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60 years of home ownership: How many things must align to get this right
Many things add up to shape a country’s housing policy environment – housing grants, tax breaks, property levies and individual habits. Singapore must do its best to make sure the right policy mix continues.
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Singapore’s big achievement in housing is to make home ownership achievable for young people, even at a time of high inflation and rising costs.
ST PHOTO: AZMI ATHNI
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Sixty years ago this week, The Straits Times ran an article under the headline “Own a flat – for $900 down”.
In the article dated Feb 12, 1964, it was reported that the Singapore Government had built “new modern flats” in Queenstown to be sold to middle- and lower-income households on instalments. Buyers had to pay a deposit of $900 for the two-room flats that cost $4,900, and a deposit of $1,200 for the three-room flats costing $6,200. The personal income of the applicant, who must be Singaporean, was capped at $500 a month, and the total family income capped at $800.
