Singapore's Unique Approach to Housing.
Up until now, Singapore has developed a unique housing system - three quarters of total housing stock have been built by the Housing & Development Board (HDB), where home-ownership is financed through Central Provident Fund (CPF) savings. As of 2017, 86% of Singaporeans live in such lease accommodations and 90% of these residents are owners of their home. Each year, the government sells a fresh batch of to-be-built flats to first time buyers, raising the density of the housing population in Singapore. In the 1990s, the challenge was that of renewing aging estates and creating a market for affordable HDB transactions that have built the foundation for housing today.
These flats, which can be a few stories to more than 30 stories are often part of satellite and new towns with schools and public facilities. It can be understood as that they are adorned with their own public spaces - void-decks on the bottom most floors! Here, community mingling happens, and functions are attended across ethnic spectrums. Sometimes events like weddings or funeral wakes are held.
