PropertyBT: Selling Singapore's new dream homes
Singaporeans have always had a special interest in real estate investment so GuocoLand's recent success in Lentor might have piqued your interest. It certainly piqued Leslie Yee's interest.
As host of The Business Times podcast PropertyBT, he sat down with Dora Chng, residential director at GuocoLand to garner insights into their residential developments in the latest podcast episode.
Unearth market trends and insights
The pair explore why new condo units in Singapore are commanding high prices and selling like hotcakes. With Chng's expert insights, listeners gain a comprehensive understanding of the unique appeal and advantages of owning a brand-new condo compared to resale properties. This episode is packed with data and observations that can help potential buyers and investors make informed decisions.
She explains the intrinsic value and attraction of new condos, such as modern designs, fresh tenure, and state-of-the-art facilities. She also points out that new developments often integrate leisure and practical amenities, making them highly desirable.
Pricing premium justification
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
Despite the higher price point of new condos—40 per cent higher on average compared to resale units—Chng explains why these properties are worth the investment. She proposes that enhanced facilities, strategic locations near MRT stations, and flexible, contemporary layouts are key reasons.
The conversation then delves into GuocoLand's successful projects in the Lentor area, illustrating how the company has innovatively marketed and sold multiple developments despite a competitive landscape. Here again Chng shares insights into their strategic approach which offers valuable lessons for real estate professionals and investors.
Evolving buyer preferences
Yee and Chng move on to discuss how buyer preferences are shifting, with modern buyers valuing location convenience and flexible living spaces. Chng highlights the changing demographics and needs of condo buyers in Singapore, ensuring that listeners are up-to-date with current market trends.
The podcast shines a light on GuocoLand's forward-thinking projects that emphasise wellness and sustainability. Chng then shares intriguing details about the upcoming Spring Leaf Residence, designed to coexist harmoniously with its natural surroundings—an increasingly important factor for environmentally conscious buyers. A definite highlight for listeners who might be considering a property purchase.
Show flats vs virtual walkthroughs
The episode covers the enduring importance of show flats in an age of advanced virtual reality technology. Here Chng provides practical advice on what to look for in show flats, offering essential tips for potential buyers to visualise their future homes accurately.
Listen now to this candid discussion, between Leslie Yee of The Business Times and Dora Chng from GuocoLand which addresses common concerns about the timing of property purchases and financial planning. Useful advice whether you are a prospective buyer for investment or looking for a home.
PropertyBT is a podcast of BT Correspondents. Look out for the next episode featuring senior correspondent Ben Paul. And if you have any thoughts or questions, feel free to reach out to us at btpodcasts@sph.com.sg.
---
Written and hosted by: Leslie Yee (lyee@sph.com.sg)
With Dora Chng, residential director, GuocoLand
Edited by: Emily Liu & Claressa Monteiro
Produced by: Leslie Yee, Emily Liu & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
---
Follow BT Correspondents:
Channel: bt.sg/btcobt
Amazon: bt.sg/btcoam
Apple Podcasts: bt.sg/btcoap
Spotify: bt.sg/btcosp
YouTube Music: bt.sg/btcoyt
Website: bt.sg/btcorresp
Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice.
