3 AFFORDABILITY OF SINGAPORE PUBLIC HOUSING
Firstly, the Government has been successful in providing affordable public housing to the Singaporean. The affordability of the public housing is maintained as a result of several key policies of the Government such as 1) below market pricing for new flat 2) concessionary loans and financing from Central Provident Fund (CPF) and 3) sufficient land to build new flats through Land Acquisition Act (HDB, 2014). Since 1960s, the Government has adopted a market based approach which new HDB flats are priced in reference to and at discount from the market determined price rather than cost of land and construction (Tan et al, 2009). As a result, higher home ownership rate of 90.5% in 2013 with 80% ownership of public housing has been recorded by Department of Statistics Singapore. In return, higher home ownership rate has definitely benefit the homeowners at the expense of the Government subsidies.
However, will public housing be affordable given the aging population, income disparity and volatile housing prices come into existence? In my opinion, the public housing will be less affordable especially to low and middle income Singaporean if any of the scenario happened. For example soaring private housing prices under speculated market will set a higher market price for public housing of the same capacity. In this case, low and middle income Singaporean who can’t afford private housing are price takers and have to purchase public housing at relatively higher rate than the actual market price.
Secondly, is HDB concessionary loan really contrib...
... middle of paper ...
...partemnt of Statistics. 2013. YearBook of Statistics Singapore 2013. Singapore: Department of Statistics Singapore.
Thakur, Pooja. 2014. Singapore’s Soaring Land Prices ‘Suicidal’ for Developers . February 20. Accessed March 4, 2014. http://www.bloomberg.com/news/2014-02-19/singapore-s-soaring-land-prices-suicidal-for-developers.html.
2014. Urban Redevelopment Authority. Accessed March 4, 2014. http://www.ura.gov.sg/uol/.
Vasu, Norman. 2011. "Governance through Difference in Singapore." Asian Survey.
Wah, Tan Meng. 2013. Public Housing Pricing: Looking Beyond Just Affordability. Singapore: Institute of Policy Studies.
—. 2011. "Housing A More Inclusive Singapore." The Straits Times, January 13.
William, Mok Fung Yeung, and Yee Pui Puey Lo . 2012. "Comparative Study on Singapore and Hong Kong Housing Policy - Should Hong Kong adopt Singapore model?" Hong Kong.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Introduction: Public housing policy is Singapore has been a remarkable success in providing housing for the majority of Singapore citizens and by making them stakeholders in nation building. House is universally considered as a basic necessity and an asset for lifetime for every citizen. While most countries put “housing for all” as one of the agenda point; many of them, including developed countries are still struggling to ensure affordable, equitable and sustainable housing solution. In Singapore, Housing Development Board (HDB) was set up in the year 1960 to address the housing crisis then, by building low cost public housing.... [tags: Growth, Economy, Society]
2735 words (7.8 pages)
- Singapore – A city of immigrants Singapore is a country built by immigrants. Our forefathers came from various lands, drawn by the prospect of a better living and they brought with them their own cultures, beliefs and languages. Under British colonial rule, there were some initial challenges in how the different races interact and integrate with one another. The British dealt with this problem by simply separating the different races by locating them to the different part of town. For example, the majority Chinese were mainly housed in Kereta Ayer or more commonly known as Chinatown, the Malays in Kampong Glam Street, the Indians at Chulia Kampong also known as Church Street and later to Se... [tags: Singapore Public Policy]
3177 words (9.1 pages)
- Introduction The Republic of Singapore celebrated its 42 years of independence in year 2007. Situated at the southern tip of Malaysia, Singapore currently holds a population of 4.68 million as of June 2007. At 704.0km2, it is ranked 4th in the world for its population density. During the past four decades, the economy as measured by real Gross Domestic Product (GDP), multiplied by over 20 times (Ghesquiere, 2007, p.11). As a small and extremely open economy, Singapore long term survival is very much dependent on the ability to maintain its viable position and remain afloat in the sea of global competition (Mun Heng et al, 1998, p.14).... [tags: Singapore Economy ]
1537 words (4.4 pages)
