Property if not used as an asset, becomes a liability. So if I own a property, I will prefer to generate cashflow and future capital gains if possible. The economics point of view. Home is where our loved ones are and is meant for staying in and creating memories. It need not be tied to a property, though in Singapore, it conventionally is. The people maketh a physical home also 'home' in the emotional and mental sense. That said, I see HDB primarily as a home then secondarily as a possible investment asset. I won't want to use it as a base asset to flip property though I might explore to rent out some rooms or conduct lessons in the home or use it as a home studio. I will see other properties (the second one, private properties, freehold, overseas) and REITs as an investment instead. In a nutshell, I will only take the risk on what I can afford to lose and not on what I cannot. One additional reason is that HDB, like CPF, is protected from bankruptcy claims. So the safety net is a draw to me as a good stable foundation, at least for my lifetime. PS: Stayed in three HDB units owned by my parents. Moved twice, once for downgrade, one for Sers.