Latest news with #Singaporeans'
AsiaOne
a day ago
- Business
- AsiaOne
Why These Buyers Chose Older Leasehold Condos—And Have No Regrets, Money News
"Old" and "leasehold" are Singaporeans' least favourite combination of words. We ourselves have seen that, despite numerous presentations on how leasehold can outdo freehold, there's just a strong reluctance to accept it: on some visceral level, many like to feel that they're paying for 25+ years of their lives for something permanent. So why did three of these homeowners we speak to decide to purchase not only leasehold condos, but older leasehold condos? Here are their stories: 1. Affordability issues when both spouses are self-employed CH is Malaysian but works in Singapore, and his wife is a Singaporean; he's currently awaiting a change in his citizenship status. The couple's main worry, when choosing their property, was twofold: First, qualifying for a loan was tougher for both of them. Banks apply a haircut of 30 per cent to variable sources of income, for Total Debt Servicing Ratio (TDSR) purposes. The TDSR, in turn, limits home loan repayments to 55 per cent of monthly income, inclusive of other debts. Because CH and his wife are both self-employed, their maximum loan amount was cut by a third; and this required them to put down a larger down payment. The second reason was the fear of losing clients, late-paying clients, and other cash flow issues faced by the self-employed. CH says that: "If one of us has a salary it's not so bad, but when it's both of us, it's possible both of us go through a dry spell at the same time." The affordability concern was such that, for a time, the couple even considered buying a condo in Malaysia instead. But this idea was eventually scrapped, as the couples' clients were all Singaporeans, and even CH's father happens to live in Singapore. The two had a difficult time finding a unit large enough, but at the same time cheap enough to meet tighter affordability limits. CH says they viewed five or six different projects, but were unimpressed until they found their unit on the East Coast. While they don't want to divulge the name, the couple says the condo dates back to 1986, and is close to East Coast Beach (in fact they can walk there). CH says: "At first we were surprised the agent wanted to bring up this condo, because it was leasehold and quite old. Also there are over 1,000 units, which we had specified we didn't prefer as we prefer privacy. But when we visited the view of the sea, along with the area being very private despite the condo's size, won us over. Furthermore the unit was around 937 sq ft, and it was around $1,279 psf. Our agent warned us that we were unlikely to find such a large unit with a sea view at that price, even though it was leasehold. After we tossed and turned for about a week, we couldn't get it out of our heads. So we went ahead with it, even though it was an older leasehold." The total cost, according to the couple, was under $1.2 million, leaving them more than sufficient funds to renovate and furnish without a loan. Even better, CH says it became possible to place the condo entirely under his wife's name, due to the lower cost. This leaves him with the possibility of buying another property, if it comes up in the future. Still, for the long term, CH says he's not really worried: 60 years is a long remaining lease for a couple already in their early forties. The two have no long-term plans to upgrade or move, and they may hold the condo to the end. 2. The privilege of living in the heart of Chinatown, until the en-bloc came SY is one of the few Singaporeans who has no qualms about older leasehold properties, because he has owned one and come out on top from it. When he was in his mid-thirties, SY and his spouse purchased a unit at Pearl Bank Apartment in Chinatown — today redeveloped as One Pearl Bank. At the time he made his purchase, he was given numerous warnings by his family and friends not to go ahead. The original Pearl Bank Apartment was built back in 1976; and by the time SY moved in (sometime in the 1990s) it already had a bad reputation: it was known that some vice workers rented out units there, and some of the common areas were not in good condition. SY says that: "We chose to stay because it was close to the temple which we frequent, so it was very convenient. Any time, day or night, there was all kinds of wonderful food to eat. I could just cross one road to buy anything I wanted, or to reach the Chinatown MRT. " When Pearl Bank was bought by CapitaLand in 2018, SY's decision was proven to be a good one. While he doesn't want to disclose the figures, SY does point out that - compared to two of his brothers and a sister who bought newer properties — his was the one that saw the best gains. (We did our own snooping around though: CapitaLand purchased Pearl Bank Apartments for $728 million, and the various units — which ranged from 1,323 sq ft to 3,339 sq ft, received between $1.8 million to $4.9 million for the sale.) SY even briefly considered buying a unit in the redeveloped One Pearl Bank, but unfortunately his living situation had changed, and he needed to be closer to his children. Nonetheless, he considers it one of his best decisions; and his sale proceeds more than covered the cost of his current resale condo. 