[neilparikh]

Some would, yes. But the land value would be high enough that most people trying to enter the market wouldn't be able to afford the costs of buying property. Under this approach, the government can sell property at a subsidized rate to new buyers once it reverts back to them.

I think the government also wants to allow property owners to be able to profit somewhat from the growth of the value of their property, since 80% of the population owns property in Singapore.

Now, I agree that these 2 goals are in conflict, and tax policy would be the better fix. But I guess their approach does at least fix the problem somewhat.