In a commentary, SMU Associate Professor of Law Eugene Tan opined that the recent National Day Rally speech by Prime Minister Lee Hsien Loong should recalibrate HDB home owners’ expectations of their home as an ever-appreciating asset. While the recalibration of the HDB-as-asset message is welcome, Associate Prof Tan noted that more could have been done to raise some hard truths such as how upgrading costs for the HDB flats would be funded given an ageing population and a shrinking workforce.