You don't own it for eternity if you stop paying taxes on it, so the main difference is that in Singapore it's a lease with a set time limit, and everywhere else it's a lease without a time limit, try not paying your taxes in either system and you can say goodbye to your property no matter how long you've had it.

The big difference though is that Singapore will protect your property rights better than in other cities such as London, Chicago, etc. Nonetheless Singapore didn't just boom because of better protection of property rights but also because of it's looser economic policies and the government not trying to centrally plan absolutely everything. Did they do this? Yes, like every governmemt to different extents, but the intervention here was less than in most other countries. My point being, the more libertarian/free market leaning a geographic area is, the better the economic outcome is, generally.