On the record. In print, on air, on camera. In two languages.
Commentary on HDB resale, CPF, loan rules and property decisions, in English and Bahasa Melayu, for AsiaOne, Berita Mediacorp, CNA, Berita Harian and Seedly.
Latest DETIK Semasa, Berita Mediacorp · 22 Jul 2026
Associate Group District Director, PropNex Realty · CEA Reg No. R016820G · Leading the HeroHomes team of over 60 agents.
As featured in
Coverage since 2018
Watch, listen or read. Every piece links to the original publisher.
Berita Mediacorp · DETIK Semasa · 22 Jul 2026 · Bahasa Melayu
BTO, the modern proposal.
Jump to my comments
A current affairs feature on young couples who apply for a BTO before they marry. I spoke about the money questions couples bring me, why they shouldn't stretch for tomorrow's salary, and why a first home should be a home before it's an investment.
Read what I said, in Malay and English
"Hari ini, keputusan rumah pun boleh tentukan arah sesebuah hubungan pasangan muda, biar untuk baik atau untuk buruk. Sedekad lalu, lamaran atau pertunangan itu penanda komitmen paling besar sebelum kahwin. Hari ini dah terbalik sikit. Pasangan muda utamakan permohonan rumah sebagai tanda komitmen yang lebih besar daripada lamaran."
Today, the housing decision can set the direction of a young couple's relationship, for better or for worse. A decade ago, the proposal was the biggest sign of commitment before marriage. Now it's flipped. Young couples treat the housing application as a bigger commitment than the proposal.
7:32
"Yang datang jumpa saya akan tanya tentang kewangan. Mereka tak pasti proses pinjaman atau deposit yang perlu untuk beli BTO. Ada juga yang bincang tentang kemampuan mereka tiga, empat tahun akan datang, bukan kemampuan hari ini saja, sebab mereka nak BTO yang lebih besar atau lebih mahal daripada kemampuan mereka hari ini. Mereka yakin gaji akan naik semasa tunggu rumah siap. Dari sini, saya akan nasihat mereka supaya berwaspada. Jangan overstretch kalau boleh."
Couples who come to me ask about money: the loan process, the deposit. Some plan around what they'll earn in three or four years, not what they earn today, because they want a bigger or pricier BTO than they can afford now. They're confident their pay will rise while they wait. That's when I tell them to be careful. Don't overstretch if you can help it.
9:10
"Pada pandangan saya, rumah pertama patutnya jadi rumah dulu. Pelaburan kemudian. Tapi realitinya di Singapura, ramai anggap BTO sebagai pelaburan kerana nilai jualan semula selepas lima tahun MOP. Dan itulah risikonya: pelaburan hartanah yang baik tak semestinya sesuai untuk kehidupan pasangan. Bila aspek pelaburan mengatasi aspek kehidupan, di situlah jadi tak sihat."
In my view, your first home should be a home first. The investment comes later. But in Singapore, many treat a BTO as an investment because of its resale value after the five-year MOP. That's the risk: a good property investment isn't always right for a couple's life. When the investment side outweighs the living side, that's when it becomes unhealthy.
13:19
"Keputusan nak kahwin, nak bina hidup, tidak sepatutnya tergantung pada permohonan BTO. Bila kita campur isu perumahan dan perkahwinan, di situlah masalah boleh muncul."
The decision to marry and build a life shouldn't hang on a BTO application. When you mix housing and marriage, that's where problems start.
16:00
Photo: ST, via Berita Harian
17 May 2024
Bahasa MelayuPolicyHDB resale
Portal jualan semula HDB boleh jadi 'pengubah' industri
HDB's resale portal could change the industry
When HDB opened its own resale listing service, Berita Harian asked agents what it meant for them. My answer: the role moves from middleman to adviser.
"Ejen hartanah kini perlu meningkatkan perkhidmatan mereka"
Property agents now need to raise their level of service. · By Fakhruradzi Ismail, Berita Harian
Read the context and my full comments
The context.
HDB launched a free Resale Flat Listing Service in May 2024. It flags asking prices well above recent nearby transactions and requires buyers to hold an HFE letter before viewings. The launch followed two HDB listings at about $2 million each that authorities were looking into.
What I said, in summary.
Agents have to offer more than matching buyer and seller: planning retirement through property, and showing clients the real financial impact of a specific flat. That demands more expertise, and I think it makes the industry more professional and more focused on the client.
Pasaran flat jualan semula masih ada permintaan, meski sambutan dijangka mendatar
Resale flats still in demand, even as the market cools
On a slower resale market, I told Berita Harian that buyers had become more price-sensitive, and sellers testing high asking prices should expect to adjust.
