"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/
FYI: REAL token do not represent a share in the company. They are payment/utility tokens to be used in the platform. There are some token holders like me that study the case and would have seen that immediately.