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|Title:||Property rights, collective sales and government intervention: Averting a tragedy of the anticommons||Authors:||Sim, L.-L.
|Issue Date:||2002||Citation:||Sim, L.-L., Lum, S.-K., Malone-Lee, L.C. (2002). Property rights, collective sales and government intervention: Averting a tragedy of the anticommons. Habitat International 26 (4) : 457-470. ScholarBank@NUS Repository. https://doi.org/10.1016/S0197-3975(02)00021-8||Abstract:||In response to the need to cater for the requirements of a larger future population, the Urban Redevelopment Authority of Singapore released development guide plans, which have provided for higher development intensity to residential land in various parts of the island. One of the impacts is that many property owners in Singapore have banded together to capitalize on the "marriage value" of the en bloc site to reap big windfalls as compared to individual sales. But there were minority owners who objected to the sale. The Land Titles (Strata) (Amendment) Act 1999 was passed on 11 October 1999 to facilitate such en bloc sales as these will release prime land for higher density redevelopment to provide more quality private housing in land-scarce Singapore. This paper shows how property rights and property ownership could have led to a tragedy of the anticommons and how government intervention through legislation has averted such a tragedy. Whilst the Land Titles (Strata) (Amendment) Act 1999 has been successful in facilitating en bloc sales resulting in optimization of scarce land resources, it has raised controversial issues such as majority rule versus minority protection and the attenuation of property rights. The authors conclude that in land-scarce Singapore, public good, in that more land will be made available for private housing for the majority, should take precedence. © 2002 Elsevier Science Ltd. All rights reserved.||Source Title:||Habitat International||URI:||http://scholarbank.nus.edu.sg/handle/10635/46219||ISSN:||01973975||DOI:||10.1016/S0197-3975(02)00021-8|
|Appears in Collections:||Staff Publications|
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