Singaporeans can expect more high-quality flats

Singaporeans can expect more high-quality flats
Dec 14, 2009 - PropertyGuru.com.sg

Minister Mentor Lee Kuan Yew said yesterday that more public housing of higher quality, like the landmark The Pinnacle@Duxton, will replace old flats. This will happen as long as the nation continues to perform well.

Prices of flats are then expected to continue rising as the economy of Singapore improves, he added.

The Singapore government will assist young couples to get their own flats and HDB will continue to build more affordable homes, so that "each generation of Singaporeans will continue to have a stake in the nation,” Mr. Lee said.

However, Singaporeans must not seek to make any speculative buys or make an immediate buck out of the resale of HDB flats.

Speaking at a ceremony of the turning over of keys to The Pinnacle@ Duxton flat residents, MM Lee regarded the 50-storey project with 1,800 units as a "significant milestone".

The Pinnacle@ Duxton is the tallest HDB development in Singapore and the first whose design was chosen through an international competition. It also happens to have one of the longest continuous sky gardens in the world, which is formed by 12 sky bridges connecting its seven blocks.

Situated in the city centre, the site could have been sold to develop private condos, but the government preferred to build public housing in the area to share "the growth of the city with the people who built the city," said MM Lee.

If not for home ownership, which is fundamental for creating a sense of belonging to the nation, Singapore would not have progress, stability and prosperity.

“It is critical for an immigrant community from all parts of the world, with no common history, to quickly establish their roots here. And you establish your roots when you own a new home,” he said.

The pride of the people in their homes has "prevented our estates from turning into slums, which is often the fate of public-housing estates in other countries," he added.

“The Pinnacle@Duxton is a strong testament to our tenacity and capabilities as a people, to get to where we (are today).”

“We have yet to reach the pinnacle of our growth. The future of Asia has never looked better. The growth potential for Singapore is tremendous if we stay united and work intelligently and hard.”