HDB to construct its one millionth flat, capping 50 yrs
of achievements
By S.Ramesh, Channel NewsAsia | Posted: 26 January 2010 2048 hrs
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HDB flats (file pic) Video
HDB
will construct its one millionth flat capping 50 years of
achievements
SINGAPORE: Is there a role
for Singapore's Housing and Development Board (HDB), now that the
entire
population has been housed?
Prime Minister Lee Hsien Loong said the answer is "Yes" as the HDB
is still responsible for providing good public housing and
fostering social integration.
Speaking at its 50th anniversary, Mr Lee also revealed that the
board will celebrate half a century of achievements by building its
one millionth flat this year.
The HDB is a central part of the Singapore Story, said Prime
Minister Lee. Over half a century, it housed a growing population
and was integral in nation-building.
Mr Lee said: "Twerations of Singaporeans have grown up in HDB
flats. Public housing helped to mould our unique national identity
and collective experience as Singaporeans. It created and shaped
our communities and provided the foundation for our social
stability and economic growth."
But Mr Lee noted that the environment has changed and the
aspirations of Singaporeans have risen sharply.
He added: "Finding a roof over our heads is no longer the pressing
requirement. The HDB flat is not just a shelter but also a key
investment asset. People have many considerations in choosing their
flats - they want the right flat, in the right locality, at the
right time and at the right price.
"Such high expectations are understandable since buying a flat is a
major commitment for a young couple setting up a home
together."
And HDB is committed to providing high quality housing, even though
it cannot accommodate every preference or expectation.
The prime minister also emphasised a point expressed several times
by other ministers and very much an ongoing concern amongst flat
buyers in the rising property market. And that is the government's
commitment to keeping HDB flat prices affordable for
Singaporeans.
But Mr Lee said the government has less control over prices in the
resale market.
He explained: "These resale prices are set by individual households
who transact flats on a willing-buyer, willing-seller basis, and
are affected by movements and sentiments in the wider economy,
including in the private property market.
"Hence, resale prices of HDB flats will fluctuate from
year-to-year. But over the long term, the value of HDB flats
depends on the strength of the Singapore economy."
So provided Singapore continues to do well, Mr Lee is confident the
flats will maintain their value and Singaporeans can enjoy an
appreciating asset. - CNA/vm