PM Lee talks housing policies: Nearly every household has a substantial asset to its name

Photo: YouTube screengrab

In talking about home ownership, Prime Minister Lee Hsien Loong said that the government’s housing policy has allowed every Singaporean to have a share in the country’s economic growth.

Speaking at the book launch of ‘Critical Issues in Asset Building in Singapore’s Development’ on Friday, August 24, PM Lee said that pursuing home ownership has been a key national policy.

According to Channel NewsAsia, he said, “It enables every Singaporean to share in our economic growth, because as the economy grows, so will the value of your home,”

Prime Minister Lee also added, “And nearly every household has a substantial asset to its name, even low-income households”.

The eighty per cent of Singaporeans living in public housing were very uncertain about how, or if, they could redeem the depreciating value of their Housing Development Board (HDB) flats after Prime Minister Lee Hsien Loong’s National Day Rally, and many online said that HDB leases were akin to renting a flat.

Addressing the issue, PM Lee said that he found the argument of commentators that the 99-year lease is just an extended rental as “frankly, amazing”.

He also added, “Many private properties are held on 99-year leases too, yet nobody argues that they are merely being rented”.

PM Lee also explained that, “HDB lessees have all the rights over their flats that owners of such leasehold private properties have”.

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