Varsity Voices Dialogue 2025: The refreshed Singapore Dream is one where people flourish on their own terms

After decades of progress and a remarkable leap from Third World to First, the younger generation of Singaporeans could be wondering what the future holds for them. Amid worries such as a rising cost of living, Prime Minister Lawrence Wong offered an optimistic vision of a refreshed Singapore Dream.

“Our country has transformed tremendously…It’s been such a change that sometimes, young people like yourselves look ahead and say: ‘Today we are operating at such a high base, the future is so uncertain, maybe our best days are behind us,’” he told about 900 students from Institutes of Higher Learning (IHLs) at a dialogue at NUS on 21 January 2025.

“But I would encourage us to take a step back and think about it more holistically,” he added, reminding the audience that they enjoy more opportunities today including higher wages, education levels, healthcare and social support.

He also cautioned against constant comparison with peers, as it could lead to a feeling of “chasing someone else’s dream”.

“We want an environment where there are many opportunities, where people can eventually find purpose in what we do,” said Mr Wong during his dialogue, titled “The Singapore Dream and You”, which saw him field wide-ranging questions on topics such as public housing, inclusivity, social media, and artificial intelligence.

“The Singapore Dream is evolving. It’s…more open, not so prescribed, it is one where we want you to choose your own path of success.”

The event, moderated by NUS Vice Provost (Student Life) Associate Professor Leong Ching, was organised by REACH, the Government’s feedback and engagement unit, and Varsity Voices, a network comprising student groups such as the NUS Students’ Political Association.

Housing dreams

The availability and affordability of public housing, a hot-button issue, was raised, with Mr Wong assuring the audience that Build-To-Order (BTO) flats would remain affordable.

Acknowledging the anxiety over housing prices, with some resale Housing Board flats sold for over S$1 million, he noted that the prices of resale flats are “on the high side” due in part to the COVID-19 pandemic which caused a supply disruption.

“We have been, since then, building as much as we can…We’re talking full steam ahead,” he reiterated, adding that the Government has been putting out new land for private property too.

The good news is that demand is easing with the increased supply of new flats. “We have seen the application rates come down, which means the success rates for getting a new flat is higher now,” observed Mr Wong, who is also Finance Minister.

Today, some 80 per cent of people buying BTO flats are able to service their HDB housing loan using Central Provident Fund contributions, and little or no cash, he noted.

“The new flats are affordable, we will continue to review to make sure they stay affordable, and the supply that we are putting onto the market will eventually have an impact on stabilising the overall property market,” he maintained.

Inclusive dreams

Topical issues such as how new US President Donald Trump’s leadership will impact Singapore were also discussed.

On the matter of geopolitical tensions, Mr Wong noted that Singapore faces an increasingly challenging external environment as the US and China are vying for dominance.

“With growing competition, we worry that things can go wrong,” he added. “Not just on the economic side, where potentially we may have more trade barriers, more technological decoupling, but even accidents and miscalculations that can happen around hot spots like the South China Sea or the Taiwan Strait.”

However, he did not think that the two superpowers would force countries to choose sides. “If it does, I mean, frankly, it is not just Singapore that is impacted. If it were to happen, that such a scenario were to arise, frankly, God help us all. Then we are truly, truly at the brink of a Third World War.”

Shared dreams

Ahead of the General Elections this year, a participant asked about common criticisms faced by the ruling People’s Action Party. “There are many…you just need to go online,” Mr Wong replied, to laughter from the audience.

Levity aside, he called for “balance”, noting that it was important to also appreciate Singapore’s successes in areas such as healthcare, retirement, and public housing.

But he told the audience that the Government was neither complacent nor presumptuous. “We don’t start off assuming that we know everything, we don’t start off assuming that everything is perfect,” he said.

“There will be criticisms. We listen to the feedback. We hear you: the concerns, the unhappiness, the frustrations. We try to find solutions to tackle them. If there are no easy answers, we explain to you what the situation is to the best of our abilities, and then we find ways to move forward as a country.”

The day’s theme was perhaps best summarised by Assoc Prof Leong Ching in her conclusion, highlighting the assurance that regardless of era, Singaporeans can still share a Singaporean dream for generations to come.

“Varsity Voices was established to engage young people with political issues, providing a platform for raising awareness and fostering meaningful discussions,” said Varsity Voices 2024 Council Chairman Mr Illamkathir S/O Manimaraselvan, a final year NUS political science and communications undergraduate.

“This dialogue with Prime Minister Lawrence Wong was co-organised with REACH, with the same goal in mind—creating an opportunity for youth to share their vision of the Singapore Dream and discuss how we can each succeed and grow on our own terms.”

Kathir, who is also Senior Advisor to the NUS Students’ Political Association, added, “Seeing so many IHL students dedicate their time to engage with PM Wong is a powerful reminder of how passionate young people are about participating in discussions that matter to them.”