One of Mr Lee Kuan Yew's greatest legacies is home ownership. He believed that home ownership is a key pillar of a strong society.
His leadership has guided the creation of one of the most vibrant nations in the world and, in his words, it started with home ownership.
In opening the Pinnacle@Duxton, he remarked, "If all the HDB flats built over the past 50 years were rental flats, Singapore would be a very different society today."
"We would not have the stability, progress and prosperity that the stake in home ownership of a growing asset has made possible."
At SRX Property, we looked through Mr Lee's speeches and writings and identified three values of home ownership: community, responsibility, and prosperity.
In other words, Mr Lee believed that home ownership glues different ethnic groups together. A home is something that everyone can aspire to and achieve, regardless of race, creed or culture.
It's possible for different people to build a community together because each owner has a stake in their home, and, thus, the community.
He said, "The pride people have in their homes prevents our estates from turning into slums, which is the fate for public housing in other countries."
He was right. There is nothing like HDB in the entire world. It is an example of a public-private co-operation that has resulted in a housing system that has no equal. No country has as a high an ownership rate as Singapore's 90 per cent.
This means that most people will take responsibility for their own homes as well as put pressure on the neighbours to keep the neighborhood clean and vibrant.
Finally, Mr Lee saw homeownership as a path to prosperity.
He said, "If Singapore prospers, their flat values will appreciate and they will share in the growth. Home ownership motivates Singaporeans to work hard and upgrade to better flats for a better quality of living. The HDB story reflects the social mobility in Singapore."
Most of us work to provide for our families.
As we work to put a roof over our heads, food on the table, and better ourselves, we are contributing to the growth of Singapore, which in turn causes our homes to appreciate, which in turn, allows us to afford more expensive homes, education, retirement, and other important human endeavours.
It's a virtuous circle that starts with home ownership.
Most agree that property ranks up there as one of the most important topics of conversations when it comes to Singaporeans.
When we, at SRX Property, asked people what comes to mind when they hear the word "home", we usually hear word associations like comfort, stability, and family.
We have Mr Lee to thank for that.
Source: AsiaOne (27 Mar 2015)