Prime Minister Lee Hsien Loong’s annual National Day Rally was held at ITE College Central, Ang Mo Kio, for the third time last night.

(Missed it? Check out our 90-second summary or our rally coverage in gifs, or based on social media.)

We try to make sense of his nearly three-hour long speech with the following 5 takeaways:

1. One of PM Lee's better NDRs, but not his best:

It was not one of the most memorable NDRs delivered by PM Lee. It was hard to beat his maiden 2004 NDR, when he sacrificed a few sacred cows (like the five-and-a-half-day week) and proposed the controversial idea of the Integrated resorts. The 2012 speech was also special as PM Lee proposed a national conversation and showcased his new Ministers.

This year's rally attempted to appeal to the heart, less so the head, but lacked the emotional high of previous rallies. It could have been more partisan, especially without the presence of Opposition MPs, but it wasn't. It could have been a "GE handouts NDR", but there were no $800 "Progress Packages". PM Lee probably felt that there is an appropriate time and place for a more political speech when the ruling party unveils its Manifesto in the upcoming weeks (or days).

2. New things in this NDR:

(i) The Fresh Start Housing Scheme stood out as one of the new initiatives announced last night. It will help families with young children currently in HDB rental flats start afresh and become owners of a 2-room flat, if they are prepared to put in the effort to hold onto a job and put their children in school. One suggestion is to offer these families a 2-room Flexi flat on shorter lease and with stricter resale conditions.

(ii) Backdating of policy: It is also one of the few times when a policy implementation was back-dated (although we suppose no one's complaining). The Baby Bonus, Newborn Medisave Grant and Paternity Leave changes apply with effect from January 1 this year. The reason? It's Singapore's Jubilee year.

3. Wooing of young couples:

As Straits Times journalist Aaron Low rightly pointed out, young couples form the one group that benefits the most from last night's NDR. Two of the three main areas of policy focus last night were housing and population, and both sets of changes will encourage young couples by making housing more affordable and childcare less expensive. This could be the start of a new "social contract" with the next generation of Singaporeans.

4. Like a Chap Goh Mei dinner speech with its focus on international developments:

Every year, PM will deliver a Chinese New Year (Chap Goh Mei) speech to MPs, community leaders and senior journalists, where he will outline international developments and dwell on their potential impact on Singapore.

Bar NDR 2004, NDRs in recent years tended to focus on domestic issues and concerns. As Straits Times Opinion Editor Chua Mui Hoong observed, PM Lee sought to remind Singaporeans that Singapore remains a small, vulnerable city-state in a volatile region and that the PAP "knows what its core strengths and appeal lie in: the hard issues of defence, foreign relations, and maintaining law and order".

5. "Hard truths" delivered in the vernaculars:

(i) In PM Lee's NDR (Malay) speech, he pointed out candidly that Malays are over-represented in rental flats, adding that he was concerned about their future, as well as that of their children. Hence the Fresh Start Housing Scheme, which aims to help families start afresh and provide their children with a more stable environment.

(ii) In PM Lee's NDR (Chinese) speech, he attempted to tackle the most pressing electoral issue on many Singaporeans' minds — the rising cost of living. He indicated that there are examples of government measures to keep food, transport, healthcare and housing affordable, but notably added that as Singapore develops, expectations will rise and lifestyles will change.

In other words, PM Lee may be hinting that some spending habits are matter of personal choices made by Singaporeans. He used the examples of air-conditioners and telephone bills to show the changes in lifestyles and spending habits. Perhaps an example of choosing Starbucks coffee over kopitiam kopi will resonate more with younger Singaporeans.

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Everything you need to know about the NDR (Malay) speech in 60 seconds

Everything you need to know about the NDR (Chinese) speech in 60 seconds