PropertyBT: Selling Singapore's new dream homes
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
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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.
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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
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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.
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Business Times
42 minutes ago
- Business Times
Shifting appetite among Asia's rich could lift investments in alternative assets
[SINGAPORE] More of Asia's richest are viewing private-market investments as a core part of their portfolios, say senior private bankers. With allocations ranging from the single digits up to 15 per cent of their portfolios to the asset class, this could translate to as much as US$1.5 million per investor. If this trend continues, the total assets under management (AUM) in private markets by individuals, each with a net worth of US$10 million, could hit US$1.39 trillion in Asia by 2028, going by a back-of-the-envelope estimate by The Business Times. The sum was derived from Knight Frank's 2025 Wealth Report, which forecasts the number of these wealthy Asia-based individuals to grow to 928,722 in 2028. The report noted that this group stood at 854,465 in 2024, meaning that as much as US$1.28 trillion could be invested in alternative assets . Alternative assets, which comprise private-market investments in equity, credit, real estate and infrastructure, have traditionally been the domain of institutional investors such as pension funds, but rich retail investors are now wanting a piece of the action. As such assets are less liquid and transparent than publicly traded assets such as stocks and bonds, countries generally impose guard rails to restrict the access that retail investors have to these private assets. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In Singapore, investors who are not private-banking clients – but whose investable assets range from S$5 million at DBS and UOB to US$10 million at Standard Chartered – would generally need to be accredited investors to invest in such instruments. Nicholas Cheng, head of private markets group at Standard Chartered Global Private Bank, told BT that there is a clear trend of private-banking clients in Asia allocating more to alternative assets over the past five years. 'Previously, private-market investments might have been seen as opportunistic, 'nice-to-have' additions. Now, they are increasingly viewed as core, strategic components of a well-diversified portfolio. Clients are actively building long-term allocations, understanding the role these assets play in their overall wealth strategy.' In general, StanChart's private-banking clients allocate 15 per cent of their portfolios to such assets. Diversifying away from public markets Such investors find alternative assets appealing because these instruments allow them to diversify away from equities, which can be volatile in times of uncertainty. In addition, Asia's rich want to increase their exposure to private companies, which may want to stay that way. Chee Jiun Wen, head of alternative investments at Bank of Singapore, said: 'As companies stay private for longer, investors seek alpha generation, and as the emphasis on portfolio diversification grows, we believe opportunities and access to alternative investments should only continue to expand for our clients.' Hamilton Lane, one of the world's biggest private-market investment firms with more than US$958 billion in AUM and supervision, said that 87 per cent of US companies with revenues exceeding US$100 million were private as at early-2022 – and this was just the year following 2021, a record year for initial public offerings, when companies raised US$316.6 billion on US bourses. Private-banking clients are also comfortable with the illiquidity premium that alternative assets offer. This is the premium that these investments offer to investors, to entice them away from publicly traded, more-liquid instruments. Mathieu Forcioli, global and Asia-Pacific regional head of alternatives, wealth and premier solutions at HSBC, said: 'Private-market investing introduces an element of illiquidity in an investment portfolio. Over the past years, our clients have been assessing the amount of illiquidity risk they can take, and have been able to invest outside publicly traded instruments, with the aim of improving the risk/return profile of their portfolio.' HSBC recommends an 11 per cent allocation to alternative assets for those with medium-risk portfolios. As Asia's rich become more familiar and comfortable with investing in alternative assets, they are likely to continue raising their exposure, market observers said. Investing more in alternative assets The private banks that BT approached say their clients' AUM in alternative assets has grown strongly in the past few years. Declining to go into specifics, UOB reported that the figure jumped more than five times between January 2023 and May 2025. At Bank of Singapore, the inflows to alternative investments surged