- China and Singapore Over population is a concerning issue in China and Singapore because of the lack of family planning it affects the depletion of jobs and natural resources, crime rates increase, and it cost more for living. There is a lot of controversy over the topic of overpopulation but China and Singapore have experienced issues from overpopulation. The definition of overpopulation is: a function of the number of individuals compared to the relevant resources, such as the water and essential nutrients they need to survive.... [tags: Overpopulation, Demography, One-child policy]
1764 words (5 pages)
- Definition of Project: The implementation of the Housing Development Board (HDB) Singapore in 1960 has provided housing for nearly three million residents in Singapore. However, the organization has begun to transition their organizational culture, improve customer service quality and improve their organization 's image. These changes came about when “the government agency was striving to become much more customer focused, more efficient, and innovative in meeting the changing needs of the population it served” (Jick & Peiperl, 2011, p.430).... [tags: Management, Implementation, Customer, Change]
1067 words (3 pages)
- Yes, I agree that a huge part of Singapore’s economic success has been built on the government’s ability to ensure macroeconomic stability as well as build long-term growth. To ensure macroeconomic stability, fiscal policy, which is the usage of government expenditures and taxes, and monetary policy, which is the changing of interest rates and quantity of money in the economy, and supply-side policies, that look into the strengthening the production capabilities of companies, have to be implemented by the government.... [tags: economic growth, GDP, macroeconmic stability]
1437 words (4.1 pages)
- ... The CPF expropriates 20% of wages of both employers and employees in order to finance social entitlements, such as housing, health care and pensions (Holliday, 2000). This is a significant way of distributing incomes equally in lower and middle class of the society rather than leading the society into the dependency on pension funds and charity based activities. Hence, the redistributive social policy has to be fostering the economic growth combined with development policies that can tackle both decreasing poverty and fostering growth.... [tags: redistriibution, economic, protection]
1954 words (5.6 pages)
- This paper will focus on the evolution of federal housing policy, from the first policies in the 1930s to the current policies, with a consideration for the shifting priorities within the programs. The many goals and a brief history of housing policy in the United Stated will be established. With a dilution of goals and many responsibilities, an emphasis will be placed on low-income housing and the role the federal government has played. The many shifts in attitude towards public assistance will be discussed, as the government moved from building and providing the housing towards the demand-side of providing vouchers.... [tags: politics, housing policy]
1797 words (5.1 pages)
- 1. The big picture: What are the broad, general dimensions of this problem or story, here in Chicago as of 2010. As of 2010, “the ghetto” has been defined as the poor areas with dense African American populations. Nowadays the word ghetto not only describes a place, but is also used as an adjective to describe an area, or type of people in general. Chicago’s ghetto is typically referring to the south side of the city. The Chicago Housing Authority which was founded in 1937 was responsible for the majority of housing available for the city’s African American population, which was quite a controversial topic.... [tags: Public Housing]
1104 words (3.2 pages)
- How might the Singapore society differ were it not for these technologies – would the society be more or less heavily regulated. Lee recommends analysing politics and society by addressing how power struggles and relations were played out in the pre-Internet era, namely the maintenance of political control via public support (2005: 74). Foucault defines ‘governmentality’ as the point of contact where the technologies of power interact with the governed. This spurs Lee to postulate that, in order to retain power in the Internet era, 'governments need to be actively involved in shaping the design as well as the societal, cultural and regulatory environment in which the Internet and other new... [tags: Singapore Politics, Government]
1910 words (5.5 pages)
- Gun Control: A Big Issue in the World Today
- Political Zionism and Theodor Herzl Influence
- International Factors and Multinational Corporations
- Samuel Coleridge and Edgar Allan Poe Poems
- Why Did Italy Change from a Fascist Government to a New Government
- The Concept of Transition and Its Relation to Mastectomy Patients