Stakes beyond assets: Empowering Singaporeans to build our digital future

PRIME Minister Lee Hsien Loong unveiled a marked shift in Singapore’s public housing policy at his National Day Rally on Sunday (Aug 20). To bridge the merging landscapes of mature and non-mature estates, a new classification system is on the horizon, ensuring affordability, fostering social integration, and delivering fairness. As part of this evolution, PM Lee announced a new “Plus” category for Build-To-Order projects in prime locations, equipped with bigger subsidies and firmer sale guidelines, democratising access to these coveted locations. Embedded in the Housing and Development Board’s (HDB) pivotal role in Singapore’s identity and legacy, this move reiterates our commitment to making housing not just a shelter, but a cornerstone of the Singaporean dream.

Singapore’s housing model isn’t merely a logistical achievement; it is a visionary tapestry woven with threads of inclusivity, community and mutual investment. Globally, it stands as a testament to our unique approach to urban planning and societal development. Most people in Singapore own their homes – 89.3 per cent, to be precise. This makes homeownership rates here among the highest in the world. Singapore is also an outlier in the way that more than 80 per cent of the population lives in public housing, in the ubiquitous high-rise HDB blocks built by the government, on land owned by the government. This is not serendipitous, but the result of meticulous planning and an unwavering commitment to keeping HDB costs at around 4.5 times the median annual income – an impressive statistic, especially when compared to many metropolitan hubs across the globe.

Yet, tangible assets such as housing, while undeniably crucial, are just a part of our evolving narrative.