"When Singapore attained self-governance, it faced a severe shortage of sanitary housing. Although there was public housing available, it was grossly under-supplied," says Alan Cheong, head of research in Singapore for estate agent Savills.
When the country went to the polls that year, housing was a hot-button issue.
The winning candidate, Lee Kuan Yew, ran on a manifesto that accused the British of "failing miserably" to build enough homes, and promised to ramp up construction of new housing.
He kept his promise, and winning seven further general elections meant he could see the project through. The Housing Development Board (HDB), a state-owned housebuilding company, was formed in 1960 with the "mission of providing quality and affordable public housing for Singaporeans", Cheong says.
Thousands of new homes were built inside tower blocks but, in a key difference to the British strategy, they were designed for the country's growing middle class - not just to house the poorest residents.
The properties were spacious and came fitted with mod cons that gave many people running water, electricity and bathrooms in their home for the first time.
Within the HDB's first three years, 31,000 new homes were completed. By 1970, over 100,000 had been built, with roughly 10,000 to 30,000 completed annually thereafter, according to online data bank HousingMap.sg.
Today, there are more than a million HDB properties, accounting for more than 70pc of Singapore's housing stock. Unlike the British social housing system, the property's deposit and mortgage are linked to social security contributions via the government's compulsory central provident fund.
Workers earning more than SGD$750 (£430) a month pay in 20pc of their earnings until age 55, tapering down to 7.5pc for those over 70. Employers also contribute a similar amount.
The savings pots - which pay for retirements but are also used to cover the cost of a deposit and mortgage when buying an HDB flat - come with an interest rate of at least 2.5pc a year.
Rents are subsidised and, since 1964, residents have been able to purchase their flats on 99-year leases. Mortgages can be obtained from the HDB or approved local banks, with costs considered to be very affordable.
Singapore ranked 11th out of 94 markets for housing affordability in a survey conducted last year by consultancy Demographia. London came 80th.
There's also a thriving resale market, and HDB properties have seen their value rise 44pc in the past decade, according to Singapore-based financial advisers Smart Wealth.
"Over the years, HDB flats evolved from being just a simple roof over the head for resettled families, to assets having a strong investment appeal," explains Cheong.
So why hasn't Britain been able to achieve anything on this level?
One huge difference is land ownership. In Singapore, the state owns the majority of land and housing, whereas in Britain, most is private. Beyond that, the finger is pointed at the UK's planning system.
"Our problem is not a lack of affordable housing, but that all housing - at all levels - is not affordable enough. That is primarily because of our planning system, constricting land supply where people want to live around our big cities," says Cheshire.
"[The system] hinders building because of its discretionary decision making, with control almost entirely at the local level. This injects uncertainty into the development process.
"Then, via our system of local government finance, we more or less fine local communities that allow development - so no wonder we have constructed a Nimby world.
"Singapore, though - really constrained in land supply, not just policy - does things differently and efficiently."
However, despite its historic success, there are questions over what will happen to Singapore's build-to-own model in the future.
So far, none of the public flats' 99-year leases has expired, but some are starting to run low.
"For public flats, the 99-year lease starts when the first occupiers of the flat collect their keys. On paper, at the end of the 99-year lease term, it reverts to the government," Cheong explains.
So, while Singapore appears to be a nation of homeowners, it is really a nation of leaseholders whose stake in the country will someday go back into public ownership.
"There is a looming problem," says Andrew Purves, an academic who researches Singapore's housing policy. "Attitudes towards property ownership in Singapore are shifting, and some of the early leases are beginning to fall in value."
In the early days of HDB, Singaporeans aspired to buy property for the purpose of starting families. Today, birth rates are falling, suggesting younger generations are less eager to put down roots in the country.
This plays into who can actually get a new HDB flat. Singaporeans have to enter an application ballot system. Younger people who are more likely to have children - thereby tackling the country's rapidly ageing population - are generally preferred. They must be married or in their mid-30s.
If you're picked in the ballot, it's a three to five-year wait until you can move in, since construction only begins once new flats have all been allocated.
Ideally, your BTO flat would be somewhere you'd live for the foreseeable future, but the continued rise in resale prices for newer HDB flats is changing this. Last year, more than 1,000 were sold for at least SPD$1m, marking a record.
As the resale market heats up, Singaporeans face a dwindling incentive to remain in their HDB flat when they have the option to sell - especially if they were handed a valuable prime location through the balloting system.
In response, the government has doubled the minimum occupation period for the most sought-after properties to 20 years, and introduced a levy on reselling.
Whether this will solve the problem remains to be seen.
"No flat has reached the 99-year limit, so the answer is not clear," says Chua Beng Huat, emeritus professor at the National University of Singapore.
"However, flats built in the 1960s and 1970s are being demolished for redevelopment, and affected households are rehoused in new subsidised flats with a new lease. Ultimately, the 99-year lease can be renewed if necessary."
He believes Singapore will continue to lead the charge on affordable housing. "I don't see any serious issue emerging in the future - when it does, the system will find ways to patch it up. It is so entrenched as part of the nation that there is no possibility of developing a new operating system."
"I wouldn't say the housing issue is completely solved," adds Purves, "but for generations, they've had access to affordable housing in a global city. So far, it's been a success."