brian wang | September 18, 2018
Singapore got independence from Britain in 1959 and was poor. Now it is among the top richest countries on per capita GDP basis.
They also had a lot of poor slums. In 1960 they set up a Housing Board which made clean and safe apartments. They built 51,000 homes from 1960-1965 and housed 400,000 (25% of the population).
Singapore had a GDP per capita of $516 in 1965 and the US had a GDP per capita of $3828 in 1965.
Now Singapore and US GDP per capita are about equal.
Singaporeans are required to contribute to the Central Provident Fund for pensions and for housing expenses.
Houses are made by the government for 20-30% less than private housing. People are required to live in them for 5 years before selling them.
9% lived in public housing in 1960 and 82% live in public housing in 2016.
Singapore under British control 1819–1826
Straits Settlements 1826–1942
Japanese occupation of Singapore 1942–1945
British Military Administration 1945–1946
Colony of Singapore 1946–1963
Singapore in Malaysia 1963–1965 also known as Malaya
Republic of Singapore 1965–present
91% of Singapore’s population owns there own home.