SRS tax relief is also unavailable for entity-level property investments.
Property Tax
Property tax rates are identical regardless of owner structure. However, owner-occupied rates (lower, 0%–32% scale) are unavailable for company-owned property — even if the sole shareholder lives there. IRAS recognises the company, not the individual, as the legal owner, so non-owner-occupied rates (12%–36%) always apply.
Capital Gains and GST
Singapore has no capital gains tax — gains on disposal are generally not taxable whether held personally or in a company. However, if IRAS determines the property was acquired as part of a trade (frequent transactions, short holds), gains may be reclassified as trading income taxed at 17% corporate rate. For GST, residential property sales are exempt supplies (no GST charged, no input credits claimable). Commercial property sales are taxable at 9% GST, with input credits available — another advantage of corporate structures for commercial holdings.
When Entity Purchase Makes Sense
1. Commercial Property (No ABSD)
ABSD applies only to residential property. A company buying a S$5 million office floor pays only BSD — identical to an individual. The corporate structure then provides liability protection, streamlined rental collection, and easier succession planning at negligible incremental cost.
2. Portfolio Scale and Liability Ring-Fencing
Investors holding multiple commercial properties often place each in a separate SPV. If one property faces a liability event, exposure is contained within that entity without affecting other properties or personal assets.
3. Estate Planning
A common approach: purchase residential property personally (lower ABSD), then transfer into a trust later as part of an estate plan. The transfer triggers stamp duty on market value, but the probate avoidance and structured distribution benefits may justify the cost for high-net-worth families. For commercial property already in a company, shares can be transferred or bequeathed without a property-level transfer (though ACD may apply).
4. Development Projects
Developers routinely purchase residential land through SPVs. The 65% ABSD is payable upfront but eligible for remission if QC conditions are met. The SPV isolates project risk, secures project-specific financing, and can be wound up upon completion.
Qualifying Certificate (QC) Rules
The QC regime under the Residential Property Act applies to any company with foreign directors or shareholders (direct or indirect) purchasing residential property or residential-zoned land. Such entities must obtain a QC from the Singapore Land Authority (SLA) before completing the purchase.
Key Conditions
- Construction deadline: Complete all residential units within 5 years from the date of land purchase (government land sales) or the collective sale order.
- Sale deadline: Sell all completed units within 2 years from issuance of the Temporary Occupation Permit (TOP).
Failure to meet either deadline triggers escalating extension charges calculated as a percentage of the land price — designed to prevent land banking. In extreme cases, SLA may require forced disposal of the property.
Exemptions
Companies qualifying as "Singapore companies" under the Act — all directors are Singapore Citizens and shareholding is controlled by Singapore Citizens — are exempt from QC requirements. They still face the 65% entity ABSD but do not need SLA approval. Verifying qualification requires careful analysis of direct and indirect shareholding; engage a conveyancing lawyer familiar with the Act. For full details see our QC Developer Guide.
For individual foreign investors considering a corporate purchase of a single residential unit, the QC adds regulatory burden on top of the already-prohibitive 65% ABSD — reinforcing that entity purchases of residential property are impractical outside the development context.
Frequently Asked Questions
Can I avoid the 65% ABSD by buying residential property through a bare trust?
Only if the beneficiary is clearly named at the time of purchase and declared to IRAS. IRAS will then look through the bare trust and assess ABSD based on the beneficiary's profile (SC, PR, or foreigner) and property count. If the beneficiary is not identified or the trust has discretionary features, the 65% entity rate applies. The bare trust must be a genuine nominee arrangement with no trustee discretion. Engage a conveyancing lawyer experienced in trust purchases.
Is it cheaper to hold an investment condo in a company for the lower 17% corporate tax rate?
Almost never. On a S$2M condo generating S$60,000 net rental income yearly, the corporate tax saving versus a 24% personal marginal rate is about S$4,200 per year — it would take over 200 years to recoup the S$900,000 additional ABSD cost. The corporate structure only makes tax sense for commercial property where ABSD does not apply.
What happens to property in a living trust if the settlor dies?
The property remains in the trust, managed by the trustee according to the trust deed. It does not form part of the probate estate, so no Grant of Probate is needed. The trustee continues managing or distributing the property as specified. No additional ABSD is triggered by the settlor's death — the trust already holds the property. The trust deed should name successor trustees.
Can a foreigner set up a Singapore company to buy residential property and avoid the 60% foreigner ABSD?
No — the company pays 65% ABSD, which is 5 percentage points higher than the 60% individual foreigner rate. Additionally, the company needs a QC from SLA if it has foreign directors or shareholders. The entity rate was deliberately set above the foreigner rate to close this avenue.
Do I need to register my company with ACRA before buying property?
Yes. Any company purchasing property must be validly registered. For a Singapore company, this means active registration with ACRA with all annual returns filed. Foreign companies must register a branch or subsidiary in Singapore and may face additional SLA requirements. Your conveyancing lawyer will verify registration status during due diligence.