"Mereka yang ingin menjual rumah mereka perlu menyesuaikan jangkaan mereka"
Sellers need to adjust their expectations to the market they're in. · By Fakhruradzi Ismail, Berita Harian
Read the context and my full comments
The context.
The report opened with a Boon Lay family whose five-room flat took five months to sell after they priced it off neighbourhood values and later cut the price. BTO supply and shorter waiting times were drawing first-time buyers away from resale.
What I said, in summary.
Buyers were in less of a hurry and more sensitive to price. Sellers aiming for a high cash-over-valuation could face a longer sale, or need a more realistic price to attract buyers.
Masih boleh kaya tapi mungkin 'dah tak kaya raya lagi'
You can still do well, just not strike it rich
On Berita Harian's #NoTapis podcast, I explained what the new Plus and Prime rules mean for owners who sell later: the windfall shrinks, and flats in good locations become more accessible to buyers.
"Anda sebagai penjual dah tak boleh kaya raya, tetapi boleh kaya saja"
As a seller, you won't strike it rich any more. You can still do well. · By Irma Kamarudin, Berita Harian
Read the context and my full comments
The context.
At the 2023 National Day Rally, the Government announced that BTO projects would be classed as Standard, Plus or Prime from the second half of 2024. Plus and Prime flats carry a 10-year MOP, recovery of part of the subsidy on resale, and income ceilings for resale buyers.
What I said, in summary.
Everyone wants to live near the MRT, but prices in popular locations haven't been inclusive. The stricter conditions trade the seller's windfall for access. Asked whether this means fewer million-dollar flats, I said I can't predict that; the policy's aim is to keep flats affordable across Singapore.
The minimum occupation period could become a hurdle
From the same #NoTapis episode: MP Saktiandi Supaat on why a 10-year MOP for Plus and Prime flats may push some buyers to resale. I was on the panel; my own comments are in the companion report.
Banyak pertimbangan perlu dibuat sebelum pilih flat BTO
Many things to weigh before choosing a BTO flat
From the same #NoTapis episode: content creator Hanan Sheikh Helme Al-Johary on how she and her husband chose their Bidadari BTO, and why a 10-year MOP would have changed their choice.
Pengakuan ejen hartanah: Lumayan tapi sukar bertahan jika tidak ada minat, motivasi
A property agent's confession: good money, but hard to last without passion and motivation
Berita Harian profiled Asyraaf, who joined my team as a full-time agent. I spoke about why property has become a popular mid-career move.
"Sedang lebih ramai sedar tentang kestabilan jangka panjang dan pendapatan mantap dalam industri ini, ia menjadi pilihan yang menarik untuk keluarga mereka."
As more people see the long-term stability and steady income in this industry, it becomes an attractive option for their families. · By Nur Adilah Mahbob, Berita Harian
Read the context and my full comments
The context.
A feature on the realities of working as a property agent, told through Shiddique Asyraaf Adam Malikh, who became a full-time PropNex agent in January 2022 under my mentorship.
What I told Berita Harian.
"Ejen yang ada sekarang juga mengongsi aktiviti harian mereka menerusi media sosial dan ini memberi gambaran tentang gaya hidup yang selesa dan fleksibel yang berbeza daripada kerjaya '9 to 5'."
Agents now share their day-to-day on social media, which shows a comfortable, flexible way of working that's different from a 9-to-5 career. I also said that property is a popular mid-career choice.
Why some Bidadari homeowners are holding on to their 3-room flats despite potential $600k profit
On a record $900,000 three-room resale at Alkaff LakeView, I explained what buyers were paying for, and where the price stops making sense.
"$900,000 is undeniably steep for a three-room flat."
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
Bidadari, between Serangoon and Kallang, is one of Singapore's newest HDB estates. Most of its BTO flats were completed within the last five years.
In December 2024, a three-room flat at Block 115C Alkaff Crescent (about 68 sqm, 13th to 15th floor) resold for $900,000. It was reported as the highest price paid for a three-room HDB flat at the time. At the November 2015 BTO launch, three-room flats in the project were priced between $297,000 and $385,000.
AsiaOne spoke to residents about why some weren't selling after MOP, and asked me whether the price made sense.
What I told AsiaOne.
"These amenities raise the livability of Bidadari estate and attract buyers willing to pay a premium."
On Bidadari Park, Woodleigh Mall and the schools nearby
"For those prioritising location and newness over space, the price may be acceptable, but $900,000 is undeniably steep for a three-room flat. Buyers often expect four or five room flats for that price."