more than 80 per cent in 2024 from the year prior. The Monetary Authority of Singapore's latest annual survey of the local asset-management industry showed the total AUM in alternatives hit nearly S$1.39 trillion in 2024, up 14 per cent from 2023. In private equity and venture capital, the biggest component, AUM rose 20 per cent to S$789 billion. With increasing sophistication in alternative assets, UOB Private Bank's clients are diversifying within private markets. Wong Meng Keet, head of managed products and alternative investments at UOB Private Bank, said: 'Previously, clients interested in alternatives would typically have a combination of investments in hedge funds and private equity. Today, they are spreading their investments across a wider range of options, and it is not unusual for clients to have a combination of private equity, private credit, private real estate and private infrastructure.' Banks are launching more products to cater to the expanding appetite, including the so-called semi-liquid funds that offer periodic redemption opportunities. As open-ended funds that provide ongoing access, investors can stay invested for as long as they choose. They are more palatable to retail investors, compared to the closed-ended funds that cater largely to institutional investors with deeper pockets and longer investment horizons. US$50 million ticket size On the higher end of the wealth spectrum, DBS Private Bank and Hamilton Lane launched a product in June catering to the bank's ultra-high-net-worth (UHNW) clients and family offices. With a minimum ticket size of US$50 million, each of these clients can set up a portfolio of private-asset investments tailored by Hamilton Lane, in its first such partnership with DBS. The product has 'garnered strong interest' among DBS' clients since its launch. The bank signed a mandate with a family office where the chief investment officer hails from a commodities trading background and is 'relatively unfamiliar' with investing in private assets, DBS told BT. Kerrine Koh, head of South-east Asia at Hamilton Lane, said the partnership sprung from the firm's observation that UHNW investors often have 'unique objectives, risk tolerance and risk preferences', and that off-the-shelf products may not meet these needs. On the opposite end of the spectrum, accredited investors who are not private-banking clients can access alternative assets at StanChart and OCBC. These are individuals with net personal assets of more than S$2 million, or with an annual income of S$300,000. Priority banking clients at Stanchart with at least S$200,000 in deposits and who are accredited investors in Singapore can make investments in private-market funds. These include a European private-credit fund that the bank launched in February. Accredited investors at OCBC have three private-market funds to choose from. The bank started offering the Blackstone Private Credit Fund in 2022, and added the Apollo Aligned Alternatives Fund this year. This month, the bank added a private-credit fund with a Singapore-dollar share class for the first time, to cater to those who prefer to invest in the local currency, he added. Strong interest in these products 'propelled our private-market funds' AUM 2.5 times in one year', said Timothy Liew, head of investments at OCBC.
Straits Times
3 hours ago
- Straits Times
The long-termists: Lessons from GIC's pioneers relevant as ever
Sign up now: Get ST's newsletters delivered to your inbox Singapore's reserves were not built in a day. Here's how Yong Pung How and Lee Ek Tieng moulded GIC to manage them. Though the pioneers are no longer among us, the writer hopes that the GIC of today remains a continuation of their vision and values. Every year, National Day invites us to reflect on Singapore's remarkable journey and the people who made it possible. At GIC, this day reminds us of the work done by our founding leaders and their teams who shaped our mission: to secure Singapore's financial future by preserving and enhancing the international purchasing power of our reserves over the long term. These pioneers laid the foundations for Singapore's economic security. The late Mr Lim Kim San once said that financial security was the cornerstone of a nation's sovereignty – the ability to be the 'master of its own fate'. This conviction still guides us today. 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He recruited GIC's first investment managers and helped to develop a robust governance framework with the ministries. Though Dr Yong never sought attention, those who worked with him recall his exacting standards, clarity of mind and genuine concern for people. He built something enduring by defining GIC's purpose from the start. Dr Yong advised incorporating GIC as a private limited company, wholly owned by the Government, to manage, but not own, the foreign reserves under its charge. This avoided complications from owning foreign assets and safeguarded the reserves entrusted to GIC from the outset. While Dr Yong later went on to serve as chief justice, his legacy to Singapore began long before that – in a modest office, working late into the night, building the plumbing and wiring of an organisation to protect and grow the country's reserves. Thinking long-term With the foundations laid, Mr Lee Ek Tieng joined GIC as group managing director to build on them. 