---
Discover more BT podcast series:
BT Money Hacks: bt.sg/btmoneyhacks
BT Podcasts: bt.sg/pcOM
BT Market Focus: bt.sg/btmktfocus
BT Branded Podcasts: bt.sg/brpod
BT Lens On: bt.sg/btlenson
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
7 hours ago
- Straits Times
Attempted misuse of work pass for foreign students or trainees ongoing for years: Industry insiders
The Manpower Ministry revealed on June 19 that it has received 120 reports related to the abuse of the Training Employment Pass in 2025. PHOTO: ST FILE Attempted misuse of work pass for foreign students or trainees ongoing for years: Industry insiders SINGAPORE – Errant employers and agents have for years attempted to illegally bring in foreign workers for rank-and-file roles such as dishwashers under a pass intended for foreigners to undergo short-term professional training here, said industry insiders. They told The Straits Times that the Training Employment Pass (TEP) attracts misuse in this manner because it does not impose a levy or quota on workers, unlike the work permit or S Pass, which are meant for lower-skilled or semi-skilled roles. The TEP has come under scrutiny of late, following allegations of such misuse. This included a blog post by advocacy group Transient Workers Count Too (TWC2) in May flagging the issue, citing accounts from a rising number of low-wage workers holding the TEP who have approached it for help since December 2024. The affected TEP holders had come forward with claims of being paid below the stated salary for their pass, asked to work before receiving their passes, as well as registered as 'management executives' despite actually working in menial roles. Responding to queries from ST, the Ministry of Manpower (MOM) revealed on June 19 that it has received 120 reports related to TEP abuse in 2025, but did not provide for comparison the number of reports received in past years. An MOM spokesperson also said an average of around 6,800 TEPs were approved each year over the last 10 years, with the majority of approvals for jobs in the services sector. The ministry has stepped up enforcement efforts against employers who misuse the TEP scheme to circumvent the work pass framework, said the spokesperson. The TEP allows foreign students or trainees from a company's overseas office or subsidiary to undergo practical training for professional, managerial, executive or specialist jobs here for up to three months. Trainees must earn a minimum fixed salary of $3,000 a month. The work attachment for student applicants must be tied to their studies. They must either be studying in an 'acceptable institution' or earning at least $3,000 a month. Trainee lawyers who are not permanent residents or Singaporeans are one group who have been approved to work here under TEPs, ST understands. Another group, mentioned in a written parliamentary answer by Manpower Minister Tan See Leng in 2023 , are those in clinical fellowship training programmes. But Dr David Leong, managing director of human resources firm PeopleWorldwide Consulting, said some agents use the TEP to supply a steady stream of labour to employers grappling with acute manpower shortages, particularly in industries struggling to fill low-wage or undesirable roles. 'Some employers, unaware of the full extent of the agents' misconduct, are unwittingly drawn into these schemes, believing they are addressing legitimate staffing needs. 'Others, however, knowingly collaborate with agents, taking advantage of the lax oversight to exploit workers for cheap labour, often in grueling or irrelevant roles.' Dr Leong added he has consistently warned his clients against taking on workers brought in under a TEP, particularly for rank-and-file roles. He added that private education institutions may also sometimes act as fronts for channelling workers into low-wage, temporary jobs under the pretext of training. Speaking in his personal capacity , former MOM prosecutor Jason Chua noted that the non-renewable nature and short duration of the TEP makes it a relatively niche pass intended for skilled roles, compared to Employment Passes, work permits and S Passes. 'Also, the TEP is meant for foreign trainees to learn skills and apply it back to their home country.' In contrast, the fundamental purpose of more mainstream work passes lies more in allowing the foreign worker to contribute economically, rather than learn, here, he said. Reinforcing the intended scope of the TEP as being for skilled roles, Mr Chua said the TEP often gets confused with the Training Work Permit, which is reserved for eligible unskilled or semi-skilled foreign trainees or students to undergo practical training in Singapore. However, these are subject to a levy, and still count towards an employer's quota for work permit holders. The short duration of a TEP limits the type of roles that errant employers can practicably assign TEP holders. These are typically labour-intensive roles where high staff turnover does not matter as much. Mr Ethan Guo, TWC2's executive director, told ST the TEP holders who approached it for help often were forced by employers to sign pay slips indicating they received their full pay, but actually paid them less. 