THE Housing Board still has a role to play today, even though the squatter problem of the 1960s has been solved and private housing is now more readily available, Prime Minister Lee Hsien Loong said yesterday.

It has the responsibility for providing quality public housing to most Singaporeans, who may not have the higher income needed to buy private housing, he said.

And it is still needed to foster social ties among different races and build cohesive communities, PM Lee told guests at a gala dinner for the International Housing Conference held in conjunction with HDB's 50th anniversary.

He recalled how HDB - which will build its one millionth flat this year - had not only helped to transform the housing landscape but also Singaporeans.

They now live in housing estates with a better ethnic balance and fewer instances of people throwing pots - or even bicycles - out of their windows.

Singaporeans' expectations have also changed, PM Lee said. They now have many considerations when choosing a flat, like location, price and when they want to buy one.
"Such high expectations are completely understandable because buying a flat is a major commitment for a young couple setting up a home together," he said.

He hoped that Singaporeans can understand that while HDB is committed towards providing quality flats that are affordable, it cannot accommodate every preference and expectation.
The Government also cannot exercise full control over housing prices in the resale market, he said.

He noted that the prices are set by households that transact flats on a "willing buyer, willing seller" basis, and are affected by the broader economy.

So HDB flat resale prices will change from time to time. But in the long term, the value of the flats depends on the strength of the Singapore economy, he said.

"Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset," he said.

kennyc@sph.com.sg