Mr. Lee Kuan Yew (1923-2015), our first prime minister and founding father of Modern Singapore passed away on 23 March 2015. Mr. Lee Kuan Yew’s death has indeed saddened but also united many Singaporeans including myself. I am truly blessed because of this man, Mr. Lee Kuan Yew. I have paid my tribute here in this post including sharing a nice song tribute by one young Singaporean.
A Tribute Song To Mr. Lee Kuan Yew By Dominic Chin, You First Believed
Tribute To Mr. Lee Kuan Yew By Property Investment Singapore
“You have built an united nation since 9 August 1965. Even with your departure before we could celebrate our Singapore 50th Birthday with you, You united many Singaporeans once again during this significant week of mourning.
We are indeed very fortunate and blessed to live in this Uniquely Singapore and each of us being equally treated regardless of race, language or religion.
No words can express how great you are to Singapore and Singaporeans. No words can express how Singaporeans are grateful to you too. What we can do is to continue to uphold your fighting spirits for the survival of Singapore and play our fullest part as one united nation in one way or another. We salute to you, our beloved founding father of Modern Singapore. May you rest in peace forever.”
Besides my last tribute to this extraordinary and visionary leader at rememberingleekuanyew.sg, this post is also created in particular to express my deepest thanks to Mr. Lee Kuan Yew especially for his remarkable achievements in unimaginably high level of home ownership of Singapore.
Mr. Lee Kuan Yew was the pioneer architect of Housing Development Board (HDB) which was established in Feb 1960. This was even before Singapore became an independent country in 1965. HDB’s first priority during formation was to build as many low-cost housing units as possible, and the Five-Year Building Programme (from 1960 to 1965) was introduced. Most of the public housing that was initially built was mostly meant for rental by the low income group. Subsequently, the units were available for sales at affordable price in 1964.
It was this man, Mr. Lee Kuan Yew who drove the level of home ownership in Singapore unimaginably high and this is envied by many governments worldwide. In 1968, his People Action Party government decided to allow people to use their Central Provident Fund (CPF) as down payment. This well thought policy has greatly impacted the home ownership in Singapore and it is until today. The home ownership of Singapore reached the peak of 94% in 2002 and then 80% in 2013. This high home ownership could be a world record setting in the history ever.
I believe everyone should recognise Mr. Lee’s relentless efforts to turn housing shortage problems to wealth building opportunities. As a result, many of us have owned HDB flats and we are benefited from the rising appraisal values when we sell it. Mr. Lee’s public housing policy has made it possible for Singaporeans to afford especially for the first time applicants. Though HDB flat owners can only sell the likely appreciated units after a minimum occupancy period of 5 years, it is nevertheless a wise move by the PAP Government to build wealth for the HDB flat owners themselves. Some Singaporeans might upgrade their HDB flats to private properties while many continued to keep their units and owning other private properties as well.
Mr. Lee Kuan Yew’s vision in public housing has transformed the lives of many Singaporeans. For example, a 4 room corner unit of Pinnacle Duxton with a size of 95 sqm fetched a transaction sale record of $900,000 on 30 Dec 2014. The owners were a young couple who bought that unit at $340,000 back in 2004 and sold it at a decent net profit of over $500,000 after 5 years of occupancy. We are talking about over a $100,000 profit per year. A 5 room unit also broke the record high HDB resale price of $1.028 million for the 5 room category type on Jan 2015.
This is unarguably one way in which Mr. Lee’s vision and foresight has helped to improve our lives. Without Mr. Lee Kuan Yew’s courage and vision, we might not achieve this high level of home ownership.
Certainly, Mr. Lee Kuan Yew spent his entire life building up a nation envied by many world leaders. Under his several decades of firm leadership, LKY has done many other good deeds in Singapore and touches the heart of many Singaporeans. LKY’s legacy shall remain forever in Singapore.
If you wish to pay tributes to Mr. Lee Kuan Yew or add any factual comments, please feel free to join me at this post.