Home ownership still a key social pillar: Boon Wan

Home ownership remains a key social pillar here, and the government will continue to help Singaporeans realise their dreams of owning a home, said Minister for National Development Khaw Boon Wan.

In a posting on his Housing Matters blog yesterday, Mr Khaw wrote that home ownership "gives Singaporeans a tangible stake in our country, financial security, and a critical sense of belonging".

"HDB estates are where Singaporeans build homes, start families and form strong bonds with their neighbours and communities. These are the lasting intangibles."

Yesterday was the 50th anniversary of the Housing & Development Board's Home Ownership for the People Scheme. The programme, introduced in 1964, offers subsidised mortgages to buyers of HDB flats. It has culminated in the Republic's high home ownership rate, where more than nine in 10 Singaporeans own a HDB flat. These apartments are home to more than 80 per cent of Singaporeans.

Mr Khaw said that former prime minister Lee Kuan Yew had envisioned making Singapore a nation of home owners through the scheme. Pioneers such as then national development minister Lim Kim San helped turn this vision into reality.

Today, a third generation of Singaporeans is embarking on their own home-ownership journey, and that desire to own a home has remained in the hearts of many Singaporeans, noted Mr Khaw.

During the 'Our Singapore Conversation" series of dialogue sessions held last year, an overwhelming 97 per cent of Singaporeans had said "yes" when asked if home ownership was still important to them. "So the core purpose of housing the nation remains the same. HDB's mission remains critical and relevant. We will continue to help Singaporeans realise their dreams of owning a home," said Mr Khaw.

Source: Business Times – 13 February 2014