'We even saw one instance where the pay slips were not even issued to or signed by the workers, but instead doctored digitally. 'There are also those who were not given work and therefore didn't get any pay at all.' Still, attempts to bring in low-wage workers under this pass have continued. A TikTok video first uploaded earlier in 2025 and subsequently deleted soon after media reports surfaced on the TEP, re-emerged in June. In a voiceover, a male can be heard touting the 'advantages' of the TEP, including savings from not needing a levy, as well as 'more obedient' workers. 'The third (advantage) is that you don't need to keep on your payroll 'phantom workers', so you wouldn't need to live in fear of being caught, fined and have your finances frozen,' he said, adding that agents are able to help employers handle flights and accommodation as well. Even though he acknowledged the short duration of the pass can be disruptive, the man added: 'A lot of workers will be willing to come here.' Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
9 hours ago
- Business Times
PropertyBT: Selling Singapore's new dream homes
Singaporeans have always had a special interest in real estate investment so GuocoLand's recent success in Lentor might have piqued your interest. It certainly piqued Leslie Yee's interest. As host of The Business Times podcast PropertyBT, he sat down with Dora Chng, residential director at GuocoLand to garner insights into their residential developments in the latest podcast episode. Unearth market trends and insights The pair explore why new condo units in Singapore are commanding high prices and selling like hotcakes. With Chng's expert insights, listeners gain a comprehensive understanding of the unique appeal and advantages of owning a brand-new condo compared to resale properties. This episode is packed with data and observations that can help potential buyers and investors make informed decisions. She explains the intrinsic value and attraction of new condos, such as modern designs, fresh tenure, and state-of-the-art facilities. She also points out that new developments often integrate leisure and practical amenities, making them highly desirable. Pricing premium justification A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Despite the higher price point of new condos—40 per cent higher on average compared to resale units—Chng explains why these properties are worth the investment. She proposes that enhanced facilities, strategic locations near MRT stations, and flexible, contemporary layouts are key reasons. The conversation then delves into GuocoLand's successful projects in the Lentor area, illustrating how the company has innovatively marketed and sold multiple developments despite a competitive landscape. Here again Chng shares insights into their strategic approach which offers valuable lessons for real estate professionals and investors. Evolving buyer preferences Yee and Chng move on to discuss how buyer preferences are shifting, with modern buyers valuing location convenience and flexible living spaces. Chng highlights the changing demographics and needs of condo buyers in Singapore, ensuring that listeners are up-to-date with current market trends. The podcast shines a light on GuocoLand's forward-thinking projects that emphasise wellness and sustainability. Chng then shares intriguing details about the upcoming Spring Leaf Residence, designed to coexist harmoniously with its natural surroundings—an increasingly important factor for environmentally conscious buyers. A definite highlight for listeners who might be considering a property purchase. Show flats vs virtual walkthroughs The episode covers the enduring importance of show flats in an age of advanced virtual reality technology. Here Chng provides practical advice on what to look for in show flats, offering essential tips for potential buyers to visualise their future homes accurately. Listen now to this candid discussion, between Leslie Yee of The Business Times and Dora Chng from GuocoLand which addresses common concerns about the timing of property purchases and financial planning. Useful advice whether you are a prospective buyer for investment or looking for a home. PropertyBT is a podcast of BT Correspondents. Look out for the next episode featuring senior correspondent Ben Paul. And if you have any thoughts or questions, feel free to reach out to us at btpodcasts@ --- Written and hosted by: Leslie Yee (lyee@ With Dora Chng, residential director, GuocoLand Edited by: Emily Liu & Claressa Monteiro Produced by: Leslie Yee, Emily Liu & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow BT Correspondents: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: BT Podcasts: BT Market Focus: BT Branded Podcasts: BT Lens On:
Straits Times
13 hours ago
- Straits Times
