Just before the General Election in 2011, then-National Development Minister Mah Bow Tan told Singaporeans: “We’re proud of the asset enhancement policy. (It) has given almost all Singaporeans a home of their own… that grows in value over time.”
In 2013, Mr Lee Kuan Yew promised again, “We intend to keep the value of these homes up, it will never go down. Because it will be renewed, the surroundings will improve, and as
Singapore prospers, GDP goes up, the value of homes will go up.”