Can I transfer property from my personal name into a trust without paying ABSD?
Generally, no. A transfer to a trust is treated as an acquisition by the trust (an entity), triggering 65% ABSD on the property's market value plus BSD. Narrow exceptions may exist for spousal transfers under matrimonial settlements. This is why estate planners often recommend holding property personally during the owner's lifetime and using a testamentary trust (created under the will) — the trust receives property through estate distribution, not purchase, so ABSD is not triggered.
Why Commercial Property Is Where Company Ownership Makes Sense
ABSD applies exclusively to residential property. Offices, retail units, industrial units, and mixed-development commercial strata all fall outside the ABSD framework. A private limited company purchasing a shophouse, office floor, or retail unit pays BSD only (at standard progressive rates) — no ABSD surcharge at all. This single difference makes company-owned structures genuinely useful for commercial property investors:
- Share transfer rather than property transfer: When the shares of the company (rather than the property itself) are sold, BSD is charged at 0.2% on the higher of consideration or net asset value — far below the 3%–6% BSD on a direct property sale. Note that this does not apply to residential property held in a company; those transactions attract ABSD at the entity rate regardless of how the transfer is structured.
- Corporate tax efficiency: Net rental income earned by a Singapore company is assessed at the corporate tax rate (17% headline rate, with partial exemption for the first $200,000 of chargeable income reducing the effective rate further), which may compare favourably to personal income tax rates in the upper bands for high earners. However, extracting profits back to shareholders as dividends or salary brings additional tax considerations.
- Succession flexibility: Shares in a private company can be transferred to heirs at a lower stamp-duty cost than property, and a holding company structure can hold multiple commercial assets allowing fractional ownership among family members without requiring individual co-ownership on title.
For residential property, none of these advantages outweigh the 65% ABSD penalty. The Monetary Authority of Singapore's ABSD explainer reaffirms that the measure is intended to moderate residential demand from entities and non-owner-occupiers; the government has repeatedly signalled no intention to relax entity ABSD for residential use.
Legal, Compliance, and Tax-Avoidance Risks
Beyond the stamp-duty cost, setting up a trust or a holding company for property adds significant ongoing obligations:
- Trust administration: A trustee (whether the parent personally or a professional trustee) owes fiduciary duties to the beneficiary. Professional trustees charge annual fees; DIY trusteeship involves real legal liability if the duty of care is not met. The trust must be registered or at minimum lodged with relevant authorities, and accounts may need to be maintained separately from the trustee's personal estate.
- Company filing requirements: A Singapore private limited company must file annual returns with ACRA, maintain accounts, appoint auditors (if above the exemption threshold), comply with AGM requirements, and pay corporate tax on net rental income. The Accounting and Corporate Regulatory Authority enforces filing deadlines; late submissions attract fines.
- IRAS anti-avoidance: Section 33A of the Stamp Duties Act gives IRAS broad power to disregard arrangements that are primarily structured to reduce stamp duty liability. IRAS has stated publicly that it will apply anti-avoidance provisions where it determines that a trust or corporate structure lacks commercial substance beyond tax reduction. Penalties include recovery of the full ABSD plus interest.
- Property tax: Residential property owned by a company is assessed at the non-owner-occupier rate (currently 12%–36% progressively depending on annual value), as companies cannot claim the preferential owner-occupier rate. This adds to the annual holding cost.
Use the total cost of ownership calculator and the stamp duty calculator to model the full acquisition and holding cost before engaging legal counsel on any trust or corporate structure.
The price heatmap can help you identify whether the target district's price trajectory justifies the significantly elevated entry cost of a structured acquisition.
Step by step
- Clarify your objective before exploring any structure. Write down precisely what you are trying to achieve — estate planning, tax efficiency, asset protection, child's future ownership, or commercial-portfolio structuring. Each objective maps to different instruments; misidentifying the goal leads to expensive structuring that achieves nothing useful.
- Model the ABSD cost in full before going further. Use the stamp duty calculator to compute BSD + trust ABSD (35%) or entity ABSD (65%) on your target property price. Add Buyer's Stamp Duty, legal fees, and trust formation or company incorporation costs. Compare this total to the tax or estate benefit you expect the structure to deliver over a realistic 10–15 year horizon.
- For trusts with a child beneficiary: map the remission conditions precisely. Confirm the child is a Singapore Citizen or PR (or will be by transaction date), currently owns no residential property, and can be named as the sole identifiable beneficial owner in the trust instrument with no contingent interests. If any condition cannot be met, the 35% ABSD is irrecoverable — treat it as a sunk cost in your model.
- Engage a specialist property lawyer and a tax adviser before drafting any trust deed or company structure. The trust deed must be drafted to satisfy IRAS's remission criteria if you intend to claim one. A standard will-kit trust or a company formed without specific stamp-duty advice is unlikely to meet the requirements. Expect professional fees of $3,000–$8,000 for a purpose-built trust structure and $1,500–$5,000 for company incorporation with ACRA compliance set-up.