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Over 30 years ago, as a young investment officer, I experienced it through simple gestures, like his words of encouragement or genuine interest in the well-being of staff of all levels. I witnessed his acts of empowerment not through elaborate processes or grand speeches, but through verified trust. He took the time to get to know you and, once confident in your character and work quality, gave you the space to excel. His commitment to values like prudence, respect and collaboration helped shape GIC's culture in ways that still resonate today. Alongside them were other key figures – Mr J.Y. Pillay, Mr Lim Siong Guan, Mr Ng Kok Song and more – whose steady hands and principled approach strengthened GIC's foundations in governance, people and global investing. They never lost sight of the importance of staying long-term, doing what's right and not what is easy, for the singular purpose of ensuring Singapore would have the financial strength to weather storms and seize opportunities. Their long-term perspective continues to be our anchor. The decisions we make today may only bear fruit years from now. It's a lesson grasped by our early leaders that we continue to honour. Lessons still relevant Today, we face foundational shifts – profound changes that are harder to predict and prepare for: artificial intelligence, the climate crisis and unprecedented geoeconomic fragmentation. In such times, it can be tempting for a fund manager to chase the short-term hype or retreat into excessive caution. At GIC, we do neither. Our response draws directly from the strengths of our founding leaders: Dr Goh's bold vision, Dr Yong's clarity of purpose, Mr Lee's global perspective, and the prudence, long-term thinking and discipline of all our early stewards. It enables us to ride through cycles, avoid overreaching for returns, and remain steady when others are unsettled. We stay focused on building long-term value and avoiding 'permanent impairment' – the kind of loss that is very hard, or even impossible, to recover from. We take an 'inversion' approach to risk – thinking about problems in reverse and studying the typical causes of permanent impairment so we can steer clear of them. Historically, such losses have come from weak business fundamentals, having to sell early to repay debts, external shocks, or even fraud. We work hard to guard against such pitfalls. Less obvious but equally damaging is overpaying. History offers many reminders: the Japan stock market bubble in the late 1980s, the crash in the early 2000s, and the repeated bursts of meme stock bubbles in recent years. In these cases, even if prices eventually recovered, the time lost would have been too great. This is why we remain disciplined on price. For Singaporeans, these principles are more than an investment philosophy – they reflect our country's ethos of long-termism. Our founding leaders approached every endeavour with the intent to make it endure for generations. This National Day, we remember not just how GIC began, but why it was established – and who made it possible. Dr Goh had the foresight to imagine a different path. Dr Yong had the resolve to build it. Mr Lee had the skill to grow it. Each of them served with humility and dedication, handing down something precious: a clear purpose and a culture of integrity. Along with many others, playing roles both big and small, these pioneers contributed to growing the reserves and, in turn, securing Singapore's financial future. We are fortunate to inherit this foundation, and though they are no longer among us, we hope that the GIC of today remains a continuation of their vision and values. Many key institutions in Singapore share similar origin stories – visionary leaders and dedicated teams united by a shared purpose and the spirit of public service. In this respect, GIC is not unique. However, remembering our past and recounting our stories deepens our understanding of how we got here today, and offers valuable lessons and inspiration for tomorrow. Happy SG60. Lim Chow Kiat is the chief executive officer of Singapore's sovereign wealth fund, GIC.
Straits Times
17 hours ago
- Straits Times
Made In Singapore: Charles & Keith's risks and rewards strategy of doing business in crisis
