PRIVATE RESIDENTIAL UNITS (Particulars of ownership)

Dr Toh Keng Kiat asked the Minister for National Development, for 1992, of the existing and completed private residential units, what percentage and type are owned by Singaporeans and foreigners and of those owned by Singaporeans, what percentage is owner-occupied.

The Minister of State for National Development (Mr Lim Hng Kiang) (for the Minister for National Development): Sir, the Ministry of National Development does not have all the information requested by the Member, as it does not regulate ownership and occupation of private residential developments. The Registry of Land Titles and Deeds maintains records on property ownership but not occupation. The Inland Revenue Authority of Singapore maintains records of owner-occupation for tax purposes as well as ownership status of private residential properties which were transacted in or after 1989. Based on the inputs of these agencies, the situation is as follows:

There are about 130,000 private residential units, of which 60,000 are landed properties and 70,000 are flats, condominiums and shophouses. For the landed properties, 93% are owned by Singaporeans and 7% by foreigners. For the private apartments and condominiums, about 77% are owned by Singaporeans and 23% by foreigners. Of all these properties owned by Singaporeans, 60% of the apartments are owner-occupied and 79% of the landed properties are owner-occupied.

Dr Toh Keng Kiat: Sir, to what extent can the Minister say that the interest in investment in properties has fuelled the prices of properties in Singapore?

Mr Lim Hng Kiang: Sir, as I said earlier, we did not maintain historical records. So it is very difficult to detect a clear trend of foreign ownership of apartments in Singapore. But if you look at the statistics that have been compiled so far, the percentage of foreign owners at 23% for condominiums would not, in my opinion, constitute a very high figure for a city state in an international communication node like Singapore.

Dr Toh Keng Kiat: Sir, will the Government consider a different tier or level of conveyancing fees and statutory charges or even early resale capital gains tax as a measure to dampen speculation in properties?

Mr Lim Hng Kiang: I would take up all these suggestions with the relevant Ministries.