Ok. So apparently "light goods vehicle (LGV)" and "goods-cum-passengers vehicle (GPV)" are different.
As per LTA, LGV must be owner under a business or hawker license.
https://www.lta.gov.sg/content/ltaweb/en/roads-and-motoring/owning-a-vehicle/registering-your-vehicle/registration-of-goods-vehicles.html
Whereas GPV can be owned personally (but same ARF as private car, and non-refundable).
Also, for the 70km/h speed limit, apparently it only applies to LGV and small bus (p-plate).
https://www.lta.gov.sg/content/ltaweb/en/roads-and-motoring/road-safety-and-regulations/road-regulations.html
https://www.onemotoring.com.sg/content/onemotoring/en/lta_information_guidelines/modifications_and_vehoffences/modification_guide/revised_speed_limit.html
Note that P-plate small bus also must register under business.
So does this mean that GPV does not have to adhere to 70 km/h speed limit?