MAS sets on record its regulatory oversight in Allianz's offer for Income Insurance
This comes ahead of Income Insurance's annual general meeting, which is set to take place on June 24 evening. SPH Media Limited MAS sets on record its regulatory oversight in Allianz's offer for Income Insurance SINGAPORE - The Monetary Authority of Singapore (MAS) has on June 23 set on record matters related to its regulatory oversight during German insurer Allianz's planned offer to buy a majority stake in homegrown Income Insurance in 2024 . In a late night release, the regulator outlined key events and points in response to former NTUC Income chief executive officer Tan Suee Chieh's open letters on the proposed acquisition, which fell apart after Allianz withdrew its offer on Dec 16. MAS's reply comes ahead of Income's annual general meeting, which is scheduled to take place on June 24 evening. In July 2024, Allianz announced plans to buy a majority stake of at least 51 per cent in Income for $40.58 a share in a $2.2 billion cash deal. The offer faced public backlash due to concerns that Income might shed its social mission of providing affordable insurance to Singaporeans. Then, majority shareholder NTUC Enterprise and Income had assured that affordable insurance would be maintained. Questions were later raised in Parliament about the deal's impact on policyholders and the company's social mission, with government officials stating that Allianz and Income would be held accountable for their commitments. It was later revealed that Allianz had a capital reduction plan where Income would return $1.85 billion in cash to shareholders within three years. This drew concerns from the Government and the law was urgently amended to allow the deal to be blocked . Mr Tan's three open letters - of which two were published in August 2024, and one on April 28, 2025 - included questions about MAS' regulatory oversight of the transaction. The letters were addressed to the MAS and its chairman, Deputy Prime Minister Gan Kim Yong. Mr Tan had also written to MAS on June 9, 2025, seeking a response and requesting a meeting with DPM Gan o r a senior MAS representative. Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming group CEO of NTUC Enterprise from 2013 to 2017. MAS said on June 23 that Allianz and NTUC Enterprise had received its approval prior to Allianz making its pre-conditional voluntary cash general offer on July 17, 2024. The approval was to allow the two entities 'to enter into an agreement or arrangement to act together to acquire an interest of 5 per cent or more of Income's voting shares', as outlined in the Insurance Act. It did not mean that MAS had approved the deal, said the regulator. 'The proposed transaction was subject to further regulatory approval from MAS for Allianz to obtain effective control and become a substantial shareholder of Income ,' said MAS. At this point, the regulatory approval process was not completed and would have taken a few months for MAS to complete its assessment , it added. Mr Chee Hong Tat , who is MAS deputy chairman, had said in Parliament on Aug 6, 2024 that 'the proposed deal was still subject to MAS' regulatory approval' and there was 'due process for this'. MAS reiterated on June 23 that it had received Allianz's preliminary business plan for Income in mid-July 2024. This included a set of business and financial projections, which included a plan for capital efficiency and reduction. ' There was no application to MAS to approve the capital reduction plan, neither did MAS give any such approval. Any capital reduction would need separate and specific MAS approval, ' said the regulator. The capital reduction plan proved to be a sticking point in the proposed deal. A key factor was the ministerial exemption that Income received when it was corporatised in 2022, which allowed it to carry over a surplus of about $2 billion. Otherwise, the money would have been returned to the Co-operative Societies Liquidation Account to benefit the sector at large. While the MAS did not have prudential grounds for concern about the transaction after the Aug 6 parliament sitting, it had noted that the capital reduction plan could be relevant to Ministry of Culture, Community and Youth (MCCY), given Income's previous status as a co-operative society. After MAS shared the information with MCCY, the Government decided to amend the Insurance Act on an urgent basis to allow the approval of the deal to be withheld. This paved the way for the MAS to consider the views of the MCCY in future applications related to insurers that are cooperatives or are linked to cooperatives. During the Parliament sitting on Oct 14 when the legislative amendment was tabled, then-MCCY Minister Edwin Tong explained that 'when we first saw the announcements, we accepted the intent of the transaction, which is to strengthen Income.' He also stated that 'the Government also does not have concerns over Allianz's standing or suitability to acquire a majority stake in Income'. However, MCCY found it 'difficult to reconcile