3. Needing the size for a production studio as well as a home GT works in product design and prototyping, and his clients have ranged from toy companies to packaging firms. As he runs his own business, he wanted a home that was also versatile enough to act as his office and his showroom: "This is practical for me as I also meet clients in my home, and I have a gallery to show them my process and end-results," GT says. "So I made my needs plain to my agent from day one, and it was agreed we would probably be looking at leasehold, as I needed a lot of space but the budget was very fixed." When the agent showed him a 1,180 plus sq ft unit in Lakeshore, GT said he felt something "jump" in his mind. Despite viewing three other projects, he said: "I didn't find the others appealing because of cost, maintenance, or a layout that would take too much work to reno." For the Lakeshore unit, GT already had a clear idea in his mind: he would merge two of the bedrooms into a bedroom or office, and use the study space as a separate gallery from the living room, thus separating his work by theme. "When I already have such a strong impression I guess it's hard to let go," GT says, "And what sealed the deal was the price, which was exactly within budget." GT says the unit was about $1.6 million, which would be a minimal stretch after the sale of his previous two-bedder. GT says the lease is 99-years from 2002, which he doesn't feel is very old at all (most Singaporeans feel a condo is getting old when it nears 25). GT is open to the idea of upgrading again to a larger unit — but for now, he enjoys living so close to the convenience of Jurong East. [[nid:718256]] This article was first published in Stackedhomes.
AsiaOne
4 days ago
- Politics
- AsiaOne
'Be humble in victory': PM Wong sends traditional 'Rules of Prudence' letter to PAP MPs after GE, Singapore News
People's Action Party (PAP) MPs must be humble in victory and serve Singaporeans responsibly, said Prime Minister Lawrence Wong on Thursday (May 29). In an eight-page Rules of Prudence letter traditionally sent to all PAP MPs after the General Election, PM Wong said the ruling party has been given a "clear and strong mandate", and has the responsibility of addressing Singaporeans' concerns and ensuring the Republic "continues to thrive in an increasingly turbulent world". The PAP won 87 out of 97 seats in General Election 2025 and received 65.57% of the popular vote. [[nid:717651]] "Be humble in victory. Always remember that as MPs we are servants of the people, not their masters," he said. PM Wong also said that PAP MPs should express their views frankly, whether for or against Government policies. "Take ownership of causes or issues that you feel strongly about – whether they reflect the aspirations of your constituents or address broader national concerns. "Champion the issues, and do so with conviction. Effective advocacy goes beyond speaking up. You have to research the issues thoroughly, engage diverse stakeholders, understand the trade-offs, and present well-reasoned arguments for improving policies." PAP should also be ready for sharper questioning and debate in Parliament, he added, and MPs should be prepared to engage the Opposition, clarify their interventions and scrutinise their ideas. But he cautioned to exercise good judgement. "Put your points across with clarity and purpose, address the issues and not the person, and do not get carried away playing to the gallery." Noting that social media is a key communication and a primary source of news for many, PM Wong urged MPs to "make full use" of the different platforms to inform the public about their work, share their views, and engage residents directly. "Be honest, empathetic, and constructive in all your messages. Know your audience and be sensitive to how they feel. Do not use social media to attack or disparage others," he said. However, he added that social media it is not a substitute for face-to-face engagements, and MPs must establish personal bonds with residents and attend to their needs in person. 'Stand above any hint of favour or influence' In his letter, PM Wong reiterated that a clean and incorruptible government is one of PAP's most precious asset and stressed that every MP must uphold the rigorous standards the party has set. "Never give cause for allegations that you are misusing your position, especially your access to ministers. That would discredit both you and the party," he said. He warned that a few people will seek to obtain benefits or get MPs to influence ministries and statutory boards to make decisions in their favour, and offer gifts or favours. "You must be shrewd in assessing the motives of people who seek to get close to you. Both in conduct and perception, you must stand above any hint of favour or influence." In a Facebook post, PM Wong said integrity, honesty, and incorruptibility are the bedrock of the PAP, and such values have sustained the trust of Singaporeans. "As Members of Parliament, we are first and foremost servants of the people. We will listen with humility, act with conviction, and never break faith with Singaporeans." [[nid:718138]]
Online Citizen
26-05-2025
- Business
- Online Citizen
Lawrence Wong says GE2025 result reflects collective desire of Singaporeans as new Cabinet sworn in
