Sixty years ago this week, The Straits Times ran an article under the headline “Own a flat – for $900 down”. 

In the article dated Feb 12, 1964, it was reported that the Singapore Government had built “new modern flats” in Queenstown to be sold to middle- and lower-income households on instalments. Buyers had to pay a deposit of $900 for the two-room flats that cost $4,900, and a deposit of $1,200 for the three-room flats costing $6,200. The personal income of the applicant, who must be Singaporean, was capped at $500 a month, and the total family income capped at $800.