Public Housing Policy in Singapore - 507 Words

1 INTRODUCTION The Singapore public housing policy since its establishment has proved to provide shelter for the population and has contributed significantly to the economic, social and political development of Singapore. This policy has been the benchmark for the best public housing by other countries notably China and Hong Kong (Yang, 2010; Wong, 2011). The public housing policy implementation has been spearheaded by Housing and Development Board (HDB) to tackle post war economic problems such as rapid population growth, high unemployment rate and a critical shortage of sanitary housing (HDB, 2014). The policy was also aimed to mitigate social problems such as riots and strikes among the different ethnic groups (HDB, 2014). The success story of public housing policy implementation lies in the higher economic growth and social stability of Singapore. Economic growth saw 82% of the population live in 879,000 HDB flats located across 23 towns and estates with home ownership rate at 95% high (Department of Statistics, 2014). In terms of social stability, the policy implementation has freed Singapore from race riot since 1969 (Department of Statistics, 2014). However, rising issues and concerns of ageing population, income disparity and higher housing price have destabilized Singapore’s public housing policy (Population White Paper, 2013). In light of these challenges, new measures and directions have to be introduced by the Government to keep public housing policy relevantShow MoreRelatedThe Public Housing Authority Of Singapore1461 Words   |  6 PagesHDB, the public housing authority of Singapore, was established in 1960. The authority had grown rapidly in size and responsibilities-from initially meeting the basic shelter needs of 6% of the population to, in 2007, providing quality homes for 81% of a 3.7 million population. Due to land scarcity, its high-rise, high density living provided an effective solution to meeting housing needs for Singapore. HDB had a comprehensive building program, under which 984,000 apartments had been completed asRead MoreThe rapid rise of economies in Asia over the past few decades has been phenom enal. According to1200 Words   |  5 PagesThe rapid rise of economies in Asia over the past few decades has been phenomenal. According to (Steven, Jeffrey and Jong-Wha, 1997), Asian countries such as Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand and Indonesia grew at an average of over 5.5% per year in per capita terms between 1965 and 1990. The mentioned 08 Asian countries are also known as the eight high-performing Asian economies (HPAEs). 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The Housing Development BoardRead MoreEconomics - How a Shrinking Gdp Affects the Economy of Singapore1542 Words   |  7 Pagesarticle by Channel News Asia dated 13 July 2012, it was reported that Singapore s GDP contracted by 1.1% on a Quarter-on-Quarter seasonally-adjusted annualized basis, compared to the 9.4% expansion in the preceding quarter. The weakened growth momentum in Q2 was mainly due to a sequential contraction in the manufacturing sector. The sector declined by 6.0% reversing the 20.9% expansion in the preceding quarter. Annex A Singapore is an open economy with high trade to GDP ratio of 2.3 times (GDP 2011