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Lee expresses hope to learn from Singapore's real estate policies

Published: 02 Mar. 2026, 14:30

Korean President Lee Jae Myung, left, shakes hands with Singaporean President Tharman Shanmugaratnam at Singapore's Ministry of Foreign Affairs building in Singapore on March 2. [YONHAP]

President Lee Jae Myung met with Singaporean President Tharman Shanmugaratnam during his state visit to the Southeast Asian country on Monday and expressed hope to learn from Singapore's real estate policies.

Lee told Tharman that he has had a keen interest in Singapore's real estate policies since serving as mayor of Seongnam, from 2014 to 2018, citing similarities in housing conditions where many people live within a relatively small land area.

"It is truly remarkable that Singapore has achieved tremendous economic growth despite its small land area, while housing and real estate have not become social problems," Lee said, as his administration redoubles efforts to curb the overheated housing market and address the social challenges associated with it.

Singapore operates a two-track housing market that combines regulation and supply measures, with about 80 percent of residents living in public housing, alongside a smaller private housing segment.

During his meeting with the ceremonial head of state ahead of his summit talks with Singaporean Prime Minister Lawrence Wong, Lee highlighted the potential for deepening bilateral cooperation in cutting-edge technologies.

"The key to Korea's industrial policy is investing in future technology areas, including AI, and Singapore is already ahead in the AI field," Lee said. "There will be ample room for cooperation in the AI and power sectors."

Tharman highlighted the rapid growth in bilateral relations across trade, investment, research and cultural exchanges, saying the progress is even more meaningful amid global uncertainty and the two countries should further advance cooperation.

Yonhap