The Transformation of Inequality Through Singapore’s Public Housing System

This Master’s thesis examines the transformation of Singapore’s public housing model from a tool for social redistribution and nation-building into a source of contemporary socio-economic inequality. It evaluates how the shift toward an asset-based housing model in the 1990s has impacted housing affordability and intergenerational equity from the mid-2000s to the present. By analyzing institutional policies and longitudinal data on resale price indices and household assets, the research identifies a growing gap in housing opportunities between younger and older generations. The findings show that while the Housing & Development Board (HDB) continues to maintain high homeownership rates, the financialization of public flats has created significant barriers and wealth gaps for first-time buyers, rooted in the timing of market entry. Finally, the thesis assesses the long-term sustainability of the HDB model, concluding that rising prices and the depreciation of 99-year leases present significant challenges to the future accessibility and affordability of the Singaporean housing model.