On whether the price was justified
"I believe we are on the path to see three-room units eventually surpass $1 million in these highly-coveted locations."
My view in January 2025, on estates like Queenstown and Dawson reaching MOP
What I'd add today.
A record price tells you what one buyer paid. It doesn't tell you who buys it from you next. Before paying a premium like this, check the resale depth for that block and flat type, not the headline.
Some Punggol loft flats are being listed for sale at $1.5m, property experts weigh in
Two five-room lofts in Punggol were listed at $1.5 million. I said the price wasn't realistic, and named the figure most buyers would accept.
"The kind of cash or CPF (Central Provident Fund) [loans] needed can get you a condo."
By Khoo Yi-Hang, AsiaOne
Read the context and my full comments
The context.
In December 2024, a five-room loft at Block 305A Punggol Road (about 147 sqm over two storeys, with an open terrace) was listed at $1.5 million. It sits a few minutes' walk from Punggol MRT and Waterway Point.
A similar loft at Block 306D Punggol Drive had been listed at the same price in October, and went back on the market in early December without a buyer.
What I told AsiaOne.
"The kind of cash or CPF (Central Provident Fund) [loans] needed can get you a condo."
On the asking price
"$1.5 million is a bit on the higher side … probably somewhere in the range of $1.3 million would be more palatable for most buyers today."
On a realistic figure
"This loft is basically the newer generation of the executive maisonette (EM) that got discontinued."
On why buyers want lofts
"For some people, being able to live in a double-storey property in Singapore… it's already a very rare occurrence to them, it's their goal, it's a lifestyle drive."
On who buys them
I also noted that units like these usually need a combined household income of over $20,000 a month.
44-year-old Ang Mo Kio flat sold for record $1.3m — is it a good value? Analysts weigh in
A 44-year-old executive flat with 55 years left on its lease sold for $1.3 million. I explained why that buyer paid it, and why most owners of older flats shouldn't expect the same.
"Properties that offer unique advantages, such as exceptional views, larger space or prime location, can still attract premium prices."
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
In July 2024, an executive flat at Block 611 Ang Mo Kio Avenue 5 (about 178 sqm, 10th to 12th floor) sold for $1.3 million, a record for the estate. It had about 55 years left on its lease and was formed by joining two smaller flats.
The price topped a $1.2 million maisonette sale nearby that had around 70 years of lease remaining.
What I told AsiaOne.
"This emotional attachment in the property as a long-term family home can provide significant personal value that outweighs the diminishing lease."
On why this buyer paid it: a forever home, not a short-term investment
"Properties that offer unique advantages, such as exceptional views, larger space or prime location, can still attract premium prices."
On what holds value despite a short lease
I also cautioned that buyers like this are rare, and that owners of older flats shouldn't assume theirs will fetch a million dollars.
Realistic or not? $1.5m listing for HDB loft flat in Punggol leaves experts divided
When the first Punggol loft was listed at $1.5 million, I worked out the cash over valuation a buyer would need, and said the price didn't look realistic.
"It's attractive for buyers who are seeking a certain lifestyle and space within their house."
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
In October 2024, a five-room loft at Block 306D Punggol Drive, Treelodge@Punggol (about 147 sqm, 85 years of lease left, around $200,000 spent on renovation) was listed at $1.5 million.
Other five-room flats in the estate had sold for $528,000 to $1.2 million over the previous year. A loft in the same project sold for $970,000 in November 2021.
What I told AsiaOne.
"It's attractive for buyers who are seeking a certain lifestyle and space within their house."
On why lofts are sought after
"It seems like $1 million is no longer a big target to hit for sellers, and those with rare and in-demand features seem to be pushing for $1.5 million."
On what sellers are now asking
I said the listing did not seem realistic. A buyer would need at least $350,000 in cash over valuation, and very few buyers will pay that much above valuation for an HDB flat.
'We are just the middlemen': How property agents grapple with landlords' discriminatory preferences
On landlords who screen tenants by race or identity, I set out what an agent should do: find the real concern, put it into the lease, and walk away if it crosses the line.
"If it crosses the line into blatant discrimination, then [property agents] have every right to walk away if they are not comfortable."
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
AsiaOne spoke to agents about landlords who turn tenants away because of race or sexuality. CEA guidelines require agents to advise landlords against discriminatory advertisements.
What I told AsiaOne.
"Sometimes, it is not outright discrimination, but more about lifestyle fit or perceived safety."
On landlords renting out rooms in their own home
"They have to understand why [the landlords have these preferences]. Whether it is just personal bias against a specific group or based on a bad experience or misunderstanding."