SINGAPORE: Prime Minister Lawrence Wong's new Cabinet was officially sworn in at the Istana on the evening of 23 May, 2025. This is his first Cabinet since taking office in 2024, and it follows the People's Action Party's victory in the 2025 General Election. In his speech following the ceremony, Wong called the election result a clear demonstration of Singaporeans' collective desire for trustworthy leadership. He said it offered a mandate for the next phase of national development. 'The outcome leaves no room for doubt – no one in the world can question the resolve of Singaporeans or the government they have chosen,' he said. 'This is a clear advantage for Singapore, especially in the conduct of our foreign policy.' He added that the international community and investors would be paying close attention to the stability and direction affirmed by the electorate. Wong attributed his ability to form a robust Cabinet to the confidence shown by voters in the General Election, where the PAP secured 65.57 per cent of the vote. 'I have done my utmost to assemble the strongest team I could for Singapore,' he said. 'My new team comprises both experienced ministers who will provide steady hands and new ministers who will provide fresh perspectives and ideas.' He highlighted four key leaders tasked with overseeing Singapore's most critical policy areas: economy, national security, public services, and social policies. These roles are held by Deputy Prime Minister Gan Kim Yong, and coordinating ministers Shanmugam, Chan Chun Sing, and Ong Ye Kung. Securing Singapore's global position amid shifting geopolitical tides Addressing the broader geopolitical environment, Wong said his government begins its term in a world marked by instability. He spoke of a shifting global order where major powers are recalibrating strategies and competing for influence, noting that small nations such as Singapore risk being marginalised. Wong's first stated priority is to secure Singapore's position on the international stage by deepening ties with major powers – particularly the United States and China – while maintaining independence in policy. 'Where our interests align, we will work with them. Where they do not, we will stand firm and protect Singapore's security and sovereignty,' he said. He also pledged to forge new international friendships, including with countries in Africa and South America where Singapore's presence has traditionally been limited. Earlier in the day, Wong met with Santiago Peña, the President of Paraguay, marking the first-ever state visit by a Paraguayan leader to Singapore. 'In a world of shifting alliances, we will be a steady and constructive partner – one willing and able to contribute to peace and stability, advance dialogue and fraternity, and to support a rules-based international order,' he affirmed. Building a future-ready economy through renewed tripartite collaboration On the domestic front, Wong emphasised the need to reshape Singapore's economy in light of a changing global environment. He outlined plans to work with tripartite partners – government, unions, and employers – to develop a new economic blueprint that ensures long-term competitiveness and creates quality jobs for Singaporeans. He acknowledged that global growth was expected to slow, and said the government would collaborate with the National Trades Union Congress to support jobseekers and workers through the transition. Turning to social policy, Wong said strengthening Singapore's social compact would be central to his administration's agenda. He cautioned that in a world marked by growing inequality, a divided society would lack the resilience needed to face future challenges. Key areas of focus include strengthening social support, ensuring access to essential services such as education, healthcare and housing, and enabling more diverse pathways to success and fulfilment. He also stressed the need for stronger mutual understanding between people of different ethnic, religious and social backgrounds. Reinforcing the social compact to foster unity and resilience In concluding his speech, Wong reflected on Singapore's historical trajectory as a small nation that has repeatedly defied the odds. He said Singapore's endurance was not simply a result of good fortune, but of unity, conviction, and collective effort. 'As long as we continue to believe in ourselves, have faith in one another, and work together, we will endure. Singapore will endure. Be it SG100, or even beyond, there will still be Singaporeans – standing strong and free,' he said. Alongside Wong, most Cabinet ministers, senior ministers of state, and ministers of state also took their oaths of office on the same day. Their appointments came into effect from 23 May, 2025. The new Cabinet comprises 40 political office-holders, up from 37 in the previous term. The increase signals a broader renewal of governance under Wong's leadership. Among the updates is the retention of experienced ministers in key portfolios such as economic strategy and foreign affairs, ensuring policy continuity. The lineup includes 15 full ministers and two acting ministers, across the Prime Minister's Office and 16 ministries. Nine new political office-holders have joined the Cabinet, seven of whom are newly elected MPs from the recent General Election – a record number for any Cabinet reshuffle in recent years. Two senior parliamentary secretaries – Syed Harun Alhabsyi and Zhulkarnain Abdul Rahim – are due to take office on 1 October, 2025, and 1 February, 2026, respectively. Wong's move to centralise leadership within four senior roles, including DPM Gan and the three coordinating ministers, has been interpreted as a consolidation of executive strength within the government.
