INDUSTRIAL AND COMMERCIAL DEVELOPMENTS (Review of ownership retention policy)

Dr Teo Ho Pin asked the Minister for National Development when his Ministry intends to review the 30% ownership retention policy for industrial and commercial developments.

Assoc. Prof. Koo Tsai Kee (for the Minister for National Development): Sir, the 30% retention policy was introduced way back in 1979 to address the serious problem of poorly constructed and maintained commercial and industrial buildings. By requiring developers to retain a substantial stake in the developments, it was hoped that this would encourage better quality buildings and higher standards of building management and maintenance.

Given the higher standards of construction and better maintenance standard of buildings in recent years, the Ministry is prepared to lift the 30% retention policy for both commercial and industrial developments. The URA will work out the operational details and announce them soon. 1.30 pm

Mr Speaker: Order. End of Question time.

[Pursuant to Standing Order No. 21(3), Written Answers to Question Nos. 31 and 33-38 on the Order Paper are reproduced in the section, "Oral Answers to Questions Not Reached" (Cols. 185 - 192). Question No. 32 has been postponed to the next sitting of Parliament.]