HDB aims to build more than just a quality home

The Housing Development Board (HDB) still has a job to do today, even though the 1960’s squatter problems in Singapore have already been solved and private housing is now readily available, said Prime Minister Lee Hsien Loong.

HDB has the responsibility to provide quality public housing to Singaporeans, who cannot afford to purchase private homes, said the Prime Minister.

It also needs to foster social bonds among various races and build solid communities, said PM Lee during the International Housing Conference held in connection with HDB’s 50th anniversary celebration.

PM Lee recalled how the HDB had not only helped to change the housing system of the country but also the life of Singaporeans. They now live in affordable housing estates with a good ethnic balance.

He added that the expectations of Singaporeans have also changed. They now have many considerations in choosing flats, like its price, location and the right timing. "Such high expectations are completely understandable because buying a flat is a major commitment for a young couple setting up a home together.”

He hoped that Singaporeans can understand that while the HDB cannot accommodate every expectation and preference of homebuyers, it is still committed to provide affordable and quality flats to every Singaporean.

The Singapore government also cannot fully control the prices of the resale flats, he added. PM Lee stressed that the prices are set by homeowners that transact flats in a "willing buyer, willing seller" basis and are affected by the economy. With this, prices of HDB resale flats will change from time to time. But in terms of long-term prices, the value of these flats depends on the strength of the Singapore economy.

"Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset," said PM Lee.