Headlines about million-dollar HDB flats have revived big questions about affordability and purpose. In this episode, host Liang Kaixin speaks with Christopher Gee, Deputy Director and Senior Research Fellow at IPS, and Ismail Gafoor, Executive Chairman at PropNex Realty, to explore what housing means to Singaporeans today and what it ought to mean for the next generation.

Together they unpack the multiple roles public housing is expected to play — shelter, store of value, citizenry, and tradable asset. For young first-timers, affordability looms large; for older owners, flat appreciation is often tied to retirement security. Balancing these different — and sometimes conflicting — priorities is no easy task for policymakers. Both guests stress that housing prices must ultimately be grounded by wages and real needs, rather than headlines or market momentum.

Mr Gafoor offers a ground-level view of buyer and seller behaviour: what are speculative versus reality, and what expectations are driving demands. Mr Gee situates these choices within the wider social compact: public housing as both a citizenship benefit, and a  responsibility to future entrants into the system. The tension, they note, lies in how these four roles are deeply intertwined. Sustaining balance means protecting on entry points for first-timers, keeping pathways open across the system, and recognising public housing as part of Singapore’s wider social compact.

Looking ahead, the episode examines long-term questions around 99-year leases, lease decay, retirement adequacy and potential redevelopment pathways such as Voluntary Early Redevelopment Scheme (VERS). Rather than defer difficult trade-offs to the next generation, the guests call for clearer communication on lease policies, calibrated supply, and flexible lease terms to better match the diverse needs and demands of buyers. 

About our Guests:
Christopher Gee
Senior Research Fellow and Deputy Director at IPS
Christopher Gee is Deputy Director (Research) and Senior Research Fellow at the Institute of Policy Studies, National University of Singapore. His core research interests are the policy implications and outcomes from Singapore’s demographic trends, with a specific emphasis on housing, healthcare and retirement adequacy, based on research on the generational economy through National Transfer Accounts and National Time Transfer Accounts frameworks. Chris is also part of a team at the Institute embarking on a social impact and eco-system capacity building initiative in Singapore. This initiative aims to catalyse outcomes-based social programming through the establishment of connecting infrastructure to gather, distil and share evidence and insights of the changes resulting in desired social outcomes.  

Ismail Gafoor
Executive Chairman of PropNex Realty 
Mr Ismail Gafoor is the Executive Chairman of PropNex Realty, Singapore’s largest listed real estate agency and a Fortune 500 Southeast Asia company. With close to 30 years of industry experience, he is a visionary leader and a respected authority in real estate. A multi-award-winning entrepreneur, Ismail has earned numerous accolades and was honoured as NSman of the Year, retiring as a Colonel after 34 years of service in the Army. 

Beyond his corporate achievements, he is a celebrated author of self-enrichment and investment books. His best-selling titles include “You Can Fly”, “The Ultimate Guide to Real Estate Investment in Singapore” and “The Timeless Gift”. Mr Ismail also recently launched a national best-selling book titled “I Am Not Good Enough”, featuring a foreword by the President of the Republic of Singapore, Mr Tharman Shanmugaratnam. Known for his keen insights, eloquence, and ability to inspire, Ismail continues to lead PropNex with a vision that shapes Singapore’s real estate landscape.

Find Out More:  

• https://lkyspp.nus.edu.sg/ips/news/details/ips-working-papers-no.-53-public-housing-in-singapore-four-principles-for-public-deliberation
• https://www.melisten.sg/podcast/playlist/Open-House-174966/Voluntary-Early-Redevelopment-Scheme–VERS—How-will-it-refresh-ageing-HDB-towns—Christopher-Gee–Deputy-Director-%26-Senior-Research-Fellow–Institute-of-Policy-Studies–3010031 
• https://www.todayonline.com/commentary/why-hdb-owners-should-forget-about-getting-windfall-vers 

For more on housing policies in Singapore, visit IPScommons.sg or follow @IPS_sg on Instagram and TikTok.