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Submitted by Andrew Purves on

Abhas
Nice article, but perhaps you missed the main benefit of Singapore having acquired 90% of the land - which allows the State to benefit from the uplift in land values over time as the economy has developed. Given the high proportion of public revenue derived from land values, it means that other taxes (such as salaries tax) are very low, which gives rise to high productivity and growth in the economy. This principle lies at the heart of the teaching of Smith, Ricardo and in particular Henry George which has been largely forgotten by neo-liberal economists.
The same principle of acquiring land for development has been applied in the commercial/industrial sector by the Jurong Town Corporation (JTC) which owns and manages (and collects the rent) on its 7,100 hectares.
You can read more about this in my forthcoming article in the IJPP Special Issue: Fair Public Ownership, some examples from Hong Kong and Singapore...
regards
Andrew Purves