HE WHO GIVETH WITH ONE HAND TAKETH AWAY WITH THE OTHER: PROPERTY RIGHTS AND THE LAND ACQUISITION ACT (CAP 152) OF SINGAPORE

Abstract

Property rights refer to the bundle of rights that allow individuals to possess, dispose of, derive benefits from, and use scarce and valuable assets. These rights are not inalienable - rather, they are the product of their respective environments. This dissertation shall focus on theories of property rights in the realms of philosophy, law and economics, and the relationship between governments and property rights so defined. Governments were initially established to protect property rights. The role of government has gradually changed, however, to include the provision of public goods and regulating externalities. In today's congested world, urban planning and land-use controls are factors that are regarded as vital to the smooth functioning of an economy, as well as quality of life. However, they infringe upon the property rights of individuals. Hence "he who giveth with one hand taketh away with the other". In Singapore, the Land Acquisition Act has been in existence since the birth of the nation, and has contributed greatly to the nation-building process. Used by the government as a tool to acquire land below market value for the construction of housing, industrial, and recreational facilities, and later, for urban renewal. Nonetheless, the Act has often been derided as an outdated, unfair system with unchecked powers. Using the Land Acquisition Act as the main reference, the give-and-take relationship between the government and property rights is examined. The application of Hobbesian and Lockean theories serves to further illustrate and clarify the role that the Land Acquisition Act plays in the relationship between property rights and the government.