{"id":19121,"date":"2020-01-24T17:14:06","date_gmt":"2020-01-24T09:14:06","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=19121"},"modified":"2022-07-01T04:58:00","modified_gmt":"2022-06-30T20:58:00","slug":"property-singapore-dream","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/property-singapore-dream\/","title":{"rendered":"How property became the #1 Singaporean dream"},"content":{"rendered":"
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Property is Singaporeans’ number one investment. It\u2019s so hot that if the government has to impose another cooling measure, it will probably involve spraying property buyers with a fire hose; and even that may not disperse the crowd at a showflat. But how did property become arguably the #1 the Singaporean dream? As we approach the nation’s 53rd birthday, we look at the method behind the madness:<\/p>\n

A nation of home-owners <\/b><\/h3>\n

Over 90% of Singaporeans own their homes today (although most of these are public housing in the form of HDB flats). That was part and parcel of the late Founding Prime Minister Lee Kuan Yew\u2019s vision — he surmised, probably correctly, that citizens would feel they have a bigger sense of belonging in a country if they owned their homes.<\/strong><\/p>\n

Property ownership \u2013 at least the home where you stay in \u2013 is quite simply the norm in Singaporean families. That alone is a powerful social driver that compels people to buy a house. But what about property as an investment?<\/p>\n

That fascination comes from many different factors, but chief among them are:<\/p>\n

    \n
  • Singapore\u2019s property boom and the previous generation<\/li>\n
  • Simplicity, in an increasingly complex investment environment<\/li>\n
  • The use of CPF monies<\/li>\n
  • Face<\/li>\n<\/ul>\n
      \n
    1. \n

      Singapore\u2019s property boom and the previous generation<\/b><\/h2>\n<\/li>\n<\/ol>\n

      In 1970, a typical four-room flat in a HDB<\/a> New Town location would have cost around $12,500<\/span><\/a>. By 2010, the price of such a flat would have been around $260,000. As of 2018, four-room flats (before subsidies) are reaching the $320,000+ mark.<\/span><\/p>\n

      As for private housing, take a look at property prices from 1976 to the present:<\/p>\n