New Paper
23-05-2025
- Business
- New Paper
They tried to disrupt property agents - and built a top blog instead
When the three founders of Stacked Homes saw one of their house-tour videos hit one million views on YouTube in 2021, they knew they had discovered something few others in Singapore's property scene had managed to tap: The desire for millennial-flavoured and social media-savvy content that not only offers a glimpse into other people's homes, but also lends insight into trends and data shaping Singaporeans' property purchases. Under 36-year-old co-founders Druce Teo, Adriano Tawin and Adam Wham, Stacked Homes has emerged as a go-to website for property advice and home design inspiration. Although it is best known for its property-advice blog and YouTube channel taking viewers through in-depth house tours, the company's first iteration set out with a very different goal: eliminating real estate agents. In 2017, amid Singapore's en-bloc fever, it launched as a direct-sale property platform for condos, hoping to disrupt the agent model that dominates the country's real estate market. "This was from the point of view that the commissions are high," says Mr Teo, referring to property agent fees. "The question is always: What value does the property agent bring? People always want to find ways to cut that out." The team initially saw an opportunity to follow in the footsteps of successful overseas models like the United States' Redfin and Purplebricks in Britain. In the end, the endeavour proved to be a tough lesson on the realities of Singapore's property market. "We realised that though people like to complain about agents, the truth is that because they buy or sell a property only once in 20 years - maybe once in their life - they end up using an agent because they are a bit afraid," says Mr Teo. While their property platform failed to gain traction, they noticed something unexpected: the blog they created was resonating in ways they had not anticipated. Pivoting to media At the end of 2018, Stacked Homes began to pivot towards what would become its winning recipe: tapping the shift in attitudes towards social media and online property-hunting that was reshaping the market in the late 2010s. At the time, developers were reluctant to permit videos or photos to be taken of their properties, fearing this would diminish interest in their showflats. Many property agents had yet to embrace social media as a way to reach clients. Stacked Homes' millennial and at times irreverent writing style on its blog and social media accounts took a different approach, striking a chord with younger property hunters looking for candid reviews from a buyer's perspective that did not gloss over flaws. "In the beginning, developers didn't like some of the things we were writing as they prefer content that is very much in their favour," says Mr Teo, who leads the company's editorial arm. "To this day, they can't pay us to write about a new development. They can't pay for our reviews." "Back then, a lot of businesses were using social media purely to drive traffic to a website," adds Mr Tawin, who heads Stacked Homes' YouTube channel. This meant that much social media content on real estate and home design in Singapore was promotional, calling on users to "read more" by moving to a different site. To differentiate itself, Stacked Homes met users where they were, with content that can stand alone even when read in its entirety on Instagram. These decisions proved prescient when the Covid-19 pandemic forced everyone online. Many agents launched Instagram accounts and the reluctance developers had with content creation was eroded by necessity. Tapping this demand for candid analysis meant a fast-growing audience. Stacked Homes now has over 49,000 subscribers to its property-advice newsletter, as well as over 450,000 subscribers on YouTube and 260,000 followers on Instagram. "The way the younger generation buys properties is very different from older generations. Younger homebuyers look at a lot of reviews and research. That is the trend and developers understand they have to work with this," Mr Teo says. "We started the YouTube channel at the start of the pandemic, when everything kind of exploded just in terms of people staying home, people being interested in other people's homes." Rather than displacing agents as intended, Stacked Homes now connects buyers and sellers with agents, taking a cut of commissions from sales. The company, which employs 12 workers, also generates revenue from its YouTube channel and its online store selling home goods and decor. Demystifying real estate Co-founder