"Yet,(...) the development of properties and operating commercial buildings by offering digital tokens that represent a share in the company, the regulator states that this would constitute securities under the SFA." e.i. Securities and Futures Act.

The above was already known in November 2017. Yet they waited 5 months to share it with coin holders ))

source: https://www.ccn.com/singapores-central-bank-issues-new-guidelines-ico-securities-laws/