Have 40- To 60-year Leases In Land-Scarce Nation

Source : The Straits Times, 6 Aug 2007

With Singapore a Little Red Dot, land is at the same time scarce and precious.
I would like to make one suggestion.

Now, most housing is either freehold or leasehold of 99 or 999 years.

Given that the earliest an individual turns home-hunter is usually at a certain stage in his life - such as marriage or career success, which puts him roughly in his mid-20s to early 30s - and given that the lifespan of the average individual is usually not more than 80 years, I suggest that the authorities consider leasing out residential land parcels for between 40 and 60 years.

This will have many benefits, such as greater affordability and more housing options, and greater flexibility in urban planning and future enhancement of such land parcels as the demographic landscape changes.

The obvious downside is less attraction of such land parcels for investment and speculation.

On the other hand, they will give the owners the opportunity to develop a greater rootedness to their home for their lifetime, without having to worry about the spectre of a collective sale.

Tan Kah Tian