It’s a pretty good policy: Singapore owns most land and therefore you lose the rent-seeking ability on land. So all homes are leasehold apartments and the government can develop places either by right or by using repurchase agreements with substitution. A unique setup that works given their constraints. In the worst case, you get to hold your apartment 99 years and then the government can take it all back to redevelop it. You don’t get nail houses like in China or California.

Ownership is closer to 90% now or something and the 30% of non resident foreigners will have much lower ownership obviously.