Sign up now: Get ST's newsletters delivered to your inbox Looking back on his decades-long journey in shoes, Charles & Keith co-founder Charles Wong believes the brand's success abroad has to do with good timing and a healthy risk appetite. SINGAPORE – Mr Neeraj Teckchandani remembers the first time he saw a Charles & Keith store. It was 2003 and the chief executive of Apparel Group, a Dubai-based fashion and retail conglomerate, had been visiting Singapore for market research. The group had just secured the rights to launch Canadian footwear brand Aldo in South-east Asia, with Singapore as its first market. 'When we were doing the market research, the one name which popped up everywhere in our research with the landlords and consumers was Charles & Keith,' says Mr Teckchandani, who decided to visit its Wisma Atria store. 'It was crazy. The traffic was mind-boggling. We saw a huge potential in this brand.' That would be the start of a beautiful partnership that has lasted till today, with Apparel Group now the brand's official UAE partner, responsible for opening more than 70 Charles & Keith stores in the Middle East. By now, most Singaporeans will know and cheer the fact that footwear label Charles & Keith (C&K) is a proudly home-grown brand. Beginning in 1990 as a discount shoe store in Ang Mo Kio, it is today Singapore's most successful fashion export, with more than 600 stores in over 30 countries. They never set out to conquer the world, confesses chief executive Charles Wong. Top stories Swipe. Select. Stay informed. Singapore Jalan Bukit Merah fire: PMD battery could have started fatal blaze, says SCDF Singapore 4 housebreaking suspects taken to Bukit Timah crime scene under police escort Singapore To Vers or not to Vers: How will this scheme affect HDB prices? 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He was also busy growing the business in China over the last decade. The eldest of three sons – who clinched the top accolade, Businessman of the Year, at the 2024 Singapore Business Awards – returned during the Covid-19 pandemic to spend time with his ageing parents. His younger brothers Keith Wong, 49, and Kelvin Wong, 46, remained in Singapore to grow the business while Mr Wong was in China. Co-founder and chief operating officer Keith Wong leads the group's creative vision – from product design to store architecture to the overall brand aesthetic – while Kelvin Wong, who joined the family business later, heads bag design and technology. Reflecting on his almost 35-year journey in shoes, Mr Charles Wong credits the brand's success in international markets to a mix of good timing, good luck and a healthy risk appetite. After C&K was established in 1996 as a shoe label independent from the Ang Mo Kio store, Mr Charles Wong and Mr Keith Wong opened their first boutique in Amara Shopping Centre. Cash-strapped, they renovated it on a budget just shy of $50,000, and bought from their suppliers on credit. The Asian financial crisis struck soon after, but instead of getting spooked, they strode forward. Their father's friend, who operated and was scaling down the Giordano chain of clothing stores, offered to let them take over the lease of his unit in Causeway Point mall. A young Charles Wong in 2008. His brother and co-founder Keith, who leads the group's creative vision, has always been more media-shy. PHOTO: LIANHE ZAOBAO FILE Rent was steep – $20,000 a month, Mr Charles Wong recalls. 'I thought for a week if I should take the risk. The uncle said, 'If you don't jump, you'll never jump.' So, I took the first jump at a high rental store.' Their forecasted annual revenue of $60,000 ended up closer to $100,000. 'It was a good motivation factor, that the first risk we took was right.' Risky business Risk would turn out to be an enticing constant in the brothers' lives. During the financial crisis, an Indonesian expatriate customer proposed franchising the brand to Indonesia once the market improved. Then in his 20s, Mr Wong was apprehensive in view of Indonesia's unstable economy, fresh from a string of bombings. The customer goaded him into agreeing by asking: 'You served national service, right? So, why are you scared? You're military trained.' The Jakarta store, their first one overseas, was a huge success – and has led to 43 stores in Indonesia today. 'You never know what you don't know, so you just have to keep an open mind,' says Mr Wong. Charles & Keith's first Indonesia store in Mall Taman Anggrek opened in1998. PHOTO: CHARLES & KEITH In the 2000s, while other brands were eyeing expansion into China, the brothers chose the Middle East. You could chalk it down to Mr Wong's unusual business strategy: growing during a crisis. After successfully penetrating the Indonesian market, he sought 'the next crisis' – and set his sights on the region which had been going through the Iraq War from 2003 to 2011. 'Shop locations are more affordable; hiring talent is easier as people are retrenched,' he says. 'I feel newcomers have an equal opportunity as established players.' After that first encounter at C&K's boutique in Wisma Atria, the brothers continued to impress at every turn, Mr Teckchandani says. They were an early adopter in digital commerce too, launching a website in 2004. Mr Teckchandani adds: 'E-commerce was hardly talked about then. There were no And we saw Charles & Keith embarking on that journey – that showed their vision, the forward-thinking, the strategic direction. That was very critical for us, how they were looking at building it as a global brand.' An early iteration of Charles & Keith's first website. PHOTO: CHARLES & KEITH At the time, the Middle East's retail landscape was just beginning to evolve from its street shopping and souk culture to organised malls. The newly announced Mall of the Emirates was being primed as a game changer in Dubai retail, and Mr Teckchandani was on the lookout for fresh voices. Competition bloomed in the fast-fashion space – from Zara's parent company Inditex to H&M Group – but not yet in footwear. C&K, he says, addressed the need in the local market for a South-east Asian brand that could cut through the noise of the West – with its trend-led designs, accessibility in pricing and commercial sensibility. When Mall of the Emirates and the store opened in 2005, consumers responded. 