THE ROLE OF PUBLIC HOUSING IN THE ECONOMIC DEVELOPMENT OF SINGAPORE

Abstract

Shelter is a basic need and as such, housing can be expected to be an integral component of the development process of any society or nation, contributing and also responding to changes in the economic, social and political development. This Academic Exercise addresses itself to Singapore's successful experience in public housing (which began with the creation of the HDB on Feb. 1, 1960) and its influence on economic development. A successful public housing programme not only directly benefits the country economically, it also does so indirectly by its effects on social and political factors. Under consideration here are the relationships be ween public housing and income, employment, economic stabilization, income distribution, urban renewal, living standards, cost of living, racial harmony, political stability and political legitimacy. Special attention has been given to some major issues relating the economy to public housing. Public housing in said to be heavily subsidized and it ia interesting to discuss here the nature and extent of housing subsidy. Also, the extant of Government intervention in providing housing will be considered together with its effects on the private housing sector. Lastly, the relationship between price rise of public flats and the ability of buyers to pay will be dealt with. With changing needs and demands, the role of public housing in the economic development of Singapore will change. In the concluding chapter, the possible future roles of public housing are considered.