PROPERTY MARKET CONSULTATIVE COMMITTEE (Implementation of recommendations)

Mr Chng Hee Kok asked the Minister for National Development what are the recommendations of the Property Market Consultative Committee which have been accepted and implemented by the Government.

Mr Dhanabalan: Mr Speaker, Sir, the Property Market Consultative Committee presented its report to the Government in February 1986. The Ministry of Finance issued a press statement on the report in June 1986 which listed the acceptance by the Government of several significant recommendations of the Committee. This press statement (Cols. 227 - 230) has been circulated to Members for easy reference. statement - MINISTRY OF FINANCE PRESS STATEMENT (Cols. 227 - 230)

Since that statement in June 1986, the Government has further adopted the following significant recommendations:

(a) the formulation of a Tourism Product Development Plan;

(b) improvements to the availability, presentation and publication of property data;

(c) an undertaking by the Government not to lead the market in setting prices and rentals of properties;

(d) the conversion of existing Government office premises, such as City Hall and Empress Place, into alternative uses and the consequential shifting of government agencies occupying these premises to fill vacant office space elsewhere.