Proposed solutions for the challenges ahead in public housing

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SMU Ngee Ann Kongsi Auditorium

60 Stamford Road

Singapore, 178900

Singapore

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ADDRESSING SINGAPORE’S KEY PUBLIC HOUSING PROBLEMS: A citizen’s non-partisan policy proposal

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Public talk event on proposed solutions for the challenges ahead in public housing.

For most Singaporeans, their wealth is tied to their largest asset, which is their HDB flat. However, more than 400,000 flats will be more than 40 years old in 2029, just ten years away. The value of these flats will depreciate steeply, as their leases approach expiry. causing Singaporeans to lose a significant amount of their savings for retirement.

As the population ages, worry about retirement adequacy has also increased. The current public housing model ties up a large proportion of household wealth in public housing assets, with little in cash and other financial assets. Recent research publications and the voices of social service workers have also raised questions about whether home ownership is suitable, or affordable, for low income families.

A new paper, attempting to address these complex issues titled “ADDRESSING SINGAPORE’S KEY PUBLIC HOUSING PROBLEMS: A citizen’s non-partisan policy proposal” will be presented to the public by three Singaporean researchers and policy analysts: Ku Swee Yong, a property consultant; Yeoh Lam Keong, an economist; and Tay Kheng Soon, an architect. They will discuss how major parts of existing public housing policy need to be revamped to best take care of both housing security and retirement adequacy, especially as Singapore faces a future world with increasingly uncertain or unstable income streams for many working people.

The paper proposes 4 major policy reforms that will address the above issues in public housing for the entire nation’s changing needs in the future, taking into account the current stock of over 1 million HDB flats, the growing number of poor or low income households and how our future housing program may be sustainably funded.

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SMU Ngee Ann Kongsi Auditorium

60 Stamford Road

Singapore, 178900

Singapore

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