Documents

adbi-wp559

Description
.pdf
Categories
Published
of 29
9
Categories
Published
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Share
Transcript
    ADBI Working Paper Series Housing Policies in Singapore Sock-Yong Phang and Matthias Helble No. 559 March 2016    Asian Development Bank Institute    The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. Suggested citation: Phang, S.-Y., and M. Helble. 2016. Housing Policies in Singapore. ADBI Working Paper 559. Tokyo: Asian Development Bank Institute. Available: http://www.adb.org/publications/housing-policies-singapore/ Please contact the authors for information about this paper. Email: syphang@smu.edu.sg; mhelble@adbi.org Sock-Yong Phang is Celia Moh Professorial Chair and Professor of Economics, Singapore Management University. Matthias Helble is a Research Fellow at the Asian Development Bank Institute, Tokyo. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published.  Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: info@adbi.org © 2016 Asian Development Bank Institute   ADBI Working Paper 559 Phang and Helble  Abstract Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market for HDB transactions. Housing subsidies in the form of housing grants were also introduced. Recent challenges include curbing speculative and investment demand, as well as coping with increasing income inequalities and an aging population. These have brought about carefully crafted macroprudential policies, targeted housing grants, and schemes to help elderly households monetize their housing equity. This paper analyzes key pillars of the housing policy, specifically land acquisition, the HDB–CPF system, the role of markets, housing market interventions, the Ethnic Integration Policy, and the Lease Buyback Scheme. It concludes with lessons learned for other countries. JEL Classification:  R21, R31, R38     ADBI Working Paper 559 Phang and Helble Contents 1.   Introduction ................................................................................................................ 3   2.   The Land Acquisition Act, 1966 ................................................................................. 5   3.   The HDB–CPF Housing Framework .......................................................................... 8   4.   The Role of Markets ................................................................................................ 11   5.   Supply-Side vs. Demand-Side Interventions ............................................................ 12   6.   Promoting Racial Integration: The Ethnic Integration Policy ..................................... 17   7.   Land Lease System and the Lease Buyback Scheme ............................................. 18   8.   Conclusion: Lessons Learned for Other Asian Countries ......................................... 21   References ......................................................................................................................... 24  

R-intro.pdf

Nov 12, 2018
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks
SAVE OUR EARTH

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!

x