- For commercial property: assess the corporate-ownership economics honestly. Compare BSD-only on a direct purchase vs. BSD on a company-share transfer. Factor in annual corporate compliance costs ($2,000–$6,000 per year for accounting, filing, and tax returns), property tax at the non-owner-occupier rate, and the eventual dividend-extraction tax load. The share-transfer stamp duty saving is real but narrows over the holding period as compliance costs accumulate.
- Check the IRAS ABSD guidance page yourself at the time of purchase. ABSD rates, remission conditions, and anti-avoidance interpretations are revised by the Ministry of Finance with effect from budget announcements; a rate verified in early 2026 may not be the rate applicable at your transaction date.
- For residential: consider whether a simpler approach meets the goal. If the objective is estate planning, a properly drafted will with an executor mandate can achieve similar succession outcomes without the ABSD cost. If the goal is locking in the child's first-property status, consider the alternative of buying in your own name, completing the ownership period, and allowing the child to purchase independently later — by which time ABSD policy may have changed. Use the total cost calculator to model both scenarios side by side.
- Obtain independent legal advice on the trustee's fiduciary obligations if you plan to act as trustee yourself. Decisions about the property — leasing, renovation, sale — must be made in the beneficiary's interest, not the trustee's. A professional trustee removes this personal liability at the cost of annual management fees.
Frequently asked questions
Does the 35% trust ABSD apply even if my child is a Singapore Citizen with no property?
Yes. As of 2026-06, the 35% trust ABSD is payable upfront on every residential property transferred into or purchased through a living trust, regardless of the beneficiary's citizenship status or existing property count. The 35% is not waived at point of purchase — it must be paid in full at completion. You may subsequently apply to IRAS for a remission (refund) if the beneficiary is a Singapore Citizen or PR, currently owns no other residential property, is the sole identifiable beneficial owner, and the remission application is filed within the required timeframe. If all conditions are met, IRAS refunds the 35%. If any condition is not met — for instance, the trust instrument includes contingent interests or multiple beneficiaries — the 35% is forfeited permanently.
Can I use a company to buy a residential condo in Singapore and save on ABSD?
No. Entities — including Singapore-incorporated private limited companies — purchasing residential property are subject to 65% ABSD (as of 2026-06) on top of Buyer's Stamp Duty. This rate is higher than the highest individual ABSD rate (30% for citizens purchasing a third or subsequent residential property) and is specifically designed to close the corporate-ownership loophole. Housing developer entities face an additional non-remittable 5% surcharge. The only residential-acquisition scenario where a company structure remains relevant is when the company is a licensed housing developer buying land or uncompleted units for onward development and sale — a very different use case from personal investment or estate planning.
Is commercial property also subject to ABSD when bought through a company?
No. ABSD applies only to residential property in Singapore. Offices, retail units, industrial strata, shophouses zoned commercial, and other non-residential property are outside the ABSD framework entirely. A company purchasing a commercial strata unit or shophouse pays Buyer's Stamp Duty at the standard progressive BSD rates only (currently up to 5% for non-residential property, based on the purchase price or market value, whichever is higher). This is the principal reason company-ownership structures remain commercially sensible for commercial and industrial property investors, even as they are economically unworkable for residential purchases. The IRAS BSD guidance sets out the rates applicable to non-residential acquisitions.
What are the main legal and compliance costs of running a property-holding company in Singapore?
Beyond the 65% ABSD acquisition cost for residential property, ongoing compliance for a Singapore private limited company includes annual return filing with the Accounting and Corporate Regulatory Authority (ACRA), corporate tax returns with IRAS, statutory audit requirements if the company exceeds the small-company exemption thresholds, and annual general meeting obligations. In practice, professional fees for bookkeeping, tax preparation, and secretarial services typically run $2,000–$6,000 per year for a single-property holding company. The company also pays property tax at the non-owner-occupier residential rate (12%–36% progressively) since it cannot claim owner-occupier status. These recurring costs materially reduce net rental yield compared with direct individual ownership, and must be included in any honest total-cost-of-ownership analysis alongside the upfront stamp-duty burden.
Can IRAS challenge a trust or corporate structure that was set up primarily to reduce stamp duty?
Yes, and it does so regularly. Section 33A of the Stamp Duties Act grants IRAS broad anti-avoidance powers to disregard or vary any arrangement it determines was entered into to reduce, avoid, or defer stamp duty liability without commercial substance. Where IRAS invokes the anti-avoidance provisions, it can assess the full stamp duty that would have been payable had the arrangement not been in place, plus interest and financial penalties. IRAS has published public guidance indicating it will apply these provisions to property trusts and corporate structures where the primary or sole purpose is stamp-duty reduction rather than legitimate estate planning or business purposes. Engaging a tax adviser who specialises in Singapore property stamp duty is strongly recommended before implementing any structure that departs from direct individual ownership.