Them = the buildings. This is pure conjecture but you could plan a cycle like the following: Build new housing development Sell all properties on it with 99 y

Them = the buildings. This is pure conjecture but you could plan a cycle like the following: Build new housing development Sell all properties on it with 99 year leases When 50 years to go on lease conduct on block sale (maybe developer pays) Demolish and rebuild and restart 99 year lease cycle This keeps construction industry active on scarce land resource Keeps buildings fresh with latest materials and engineering principles Gives property owners an exit on their 99 year lease so household wealth doesn't evaporate Strategy folds when Singapore is no longer a desirable place to invest/build