the proposed substantial capital reduction, soon after the transaction is completed, with Income's representations to MCCY during the corporatisation exercise that it was aiming to build up capital resources and enhance its financial strength'. MCCY was also 'not satisfied that Income will be able to continue fulfilling its social mission after the proposed transaction.' Mr Chee , who was then the Transport Minister and Second Minister for Finance, also made clear on Oct 16 that 'there is no formal application yet by Allianz to obtain effective control and become a substantial shareholder of Income'. MAS said on June 23 that before sharing the capital reduction plan with MCCY, the regulator ' had not been aware of the representations that Income had made to MCCY when it was allowed to carry over $2 billion in surplus to the new corporatised entity'. Allianz withdrew its offer in December, and the matter was raised by various members of alternative political parties during the recently-concluded General Election. MAS said it will not agree to Mr Tan's meeting request 'given that the proposed transaction and amendments to the Insurance Act had been extensively debated in Parliament, and addressed again in this open reply'. 'Nevertheless, if Mr Tan has further feedback or information to share with us, we will duly consider them,' it added. Sequence of key events 2024: July 17: German insurer Allianz offers $40.58 a share to buy a stake of at least 51 per cent in Income Insurance in a $2.2 billion cash deal. NTUC Enterprise, which holds a 72.8 per cent stake, has given an irrevocable undertaking to accept the offer. Mid-July: Allianz, Income and its parent NTUC Enterprise submit plans to the Monetary Authority of Singapore (MAS) around the time the offer was made. It includes details about Income returning $1.85 billion in cash to shareholders within the first three years after the deal wraps up. This was not publicly disclosed. July 25: NTUC Enterprise chairman Lim Boon Heng says that Income will continue to provide affordable insurance after the deal. The statement comes after some former executives and members of the public raised concerns about the insurer's social mission. July 27: Income issues a statement that its chairman Ronald Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the deal, after questions were raised about it. July 30: Mr Lim, Income chief executive Andrew Yeo and Income board's lead independent director Joy Tan further clarify concerns over the deal in an interview with ST and in a separate joint statement. Aug 4: NTUC Enterprise and Income rebuts an open letter by former NTUC Income chief executive Tan Suee Chieh, in which he objected to the Allianz offer. MCCY Minister Edwin Tong writes in a Facebook post that co-ops as social enterprises must be financially sustainable in order to better serve their members in a fast changing economic environment. Aug 5: NTUC's secretary-general Ng Chee Meng and president K Thanaletchimi say in a joint statement that the central committee was briefed on the deal, and outlined why Income needed to become more competitive. Aug 6: The deal is debated in Parliament. The Ministry of Culture, Community and Youth (MCCY) is unaware of the post-transaction details at this time. After Aug 6: MCCY continues to do due diligence and enquire further into the proposed deal. MAS provides MCCY with further details, including Income's capital optimisation plan as the regulator felt it could be relevant to the ministry's views on the deal. MCCY had not seen this information earlier. Oct 14: MCCY minister Edwin Tong tells Parliament that the Government will halt the deal in its current form on concerns over its structure and ability of Income to continue serving its social mission. A Bill to amend the Insurance Act is tabled on an urgent basis. In a late statement, Allianz says it will consider revising the deal structure. Income and NTUC Enterprise say they will work closely with stakeholders on the next course of action. Oct 16: NTUC Deputy Secretary-General Desmond Tan tells Parliament that NTUC's central committee was unaware of the capital extraction plan and learnt of it on Oct 14. MPs debate the issue for nearly four hours, and vote to pass the Bill. Nov 14: Despite the government's stance, Income and Allianz said in a bourse filing that discussions over the deal for a majority stake acquisition in the Singapore insurer were still ongoing. Dec 16: Allianz withdraws offer for Income in view of the legislative changes. NTUC Enterprise says it will take time to study how to address the Government's concerns, and to consider all strategic options that can further strengthen Income Insurance's financial resilience. 2025: April-May: Issue resurfaces during Singapore's General Election. June 9: Mr Ronald Ong will step down as Income's chairman on Jun 24, 2025, while retaining his role at NTUC Enterprise. The search for a new chairman has begun. Join ST's Telegram channel and get the latest breaking news delivered to you.
