Navigating a Troubled Landscape:
Prime Minister Lee Hsien Loong emphasizes the current international environment’s geopolitical tension and economic uncertainty, which affects Singapore. Global issues like the US-China rivalry, the Russia-Ukraine war, and fraying global economic order pose challenges. Global warming is causing extreme weather worldwide, with potential impact on food production and prices.

The Forward Singapore Initiative:
The Forward Singapore initiative was launched to refresh Singapore’s social compact. Dialogues with thousands of Singaporeans have been held to gather ideas on various issues. The Forward Singapore Report will serve as a compass to guide Singapore through challenging times.

Embracing Opportunities in the Digital Economy:
Prime Minister Lee highlights promising new sectors, particularly the digital economy, with government support for workers to adapt and upskill.

Support for Young Seniors’ Retirement Needs:
The Young Seniors (those born in 1973 or earlier) face unique challenges as they approach retirement. The Majula Package is introduced to help young seniors meet their retirement needs. The package includes an Earn and Save Bonus, Retirement Savings Bonus, and Medisave Bonus. The Majula Package will benefit around 1.4 million older people across several generations.

Encouraging Older Seniors to Continue Working:
The Majula Package also covers the Pioneer and Merdeka Generations, providing incentives to continue working. Existing schemes like Silver Support, Workfare, and the Match Retirement Savings Scheme will be enhanced to support seniors.

Funding and Implementation of the Majula Package:
The Majula Package will cost the government around $7 billion, funded through a new fund. The government commits to honoring this commitment without burdening future generations. The details of the Majula Package and enhancements to existing schemes will be announced next year.

Singapore’s Rapidly Aging Population:
Singapore is one of the fastest-aging nations in the world, with one in five Singaporeans currently aged 65 and above. By 2030, nearly one in four Singaporeans will be a senior. The number of centenarians (people aged 100 and older) is expected to double to at least 2,000 by 2030.

Active Aging:
The government has invested significantly in healthcare for seniors, but seniors must also take responsibility for their own health. HealthierSG aims to empower individuals to take more responsibility for their health, supported by family doctors and community partners. Mental wellness is as important as physical wellness, and loneliness is a significant threat to seniors’ well-being.

Active Ageing Centres (AACs):
AACs are set up across Singapore to help seniors stay engaged and socially active. AACs offer various activities, including art jamming, karaoke, dance classes, and health services. Many seniors are actively involved in organizing and running activities at AACs.

Making HDB Homes and Precincts More Senior-Friendly:
Many seniors prefer to age in place, in their own homes and neighborhoods. The government will make homes more senior-friendly through programs like the Enhancement for Active Seniors (EASE). HDB will progressively retrofit existing flats with senior-friendly features and design new flats with these features. The government will also work with community partners to provide more support services for seniors aging in place.

Ease 2.0:
Expanding options for home fittings to improve accessibility and safety for seniors. Foldable shower seats and widened toilet entrances for wheelchair users.

Safer Neighbourhoods:
Revamping streets and linkways frequented by seniors. Building shelters, rest points, therapeutic gardens, and exercise facilities. Longer green man signals for safer road crossings. Barrier-free ramps and raised zebra crossings. 3D road markings and narrowed roads to slow down traffic.

Assisted Living Facilities:
IDEAL (Integrated Dementia Assisted Living Project): Ground-up project to help seniors with mild dementia. Shared facilities, community kitchen, telehealth room, etc. Community Care Apartments (CCA): Assisted living facilities for seniors with dementia and those who are well.

National Program: Age Well SG:
Complements Healthier SG to improve seniors’ health. Aims to make Singapore an endearing home for all ages. Focuses on aging with dignity, grace, and connectedness.

Public Housing and HDB:
HDB has been a crucial part of Singapore’s development since its inception. Emphasis on public housing to provide affordable homes for citizens.

Introduction:
Lee Hsien Loong emphasizes the importance of housing in Singapore’s history and its role in fostering a sense of ownership and responsibility among citizens.

High Home Ownership Rates:
Singapore has one of the highest homeownership rates globally, with 9 out of 10 Singaporeans owning their homes, mostly in HDB flats.

Affordable and Accessible Housing:
The government has prioritized keeping housing affordable and accessible through HDB flats priced below market value and generous grants for first-time buyers, families, and lower-income individuals.

Challenges and Progress during COVID-19:
The pandemic disrupted Singapore’s public housing program, leading to delays in BTO projects and increased prices for resale flats. The Ministry of National Development (MND) and HDB have worked diligently to catch up, completing over 70% of pandemic-delayed flats and ramping up housing supply.

Supply Catching Up:
Since 2021, 50,000 flats have been launched, with an additional 50,000 planned by 2025, totaling 100,000 flats. As supply increases, the housing market is stabilizing, with lower first-timer BTO application rates, shorter waiting times, and gradually stabilizing resale prices.

Helping Singaporeans with Urgent Housing Needs:
Recent changes announced by MND aim to assist Singaporeans with urgent housing requirements in obtaining flats sooner. Families with young children and young married couples purchasing their first home will receive more ballot chances and higher priority in flat allocation. HDB will introduce more BTO flats with shorter waiting times of two to three years.

Conclusion:
Singapore’s government remains committed to providing affordable and accessible housing for its citizens, adapting policies to meet changing needs and challenges, including the impact of the COVID-19 pandemic.

Framework for Public Housing:
HDB has traditionally used a framework to guide public housing purchases, distinguishing between mature and non-mature estates. Mature estates are centrally located, well-connected, and have more amenities, while non-mature estates are less central and have lower BTO prices.

