The HDB or the Housing Development Board is Singapore's public housing authority. In the year 1960, the housing authority in Singapore, HDB was formed to meet the challenges faced by an acute shortage of public housing. This housing authority in Singapore develops and plans public houses, providing quality accommodations and a better lifestyle. The aim of this housing authority is to provide better services in terms of housing administration and management of properties in Singapore.
Establishment of the HDB
On the 1st of February, 1960, the HDB or the Housing Development Board was established. Since its inception it has played a significant role in Singapore's development and is responsible for all the public housing programs in Singapore.
Objective of the HDB
In its early days the objective of the HDB was to construct houses for the lower-income groups in Singapore. In the 1970s it focused on encouraging the ownership of homes and improving the standards of housing. In the present times it aims at providing quality accommodations and a better lifestyle within a reasonable price-range.
In the year 1961, the first town was built by the HDB which acted as the prototype of the later towns constructed by the HDB. In 1962, the HDB constructed 21000 flats only within a period of 3 years. The scheme 'Home Ownership for the People' came into existence in 1964, to provide the Singaporeans with the unique opportunity of owning houses. In 1965, work started on the first satellite town in Singapore, Toa Payoh and it was the first town of the HDB that comprised the town center as well as different recreational spots, commercial facilities and educational institutions.
HDB in the 1990s
In 1992, under the scheme 'Design and Build', private firms were awarded the contract to build houses for the public and it marked the beginning of involving the private sector to construct housing public-housing. In 1993, re-sale flat purchasers were given the opportunity to borrow a loan amounting to 80% of the market price or their buying price under the scheme known as the 'Revised Mortgage Loan Financing for the Resale Flats'. In 1995, the HUDC flats started getting privatized under the program called the 'Privatization of HUDC Flats Executive Condominiums'. The program kicked off with the 2 estates, Gilman Heights and Pine Grove getting privatized.
Know more about the Real Estate in Singapore from focussingapore.com log on to:
Disclaimer: The data provided here is based on the facts and research using available sources. As the data is made available on "as is" basis and subject to change anytime. This website shall not be liable for any discrepancy found in the data on our site and actual figures.