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Million dollar HDBs, private property bubble? PropNex’s Ismail Gafoor shares his take

The Business Times

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PropNex co-founder and executive chairman Ismail Gafoor shares this take on the growing trend of million-dollar HDBs resale flats and fears of a private property bubble burst.

He also highlights future trends like compact homes, catering to seniors, and concerns on lease decay in our latest edition of 5 Questions With, hosted by BT’s Nivani Elangovan.

0:00 "Don't speculate in property"
0:28 Introduction
0:38 PropNex’s success story
1:45 Property selling's evolution
2:58 Rise of million dollar HDB resale flats
5:50 Bubble in the private property market?
7:56 Risks for homeowners and buyers?
9:28 Successor Kelvin Fong’s big task ahead
11:02 Key trends in the next 10 years

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20 Comments

@TheBusinessTimes Creator 11 months ago Pinned

Here are the key timestamps in the video

0:00 "Don't speculate in property"
0:28 Introduction
0:38 PropNex’s success story
1:45 Property selling's evolution
2:58 Rise of million dollar HDB resale flats
5:50 Bubble in the private property market?
7:56 Risks for homeowners and buyers?
9:28 Successor Kelvin Fong’s big task ahead
11:02 Key trends in the next 10 years

@AndrewTube 11 months ago

it's like asking the fox on the health of the chickens

@temasekb 11 months ago (edited)

propnex doesnt care, once you sign thats the end. You will never see them.

Anyway SG will just import more rich citizens to prop up the property market. We also have many rich sinkies willing to pay 3k psf no need to worry. Low SORA will fuel borrowing. Property crash is pure bullshit.

@nick-q4l2t 11 months ago

when the first million dollar hdb was sold, everyone got shocked and start talking about it but now is quite common already, now we are already seeing 3 room bidadari resale at 900k meaning in another 5 year time, we should be able to see a 3 room selling at 1 million.

@tanpengjoo7205 11 months ago

Unscrupulous agent only want sales and commision

@DrGrindstone 11 months ago (edited)

The only beneficiaries are the property agents. Everyone else will be indebted, especially those they convinced to buy the million dollar HDBs and sell the million dollar hdb in exchange for more debt by buying overpriced new launches at high 2k to 3k psf. In this way, property enriched one generation but will enslave the next.

@peterhuazq 11 months ago

Met Ismail on a random flight. Love this man, his energy is contagious.

@alvarny77 11 months ago

Private properties of 2M in 2021 are very likely going to be 3M in 2026, if not already

@AZ108AZ10 11 months ago

💔28.10.2025 - 44 million Americans 0n food stamp + Stagflations = World's GDP Intertwined 0ne Another 0r Dominos💔

@PChh-f3b 11 months ago

Why he never talk about PR buying properties?

@nick-q4l2t 11 months ago

subsequent generation will not be able to afford but if their parent are doing well now, then they just inherit from their parent.

@stockkid8515 11 months ago

i think to solve the pricing issue is quite easy... for private property don't allow useage of CPF than it will drop..

@tkyap2524 11 months ago

Find out who are the people paying top dollars for public housing.

@xfall86 11 months ago (edited)

He sure side property agent side leh lol. His co biz is solely based on prop market demand.

All hdb need to be affordable to the masses la

@BrokenMan-y4d 11 months ago

👍2040 - DBS - SG GDP S$1,560 Billion ∴ HDB BTO 0r HDB Resale @ S$3,000 per sq ft + VERS @ S$1,000 per sq ft❣

@thinkpadx60 11 months ago

The agents are part of the problem crazy ethics

@ComplaintKing-g5x 11 months ago

🙏sg population 10 million 0r sg gdp S$1,560 billion = pap to lose its majority in parliament = coalition government for sg🙏

@alwanig1able 11 months ago

On the winning side we will all sell snake oil with you, on the other side we will have little but no choice to buy the snake oil.

@kennySg101 11 months ago

Prop market too hot.

@EthanTan-wg5wm 11 months ago

PRs profit big time cashing out their HDB flats over the past years, emptying their CPF balances when they leave Singapore.