Challenges to the Framework:
Singapore has fewer undeveloped lands for new towns and estates, leading to the need for new HDB flats within or near existing estates. Non-mature estates have become more developed, blurring the distinction between mature and non-mature estates. Some choicer projects in non-mature estates are more popular than those in mature estates, indicating that buyers are discerning and value specific project attributes.

New Framework Objectives:
Keep home ownership affordable to all income groups. Maintain a good social mix in every town and region. Keep the system fair for everyone.

Strategies to Achieve Objectives:
Keep HDB flat prices affordable by providing more housing grants, especially means-tested grants like the Enhanced Housing Grant. Address projects in choicer locations by pricing them higher to reduce windfall gains and moderate demand, but this may lead to sticker shock and unaffordability for most families. Pricing such flats lower will achieve a better social mix but exacerbate the lottery effect, resulting in more unsuccessful buyers and frustration.

Dilemma and Conclusion:
HDB faces a dilemma in pricing projects at choicer locations, as higher prices reduce windfalls but may result in unaffordability and a higher-income enclave, while lower prices achieve a better social mix but increase the lottery effect. The current framework cannot fully achieve all three objectives of affordability, a good social mix, and fairness, necessitating a new framework.

HDB’s PLUS Model Overview:
The Housing Development Board (HDB) in Singapore is introducing the PLUS model to sell flats in choicer locations with stricter sale conditions to moderate prices.

PLUS Model Details:
PLUS projects will be in choicer locations within a region, such as Bayshore in Bedok Town. HDB will provide additional subsidies for PLUS flats, making them more affordable. To ensure fairness, PLUS flats will have stricter sale conditions, including a longer Minimum Occupation Period (MOP) of 10 years and tighter resale restrictions. There will be an income ceiling on resale buyers to maintain a better social mix.

Benefits of the PLUS Model:
The PLUS model aims to achieve affordability, good social mix, and fairness in housing. It enables Singaporeans to find a suitable home in desirable locations.

Comparison with Prime Location Public Housing Model:
The PLUS model is similar to the Prime Location Public Housing Model (Prime Projects), which has shown good outcomes in terms of affordability and social mix. Prime projects are in central locations with tight restrictions and subsidy recovery to moderate windfall gains.

Central Weave Case Study:
If Central Weave had been sold as a PLUS project, HDB would have priced it lower due to the tighter restrictions and additional subsidies.

Conclusion:
The PLUS model provides a range of housing options, from standard flats with standard subsidies and restrictions to PLUS flats in choicer locations with more subsidies and tighter restrictions, to prime flats in central locations with the most subsidies and tightest restrictions.

New HDB Flat Framework:
Singapore is introducing a new HDB flat framework called Standard, Plus, and Prime. Standard flats will have standard subsidies, restrictions, and be located island-wide. Plus flats will offer choicer regions, more subsidies, and tighter restrictions. Prime flats will be in the choicest locations, offer the most subsidies, and have the tightest restrictions.

Singles Allowed to Buy Two-Room Flexi Flats in All BTO Projects:
Singles will be allowed to buy two-room flexi flats in all BTO projects, including Standard, Plus, and Prime. This change addresses concerns about limited housing choices for singles.

HDB’s Heritage and Founding Father’s Values:
The Cantonment Road Housing Estate, redeveloped into the Pinnacle at Duxton, symbolizes Singapore’s housing history. The original foundation stone remains as a reminder of the importance of the housing program and the contributions of the Founding Fathers.

Renewing Commitment to Foundational Values:
Singapore marks the 100th birth anniversary of Mr. Lee Kuan Yew, reflecting on the values and ideals he championed. The exhibition “Semangat Yang Baru – Forging a New Singapore Spirit” at the National Museum highlights the nation’s birth and indomitable spirit.

Integrity and Incorruptibility:
Integrity and incorruptibility are crucial ideals for Singapore, forming the foundation of a clean and effective government. Mr. Lee Kuan Yew emphasized the importance of these ideals, reminding leaders to set examples and keep the system clean.

Upholding Ideals for a High-Trust Society:
Singapore’s ideals guide decision-making, giving purpose and meaning to nation-building. Upholding these ideals has resulted in a high-trust society, where people and the government trust each other. This trust has helped Singapore navigate challenges like COVID-19 and has led to a united society.

Leadership Renewal:
Prime Minister Lee Hsien Loong’s initial plan to step down before his 70th birthday was disrupted by the COVID-19 pandemic. With the pandemic behind Singapore, PM Lee’s succession plans are back on track. Recent controversial issues will not delay the leadership renewal timeline.

The 4G Team:
The 4G team is setting the pace and preparing to take on more responsibilities. PM Lee expresses confidence in Lawrence Wong and his team. The 4G team shares core convictions with PM Lee, including the transient nature of their stewardship and the goal of building a stronger Singapore for future generations.

Gratitude and Support:
PM Lee expresses gratitude to Singaporeans for their support. He urges Singaporeans to extend their full support to Lawrence Wong and his team, both now and after they take over.

Singapore’s Unlikely Story:
PM Lee reflects on Singapore’s unlikely journey from an unexpected nation to a flourishing success. Singapore has repeatedly defied expectations and proven its potential to the world.

Building a Brighter Future:
PM Lee emphasizes the importance of holding fast to Singapore’s values, mutual trust, and dreams. He calls for a renewed spirit and vigor to build a better, brighter Singapore for future generations.