Mm-hmm.

Uh, I think first of all, just to Build on what Dr. Wu has shared earlier, and I fully agree with him.

I think where we can, we try to intensify the land usage, uh, at certain sites that have been designated for development.

Mm-hmm.

Uh, either you go taller or sometimes even we go deeper.

Deeper.

Right? If there's a possibility of moving some of the infrastructure and the facilities underground- Mm-hmm ...

Mm.

[clapping]

Mr. Janadas Devan, Mr. Piyush Gupta, distinguished guests, ladies and gentlemen, a very good afternoon.

It is my pleasure to join all of you for the launch of Piyush's book, Singapore's Financial Sector: How Did We Arrive? How Do We Thrive? The book is based on the three IPS lectures that Piyush delivered in 2025 on the evolution of Singapore's financial sector, how new technologies have redrawn the financial landscape, and how Singapore can remain relevant as a global financial hub.

Besides being an outstanding corporate leader in the financial services industry, Piyush is also a deep thinker who has shared his insights on a range of topics, including technology and business transformation.

Under his leadership, DBS, that he led previously, was named the world's best bank and best digital bank on several occasions, and one of the most transformative organizations of the decade by Harvard Business Review in 2019.

And I think if you look at the share price of DBS today, we have Piyush to thank.

[laughs]

Now, beyond DBS, Piyush helped shape Singapore's post-COVID economic strategy as a member of the Singapore Emerging Stronger Task Force, and supported the development of our financial center through his contributions on the MAS's Financial Centre Advisory Panel.

Yeah

...

when their children grow up, right, and their children move out, they want to right size, they want to switch from where they are currently staying into a smaller flat.

Could be a community care apartment, could be a two-room flexi.

And then they sell this current flat, switch to a smaller flat, and the balance amount, they use it for their retirement.

So if you tell them, say, "I don't allow you to monetize," or, "I cap your s- your selling price," uh, uh, in a way we are short-changing the current flat owner, which they have worked hard to pay off during their working life.

If I give you some stats, huh-

Mm