PM Lee: Home ownership gives Singaporeans a stake in the country

Eugenia 27 Aug 2018

PGNV 114

The government has pursued home ownership as a key national policy as it gives Singaporeans a stake in the country, explained Prime Minister Lee Hsien Long.

 Speaking at a book launch held at the National University of Singapore, PM Lee noted that home ownership allows Singaporeans be a part of the economic growth of the country, because as the economy expands, so will their home’s value, reported The Straits Times.

More: Find HDB flats for sale or read our HDB guides and BTO guides

 He added that the government could have very well left the housing market in private hands, such as seen in Hong Kong; or decided to have controlled rents, much like in San Francisco.

 “As a result, we have improved lives significantly for all. We have avoided the extremes of privation and poverty often seen even in other affluent societies,” he said.

However, he believes that none of those alternatives could achieve the same social and economic results as home ownership. 

More: Can you afford an HDB flat? Check your affordability now. 

 PM Lee also rebutted the argument by some commentators that the 99-year lease of Housing Board flats is merely an extended rental.

He described the argument as “frankly, amazing”, given that many private properties are also on 99-year leases, yet no one argues that they are merely being rented.

“HDB lessees have all the rights over their flats that owners of such leasehold private properties have.”

HDB owners even enjoy extra privileges as their flats could get upgrades with generous government funding.

HDB flats’ 99-year lease had been one of the issues addressed by PM Lee at the National Day Rally held on 19 August.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email


You may also like these articles

HDB market to benefit from new cooling measures

While the government’s latest round of property cooling measures may prove to be a bane for en bloc sale aspirants, some developers and home loan providers, some analysts expect the new curbs to ben

Continue Reading16 Jul 2018

HDB resale prices rise for the first time in nine quarters

The latest round of property curbs is expected to make buyers turn to the HDB resale market, where properties are cheaper.Prices of resale Housing Board flats climbed 0.1 percent in the second quarter

Continue Reading30 Jul 2018

PM Lee sheds more light on 99-year leases for HDB flats

PM Lee noted that Singapore would run out of land for new public housing if the government sold HDB flats on a freehold tenure.With over 80 percent of the population living in Housing and Development

Continue Reading20 Aug 2018

VERS announced early to alleviate worries over HDB lease expiry

More time is needed to fine-tune the details of the newly-announced Voluntary Early Redevelopment Scheme (VERS) for HDB flats such as the price to be offered by the government and whether all public h

Continue Reading23 Aug 2018