SPEECH BY SENIOR MINISTER LEE KUAN YEW AT THE LAUNCHING CEREMONY FOR POLLING OF THE MAIN UPGRADING PROGRAMME AT EVERTON PARK PRECINCT ON TUESDAY 26 NOVEMBER 1996

The Interim Upgrading Programme for Tanjong Pagar Plaza achieved a transformation with its unique precinct entrance, landscaped courtyards, covered walkways and fitness corners. It has created a better ambience.

The seven blocks of flats in Everton Park were completed by the Port of Singapore Authority in 1964 and were brought under HDB's management in 1980. Many of you have lived here since buildings were completed 32 years ago.

Today, you are offered a bigger opportunity for a superior living environment, including the option of adding a utility room to your flats under the Main Upgrading Programme.

Many new facilities will be added to your precinct; a link building, a plaza, pavilions, hard courts, exercise gardens, barbecue pits and linkways to connect the whole precinct. Your apartment blocks will be given a new facade to distinguish your precinct from the surrounding areas. Inside your flats, toilets and bathrooms will have new doors, and floor and wall tiles. The whole precinct will be improved.

However at least 75 per cent of eligible Singapore citizen households must vote for this upgrading and you can decide whether you want to enlarge your flats by adding a utility room of about six square metres.

HDB flats are major assets of 90 per cent of household in Singapore. The value of HDB flats has increased many times over. This is the result of continuing high economic growth, stable political situation, huge investments by the government in infrastructure, and high compulsory and voluntary savings. Everton Park land is very central. So the value of your flats have gone up more than those in other estates. The flats you bought were $24,700 to $27,500 for three-room flats, and $55,600 for 5-room flats. This year, the average transacted prices in the open market was $160,000 to $210,000 for three-room flats and $410,000 to $480,000 for 5-room flats. Their values have increased by eight times.

After upgrading, the value of your flat will go up higher. Resale prices of flats after main upgrading have gone up by 40 to 50 per cent. The Government is committing large financial resources to upgrade old HDB estates. This programme will increase the wealth of our householders.

If you vote for upgrading, you will have a totally transformed environment by the year 2000 and a 40 to 50 per cent increase in value of your HDB property.

The cost of MUP is $42,400 a flat for the standard package, and $67,200 a flat with a space-adding item. The whole Everton Park MUP will cost the government $46 million. The entire MUP programme for Singapore will cost $20 billion.

High growth of 8 to 10 per cent a year has enabled the government to implement asset enhancement by (one) upgrading old HDB precincts, (two) CPF top-up schemes, and (three) sale of Telecom shares below market price.

If Singaporeans keep increasing our productivity with better education and good work habits, our economy will continue to grow at high rates. The investment committed in Singapore last year was a record $8 billion. High investments mean high growth will continue.

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