On the first step
"We will try to reframe the conversation [with landlords] back to the lease terms rather than identity… if they are concerned about cleanliness, then we can address these with specific clauses in the agreement."
On handling it
"If it crosses the line into blatant discrimination, then [property agents] have every right to walk away if they are not comfortable."
New HDB loan limit: Will it affect resale flat prices? Analysts weigh in
When the HDB loan limit was cut from 80% to 75%, I explained how buyers would respond: a short pause to rework their budgets, then back to their plans.
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
On 19 August 2024, the government lowered the maximum HDB loan from 80% to 75% of the flat's price or value. It was the fourth round of cooling measures since December 2021.
The Enhanced CPF Housing Grant was raised at the same time, to up to $120,000 for families.
What I told AsiaOne, in summary.
There was no direct quote from me in this piece. My point was that transaction volumes would dip briefly while buyers and sellers adjusted to the new financing limit, and that buyers would recalibrate their budgets and carry on with their plans.
Record 1,000 HDB resale flats hit $1m in 2024: Market anomaly or new norm?
As million-dollar resale flats passed 1,000 in a year, I was asked what could slow them. My answer was structural: a longer MOP and tighter loans above $1 million.
By Ching Shi Jie, AsiaOne
Read the context and my full comments
The context.
ERA counted 1,003 HDB resale flats sold at $1 million or more in 2024 as of 24 December, up from 470 the year before. They remained a small share of all resale transactions.
What I told AsiaOne.
I suggested the government consider a longer minimum occupation period and lower loan approvals for resale flats above $1 million.
"Otherwise, this trend is likely to continue especially in the central locations."
My view in December 2024, on million-dollar resale flats
Getting your first property in Singapore: we answer 10 commonly asked questions
On a Seedly Facebook Live for first-time buyers, I explained when a bank loan can make sense over an HDB loan: it can leave a reserve to fall back on if one spouse stops working for a while.
By Ming Feng, Seedly
Read the context and my full comments
The context.
Seedly ran a Facebook Live panel on buying a first home, with speakers from personal finance, real estate and interior design. I was introduced as the owner of HDB Hero, my brand at the time.
What I told the panel, in summary.
Asked whether property is a home or an investment, I said an HDB flat is a place to live, and investment belongs with private property. On financing, I said I'd consider a bank loan if I had the means, because the reserve it leaves gives a family room if one income stops. Loan rules and figures have changed since 2018.
Media enquiries: admin@herohomes.sg · Interviews in English and Bahasa Melayu.
CNA 938 · Open House, with 99.co · 18 Mar 2023 · English
Freehold or leasehold. Tenure matters less than you think. Entry price and exit buyer matter more.
A radio segment on leasehold versus freehold: what happens when a lease runs out, whether leasehold value really falls, and how to judge a new launch against resale.
Berita Harian · #NoTapis podcast · 5 Sep 2023 · Bahasa Melayu
Plus and Prime flats. A different exit. Priced in from day one.
After the 2023 National Day Rally announced the Standard, Plus and Prime BTO classification, I joined MP Saktiandi Supaat on the panel. My point: longer MOPs and subsidy recovery change who can buy from you, so plan the exit before you pick the flat.
"Anda sebagai penjual dah tak boleh kaya raya, tetapi boleh kaya saja."As a seller, you won't strike it rich any more. You can still do well.
On #NoTapis, 2023. Photo: Berita Harian, Shafiq Apandi.With MP Saktiandi Supaat and Hanan Sheikh Helme Al-Johary. Photo: Berita Harian, Shafiq Apandi.
Champion · PropNex Star Performer's Award · January
6×
Top 5 HDB Transactor at PropNex, six times.
Between 2017 and 2022
Recognised as a PropNex Top Producer since 2012.
17
Years in the market
500+
Transactions
$350M+
Value transacted
About Heikal
I don't sell upgrades. I stress-test them. Then I tell you honestly.
I started in September 2009, straight after National Service. It's the only career I've had.
Early on, I kept meeting families who'd stretched their finances and emptied their CPF, with nothing left when income shifted. That's why every decision I advise on is stress-tested first. My own family's included.
Heikal Shafrudin · Associate Group District Director, PropNex Realty · CEA Reg No. R016820G · PropNex agency licence L3008022J · AZ @ Paya Lebar, 140 Paya Lebar Road, Singapore. Media coverage links to the original publishers, who own the content. Supply counts and data are factual records. Quotes are reproduced as published and dated; they reflect my view at the time of each interview and are not a current forecast of prices or market direction.
17 May 2024
