Flat prices still affordable
MM: Cost grows with economy, but Govt will help first-home buyers
By Zakir Hussain , POLITICAL CORRESPONDENT
MM Lee assured young couples that the Government will help them to own their first flats. -- ST PHOTO: FRANCIS ONG
SINGAPOREANS can expect the prices of HDB flats to keep on rising as long as the economy continues to grow, Minister Mentor Lee Kuan Yew said on Sunday.
However, he assured young couples that the Government will help them to own their first flats.
The Housing Board will also keep building affordable homes 'so that each generation of Singaporeans will continue to have a stake in the nation', he added.
Mr Lee gave the assurance when he visited the newly-completed crown jewel of Singapore's public housing, which he said is symbolic of the spectacular transformation of the country.
The Pinnacle@Duxton, rising 50 storeys high, stands on a plot that was occupied by the first rental blocks in Tanjong Pagar constituency, of which Mr Lee has been the MP for 54 years.
On Sunday, he recalled how he used the two Duxton Plain blocks then under construction in his 1963 election campaign, when the leftists were determined to win his seat.
MM Lee on the Pinnacle@Duxton's special location in the city centre.
We could easily have sold (the Duxton plot) and then a condominium would have stood in its place.
'But it would not have the same effect because here, we have kept the HDB residents in place, so we are sharing the growth of the city with the people who are of that class who built the city. We could have maximised the value by selling it off, and then a condo would have been built. We didn't do that.'
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