Who are buying private homes and how do agents stay relevant? With PropNex’s CEO Kelvin Fong
Who is buying at new condo launches? What is the state of play in the resale market for private homes? Also get perspectives on AI’s impact on the agency business and Singaporeans’ love for private ho...
War, an energy crisis and a weakening economic outlook. None of it appears to be stopping Singaporeans from buying new condos. Several major launches this year saw take-up rates of 90 per cent or more at launch, with buyers reaching not just for small units but for three and four bedroom homes costing well over a million dollars. So what is actually driving this and is it rational?
In this episode of PropertyBT, a BT Correspondents podcast, Leslie Yee speaks with Kelvin Fong, chief executive officer of PropNex, Singapore’s largest real estate agency. Fong has a front row seat to everything happening in the private housing market right now and he does not hold back on the details.
Why listen
- Who is actually buying at new condo launches and what their profile reveals Singaporeans make up around 88 per cent of buyers, with foreigners accounting for just 2 per cent. Fong breaks down what is driving demand across different buyer groups and why the numbers tell a more nuanced story than the headlines suggest.
- What really happens behind the scenes at a major condo launch The marketing, the training, the balloting systems, the AI-powered unit selection tools. Fong walks through the months of preparation that go into a single launch weekend and why the commissions agencies earn are harder won than they look.
- Why the resale market is quietly offering better value than new launches right now A 43 per cent gap in price per square foot between resale and new launch homes is a number worth contemplating. Fong explains who is taking advantage of it and why.
- Whether AI will replace property agents or make the good ones much more powerful Fong is honest about which agents are at risk and what separates those who will thrive from those who will not.
Singapore’s appetite for private property is proving remarkably resilient. This episode explains why. Listen now.
Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg
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Written and hosted by: Leslie Yee (lyee@sph.com.sg)
With Kelvin Fong, CEO of PropNex
Edited by: Howie Lim & Claressa Monteiro
Produced by: Leslie Yee, Howie Lim & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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ABOUT THE PODCAST
BT Correspondents brings together some of The Business Times’ most trusted columnists in a single series. Featuring Mark to Market, WealthBT, TransportBT, and PropertyBT, weekly episodes deliver expert analysis and clear perspectives on stocks, wealth, mobility, and real estate. It is essential listening for professionals who want context, clarity, and depth.