Druce Teo's home taps the Japandi and minimalist aesthetic. PHOTO: JUSTIN ANG Mr Teo and Mr Tawin are friends from secondary school, while Mr Wham - the company's chief operating officer - was Mr Teo's university mate. They come at the business from different angles, something reflected in the design of their homes. Mr Teo's three-bedroom condo in central Singapore has a warm Japandi aesthetic, drawing inspiration from boutique hotels he encountered across his travels. What interests Mr Teo is the money and lesser-known aspects behind the real estate market, fostered by his parents' many visits to showflats when he was young. "When I asked agents questions and they couldn't answer, I was surprised by the lack of knowledge," says the Manchester Metropolitan University graduate, who studied merchandising at the institution in England. He is married with a son, five, and daughter, three. To generate ideas for Stacked Homes' analyses, the team speaks to home owners, developers and agents to get a sense of emerging trends. For instance, Mr Teo points to one recent trend of buyers experiencing regret over not moving more decisively on resale purchases, as homes are flying off the market faster than anticipated. Co-founder Druce Teo's home draws inspiration from boutique hotels he encountered across his travels. PHOTO: JUSTIN ANG "I see this house that's $2 million. My agent tells me to put in an offer that's higher, but as someone who hasn't bought in 10 years, I might hold back because I don't think it's a great deal," he says. Speaking to agents uncovered some interesting observations. One way to understand whether demand for a property is hot is to sit in a lobby after a viewing, to see how many other prospective buyers come to view as well. Alternatively, if it is difficult to change viewing timings on the weekend, that could indicate overwhelming interest. "These are some signs a general buyer wouldn't know," Mr Teo says. "We take that and turn it into a piece of content so someone reading it can make a more informed decision." "I've never thought of us as journalists. It's more that we look for good and helpful content," he adds. Making the Singapore home go global Mr Adriano Tawin's Instagram account dedicated to his home has over 240,000 followers. PHOTO: JUSTIN ANG Meanwhile, Mr Tawin's home is an earthy, mid-century-meets-Japandi three-room HDB flat, with textures and materials inspired by his Indonesian and Thai heritage. The social media native, who is married without kids, launched an Instagram account (@madspatial) in 2023 to document his home design journey. His pictures of rattan furniture, bamboo blinds and eclectic decor racked up over 100,000 followers over six months. Mr Tawin's home features eclectic and mid-century influences inspired by his Indonesian and Thai heritage. PHOTO: JUSTIN ANG Mr Tawin's interest in space and design stems from his upbringing - his family moved among 13 rented flats while he was growing up. He moved to the US to pursue university studies in engineering and later worked for a Brooklyn-based developer on over 40 residential properties. His time there taught him the power of understated content on social media. While living in New York, he amassed over 70,000 followers on his street-photography Instagram account, with photos shot on an iPhone. The Stevens Institute of Technology graduate's interest in social media and design is the driving force behind Stacked Homes' design-focused content on YouTube. Looking back, he says: "When we started, not many YouTube channels were covering homes domestically. Even internationally, there were only a few covering mostly Australian or US homes - but no South-east Asian homes." Mr Adriano Tawin's home. PHOTO: JUSTIN ANG The bread and butter of Stacked Homes' YouTube channel is its tours of homes in Singapore and South-east Asia - complex productions which involve research on a property's history, interviews with home owners, and exploring the implications of small design choices. Their first hit, a clip of an architect's house, racked up over one million views and catapulted Singapore design onto social media feeds across the globe. "It's not just the numbers," Mr Tarwin reflects on that milestone. "It's the fact that we were able to showcase Singapore homes on a global stage. We started seeing comments that were obviously international, like, 'Is this a Singapore home? I didn't know.' That was a nice feeling that we were going in the right direction."
Straits Times
15-05-2025
- General
- Straits Times
Online shaming, public blow-ups: Have we forgotten how to talk civilly without labels or rage?
