SINGAPORE - Prime Minister Lee Hsien Loong will speak on four issues that are on people's minds at the National Day Rally on Sunday (Aug 19).

These are: The cost of living, water and electricity prices, medical costs and housing.

He also said in a video posted on his Facebook page on Friday (Aug 17) that the Government is closely watching the changes taking place internationally.

"Domestically, we are working hard, improving people's lives, addressing problems, preparing to grow further," he added.

PM Lee will deliver his speech at the Institute of Technical Education (ITE) College Central campus in Ang Mo Kio.

PM Lee will commence the Rally at 6.45pm in Malay. He will then speak in Mandarin, and begin his English speech at 8.15pm.

Widely seen as the most important political speech of the year, the National Day Rally is traditionally used to map out the country's future directions and announce new policies.

In his annual National Day Message, PM Lee had touched on concerns over the cost of living, noting that people worry about education, healthcare and housing.

He also said in his message that existing housing estates will be maintained and upgraded as the years pass.

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"Though the leases still have many years to run, we should think ahead about how we can keep older estates in good living condition, and also start to redevelop them, in order to build new homes and towns for future generations," he added.

PM Lee had cited the need for bold, creative planning to take the country forward, and held up the newly developed Kampung Admiralty retirement community as an example of what the Government is doing to transform education, healthcare and housing to improve lives.

Kampung Admiralty, which is in Woodlands, is Singapore's first retirement community and took in its first residents in August last year.

The 11-storey complex comprises public housing for seniors integrated with healthcare, wellness and eldercare facilities.