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Prime Minister Lee Hsien Loong highlighted a worrying trend in Singapore's Malay community during his National Day Rally speech on Sunday (Aug. 29).
More Malay households in rental flats
Speaking in Malay, PM Lee cited the Census 2020 survey, which found that the proportion of Malay households in rental flats has increased.
There are several reasons for this, said Lee.
For instance, there are young married couples who want to live independently before they are ready to buy a flat.
However, there are some who may have suffered sudden changes in family or financial circumstances, or are facing complex challenges and have difficulties planning for their future.
Government's help
With the government's help every year, Lee said that some of these households are able to buy their own homes and move out of the rental flats.
He also said that the government will give its full support to local initiatives such as the Project DIAN@M³, which helps more Malay/Muslim households access government support and progress towards home ownership.
Lee added:
"Home ownership is not merely about having a roof over your head. It is also for Singaporeans to secure a better future.
Hence we must help more households in rented flats recognise that renting is only a temporary housing solution, and to encourage them to stabilise their income so that they can move towards home ownership, and progress with the rest of society."
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Top image by Shermin Ng via Unsplash.