In this episode, we explore why it's so hard to unpack difficult topics without getting angry, rude, or shutting down. The Usual Place Podcast Online shaming, public blow-ups: Have we forgotten how to talk civilly without labels or rage? Imagine this scenario : You're on a bus or MRT ride to work when a fellow passenger starts blasting TikTok videos on the phone . What would you do? A. 'Tsk' the person silently and shoot the death glare, while messaging angrily in your friend group chat about annoying commuters. B. Say out loud that this person should know better and use earphones, then stew silently in anger. C. Tell this person to turn off the audio to avoid disturbing others who want a peaceful ride If you selected A or B (or both), welcome to the club. I will confess: I'm not confrontational, but I do get annoyed when people break acceptable social rules and cues that seem obvious to me. If you chose C, kudos on confronting a stranger, but how would you have done it? Would your tone have been angry and accusatory, or would you have kept your cool and made a polite request? Would you have sounded irritated without meaning to, or would you have backed off if the person had pulled out the phone to record you? Whether it's inconsiderate commuters, vaccine debates, or matters about race, we now have to navigate more difficult conversations. And more people seem on edge – both online and offline. So how can we have a discussion about issues that matter in society, without blowing up or checking out? I sat down with Ms Audrey Low, founder of leadership consultancy Designing Trust, and Ms Kuik Shiao-Yin, cultural change strategist and founder of Common Ground Civic Centre and Consultancy, to unpack Singaporeans' seemingly short fuses, public shaming and mob justice, and explore how we can respond more constructively. Ms Audrey Low (left), founder of leadership consultancy Designing Trust and an ICF-PCC performance coach; and Ms Kuik Shiao-Yin, cultural change strategist and founder of Common Ground Civic Centre and Consultancy, drop in at The Usual Place podcast to talk about having better conversations. ST PHOTO: GIN TAY We also talked about why labelling people as 'woke' or 'social justice warriors' can shut down discussions even before they start. As Shiao-Yin, a former Nominated Member of Parliament, put it: 'When you do that, that tells me that you are not that interested in understanding the other person's perspectives. You are not even interested in treating the other person as a person. You just want to put an identity on the other person.' On why we get so outraged when others break what we think are obvious social cues, Audrey pointed to the expectations we place on people , especially around what they should or shouldn't do . The co-host and producer of The Curious Co. podcast suggested reframing our language. 'What about changing 'shouldn't' to 'maybe they could do something differently?', which is a lot more generative than 'you should not' or 'you should know better'.' Highlights (click/tap above): 1:28 What does a culture strategist do, and what is an International Coaching Federation Professional Certified Coach (ICF-PCC)? 3:14 Are Singaporeans an angry lot? 5:35 Conflicts arising from conversations in the comment sections 6:50 The psyche of trolls and why people drop rude comments 10:09 What do cavalier, unkind comments say about those who post them? 12:41 Audrey challenges the instinct to say what people should or shouldn't do 14:37 Why filming confrontations for content may not be the best thing 18:33 Why discussions about racial issues get heated? 21:30 How to have a productive conversation online on dicey issues 24:50 Using labels like 'woke' and 'social justice warrior' can shut down conversations 28:27 Shiao-Yin believes that getting angry can be a good thing – in certain situations 31:32 What does it mean to make an 'appropriate request'? 37:38 How to be open to perspectives that you don't agree with 39:12 Shiao-Yin's 10-min 'Hard- t o-Heart' conversation tool for difficult issues 42:41 Try to find similarities with the person you disagree with, suggests Audrey Host: Natasha Ann Zachariah (natashaz@ Read Natasha's articles: Follow Natasha on her IG account and DM her your thoughts on this topic: Follow Natasha on LinkedIn: Filmed by Studio 65 Edited by ST Podcast producers: Teo Tong Kai and Eden Soh The Usual Place producers: Teo Tong Kai and Eden Soh ST Podcasts' executive producer: Ernest Luis Follow The Usual Place Podcast here and get notified for new episode drops: Channel: Apple Podcasts: Spotify: YouTube: Feedback to: podcast@ --- Follow more ST podcast channels: All-in-one ST Podcasts channel: ST Podcasts website: ST Podcasts YouTube: --- Get The Straits Times app, which has a dedicated podcast player section: The App Store: Google Play: Join ST's WhatsApp Channel and get the latest news and must-reads.