'It fit into that space of affordable luxury – with the feeling and ambience of a luxury store, but the prices were wow for the consumers,' recalls Mr Teckchandani. 'After that, we didn't have to pitch to the landlords. It was the landlords running after us. And then came Dubai Mall, and the rest was history.' It was also in Dubai that C&K first launched bags, to answer Middle Eastern women's needs for accessories to show off personal style while dressed in a traditional abaya. On Mr Teckchandani's suggestion, they expanded the handbag category, which now makes up close to half of C&K's business and is arguably what it has become known for among the younger generation. Charles & Keith's first operational Dubai store at Al Manal Centre. It opened its Mall of the Emirates store in 2005. PHOTO: CHARLES & KEITH 'Crisis is not necessarily a bad thing,' reiterates Mr Wong. 'It's also a good time to enter a market when the pace may be a bit slower. We have to take advantage during the downtime.' Such was his mindset when the 2008 global financial crisis struck. He considered moving to the United States then to expand into the market, but felt it was too far away. So, he settled for China, which proved another winning move. Today, the market accounts for more than 50 per cent of C&K's business. Luxury's stamp of approval A healthy dose of star power propelled C&K to global recognition in the 2010s, but what retail observers believe cemented its position was the stamp of approval from the luxury world. In 2011, French luxury conglomerate LVMH's private equity arm L Capital Asia invested in a 20 per cent stake in the company, raising eyebrows among the fashion set. The headline-making investment gave C&K 'fashion legitimacy on a global level', says Mr Kenneth Goh, editor-in-chief of fashion publication Harper's Bazaar Singapore. Harper's Bazaar Singapore editor-in-chief Kenneth Goh wears the largest women's size in Charles & Keith boots. ST PHOTO: JAMIE KOH A string of celebrity red-carpet sightings followed, starting with Game Of Thrones (2011 to 2019) actress Maisie Williams rocking a C&K bag to the 2016 Emmy Awards. It was not long before the brand was spotted on A-listers including actress Nicole Kidman and singer-actress Jennifer Lopez. Collaborations with emerging cult fashion designers such as Danish designer Cecilie Bahnsen and Shanghai-based label Shushu/Tong, before they became 'it' brands, gave C&K further street cred. 'They've got the foresight to find that cool designer of the moment. It immediately injects cool into the brand, and you can't buy cool,' says Mr Goh, who wears C&K's largest women's shoe size, EU41, on business trips and to attend fashion shows abroad. 'They live and breathe and are submerged in social media. They communicate it via the people they dress, and it builds a community.' British actress Maisie Williams with the Evening Wristlet from Charles & Keith at the 2016 Bafta Tea Party (left) and Cecilie Bahnsen x Charles & Keith Upcycled Patchwork Anemone Mary Janes launched in 2020. PHOTOS: CHARLES & KEITH In 2025, C&K hit another industry milestone: debuting on the Met Gala red carpet. Its shoes were spotted on Colombian pop star Shakira and American singer-actress Nicole Scherzinger – another coup for Singapore, says Mr Goh. Looking ahead For all its successes, C&K has not forgotten its roots. 'We're very fortunate to be in this country, where Singapore has a great brand name,' Mr Wong says, noting that the Singapore branding set a high standard for customers in the region when C&K first embarked on international expansion. Its next move is building a product that can cut across all markets simultaneously. 'We like the Apple model – of lesser designs for the whole world,' he quips. No longer chasing numbers, he adds modestly: 'Having the right talent and mindset brings us a longer way than just setting high growth targets.' Back in Singapore to be closer to family, Mr Charles Wong is no longer chasing numbers. Instead, he wants to focus on designing quality products and experiences. ST PHOTO: GIN TAY What continues to impress Mr Teckchandani, who plans to open up to 115 new C&K stores in the Middle East in the next three to five years, is how grounded the brothers have stayed. He once witnessed them patrolling a mall in Dubai after operating hours to check on their store and scope out the competition. 'We work with 85-odd brands, but I have not seen any founder who has built such a large business, walking humbly in malls at midnight to see what are the latest trends in the market and the wants of the consumer,' he says. 'The responsiveness, dedicating years to learn and adapt, and the humble attitude are the secret recipe for their success.'
