Singapore’s Prime Minister Lee Hsien Loong recently promised that the government would keep housing affordable for all Singapore’s people, when he detailed the progress the government had already made on the affordable housing issue during the last three years. He said that 52,000 flats were built since 2011, which were equal in number to twice that available in Clementi New Town. He also said that government subsidies awarded for flats has nearly doubled in the last three years, and that the government believed and many Members of Parliament agreed that the affordable housing situation was now under control. The Prime Minister warmly praised the excellent efforts made by The National Development Minister Khaw Boon Wan and his ministry and the Housing Development Board and the house applauded this sentiment. The Prime Minister noted that Singaporeans are still concerned about affordable housing.
Flats Affordable for Everyone
The PM said that he had met ex-trade unionists of the pioneer generation. They had recalled buying three roomed flats at $6,800, when earning a salary of $300, and said that now due to rising flat prices they have an excellent savings nest egg in their retirements. They worried though that their children would not have the same advantages and were very worried about rising housing prices. The Prime Minister told the House that he had explained yet again how the government was providing affordable housing for their children too.
Home ownership for everyone to live
The Prime Minister said that Home ownership was about much more than providing people with somewhere to live. Home ownership gave citizens a real stake in Singapore and its success and it also gave those on lower incomes a valuable asset thus boosting their assets, which is why the government provided such generous grants for those on low incomes. The PM gave the example of a household with a $1,000 monthly income for whom the grant could be as much as 66% of the value of a two roomed flat. Having explained this to the unionists the PM said that he then asked whether their children had homes and whether the homes were affordable. The unionists replied that yes their children had houses and they had all afforded them but the unionists still worried. The PM said that this was why the government must continue to explain and make people understand the uniqueness of the position where, with his government’s assistance, people with a $1,000 income could begin buying a Housing Development Board flat, giving a substantial asset and nest egg for retirement.