The home ownership programme is the success story of Singapore, shared by all Singaporeans: Lee Kuan Yew

the home ownership programme is the success story of singapore shared by all singaporeans lee kuan yew 1
The site where the Pinnacle@Duxton stands was where HDB built the first rental blocks in Tanjong Pagar in 1963. 
At the key handover ceremony for the Pinnacle@Duxton on 13 December 2009, Mr Lee Kuan Yew said the transformation of Singapore’s landscape has been breath-taking.
As Mr Lee recounted, in the 1960s, most Singaporeans lived in over-crowded shop houses or squatter huts. People were poor and life was hard. There was no running water, no modern toilets, no expectation of a better future.
The immediate task of the Government was to tackle this housing crisis, and build homes in the shortest time possible. It would have been easier and simpler to build simple rental one and two-room flats to give people a roof over their heads, Mr Lee said.
But right from the very start, Mr Lee Kuan Yew wanted a home-owning society to give every citizen a stake in the country. Mr Lee said ownership is critical because we were an immigrant community with no common history.
“Our peoples came from many different parts of Asia. Home ownership helped to quickly forge a sense of rootedness in Singapore. It is the foundation upon which nationhood was forged,” he said. 

Mr Lee recalled that when he got HDB to launch the homeownership scheme in 1964, there were many skeptics.

“We had little reserves then. Singapore was still in Malaysia. Our future looked bleak. The post-war baby boom and the high unemployment added to our pressures. Our construction industry was low in skills and lacking in building management. Few believed a home-owning Singapore was possible,” he said.
“Against the odds, through grit and determination, we housed the nation progressively and systematically,” he added. 
By the end of the 1960s, 35% of the population was living in HDB flats. By the 1980s, HDB had housed 85% of the population.
“Few nations have managed to house its population in such a short span of time,” Mr Lee noted. 

Home ownership is a success story shared by all Singaporeans

Mr Lee said Singaporeans know that the HDB flat gives them a tangible and valuable stake. If Singapore prospers, their flat values will appreciate and they will share in the growth
“Home ownership motivates Singaporeans to work hard and upgrade to better flats for a better quality of living,” Mr Lee said. 

"The HDB story reflects the social mobility in Singapore. ... The home ownership programme is the success story of Singapore, shared by all Singaporeans."

From the 1980s...

“We moved to a system where each HDB flat is priced differently to reflect its real value. We cannot price a new flat in Punggol or Tanjong Pagar the same, because when they are resold, we know there will be a tremendous difference in price.”

Why the resale market was liberalised

“From the 1980s, we moved towards a market-based system. By liberalizing the resale market and allowing HDB prices to move in tandem with the economy, we unlocked the value of HDB flats to allow citizens to share in the fruits of the nation’s growth,” said Mr Lee.
“Home ownership of a HDB flat is a store of value that can be monetized when needs be,” Mr Lee said. “𝐁𝐮𝐭 𝐰𝐞 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐦𝐚𝐤𝐞 𝐚 𝐪𝐮𝐢𝐜𝐤 𝐩𝐫𝐨𝐟𝐢𝐭 𝐟𝐫𝐨𝐦 𝐚 𝐫𝐞𝐬𝐚𝐥𝐞 𝐨𝐟 𝐇𝐃𝐁 𝐟𝐥𝐚𝐭𝐬. 𝐓𝐡𝐞 𝐫𝐮𝐥𝐞𝐬 𝐨𝐧 𝐦𝐢𝐧𝐢𝐦𝐮𝐦 𝐨𝐜𝐜𝐮𝐩𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐟𝐚𝐦𝐢𝐥𝐲 𝐧𝐮𝐜𝐥𝐞𝐮𝐬 𝐚𝐫𝐞 𝐭𝐨 𝐝𝐢𝐬𝐜𝐨𝐮𝐫𝐚𝐠𝐞 𝐬𝐩𝐞𝐜𝐮𝐥𝐚𝐭𝐢𝐯𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐬,” he added. 
“The Pinnacle@Duxton stands in place of the basic 10-storey rental housing blocks built in March 1963 and completed at the end of the same year.  The first 50-storey HDB block, the tallest HDB block in our history, is a significant milestone on our way forward.  It is the first public housing designed through an award winning international competition.  A distinctive feature is its twelve sky bridges that link all 7 blocks forming one of the longest continuous sky gardens in the world.
“The Pinnacle@Duxton is a strong testament to our tenacity and capabilities as a people, to get to where we are today,” Mr Lee said. It is an example that if the nation continues to do well, we can build more flats of this standard. 
“𝐖𝐞 𝐡𝐚𝐯𝐞 𝐲𝐞𝐭 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 𝐭𝐡𝐞 𝐩𝐢𝐧𝐧𝐚𝐜𝐥𝐞 𝐨𝐟 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞’𝐬 𝐠𝐫𝐨𝐰𝐭𝐡. … 𝐓𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐟𝐨𝐫 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐢𝐬 𝐭𝐫𝐞𝐦𝐞𝐧𝐝𝐨𝐮𝐬 𝐢𝐟 𝐰𝐞 𝐬𝐭𝐚𝐲 𝐮𝐧𝐢𝐭𝐞𝐝 𝐚𝐧𝐝 𝐰𝐨𝐫𝐤 𝐢𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭𝐥𝐲 𝐚𝐧𝐝 𝐡𝐚𝐫𝐝.”


On Key

Related Posts