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AS SINGAPORE'S economy progresses, the government will continue to upgrade Singaporeans' assets by stepping up the Selective En-bloc Redevelopment Scheme (Sers) and other upgrading schemes in the future to give older HDB flats a new lease of life, Minister Mentor Lee Kuan Yew said yesterday.

Mr Lee: 'Singapore is set for good economic growth over the next five years'

Speaking at a Tanjong Pagar National Day celebration dinner, Mr Lee painted an optimistic picture of Singapore's future, and indicated that more Sers would be implemented island-wide.

'We'll have more Sers, total redevelopment - whole estates - so before your lease runs out we rebuild the whole area, give you a fresh lease, another fresh 99 years, and another one-third subsidy, so that your assets, you can buy it for $200,000 (and) it will be worth $270,000,' he said. 'We will sell it to you at a lower price, just like we did in the early days.'

And, with the building of the Marina barrage, flats along canals can expect to see a rise in value, as the canals become filled with water, and thus could become hubs for recreational activity, he noted.

In his speech, Mr Lee also said Singapore can become the 'Paris in South-east Asia', as the country continues its drive to build its services and tourism industry.

He also said the building of the two integrated resorts would mean more service jobs for older Singaporeans, as these kinds of jobs are difficult to outsource.

'To create this kind of an economy, we must have a different kind of Singapore,' he said. 'The Singapore that we had - very orderly, very wholesome, very clean - is not good enough. They (tourists) want a fun city, with buzz, because now we have a new generation of tourists who go to places with excitement.' Mr Lee also believes that Singapore is set for good economic growth over the next five years, although dangerous pitfalls - like rising oil prices from instability in the Middle East - could derail that growth. However, even if the global economic climate turns sour, Singapore can still be flexible enough to adapt, he added.

'If Singapore remains nimble, adjusts and stays competitive, we can forge ahead,' Mr Lee said.

He noted how Singapore had become a 'brand name', with Singaporeans being sought after for their capability, integrity and reliability. He pointed to how Liaoning province in China is looking to Singapore to do a project on Changxin island, and how Russia has expressed interest in setting up special economic zones.

However, Mr Lee warned Singaporeans not to take the achievements of the current administration for granted.

'The problem now is that Singaporeans believe: 'We will always have a People's Action Party government, don't worry, so please vote for the opposition . . . then the PAP government will have to give you more',' he said. 'One day they'll wake up and they'll find the opposition is the government . . . and that's too late to regret.'

He also said that the period leading up to the next General Elections was crucial to the PAP, and hinted that he could stand in Tanjong Pagar again if he was fit to do so.

'The PAP must do well in this period - with your support - and if we win again in 2011, we'll be here in Tanjong Pagar,' Mr Lee said. 'If I'm still fit, and capable of making another speech like this, I'll be here, I'll stand with you.'