They are CEOs and they choose to live in HDB flats

They can easily afford private property, but some CEOs would rather live more simply in public housing and say they do not covet the prestige of more expensive homes

May 5, 2019


Two months ago, Mr Abel Ang, chief executive of Advanced MedTech, said to be the largest medical device company in Southeast Asia, wrote a column in The Sunday Times about living well within his means in an HDB flat and travelling by public transport.

The 46-year-old, who is also an adjunct associate professor at Nanyang Technological University, did not expect the reaction to his piece. More than 10 readers sent him messages via LinkedIn and other platforms.

A post on the newspaper's Facebook page sharing the story also garnered more than 640 "likes", with netizens praising his modest lifestyle.

Facebook user Christine Tiyu, for example, wrote: "If one is happy and contented staying in (an) HDB flat, there (is) no need to buy and move to a much more expensive place... he is really smart not to be a slave (to) unnecessary material cravings. Well done!"

Mr Ang, who is married to a healthcare worker, 47, with two sons, aged 14 and 17, told The Sunday Times: "To me, this is normal living. But it seems to have resonated with some people."

He shared that other CEOs and senior executives wrote to him saying they wished that they, too, could do the same.

"But there were also a few who asked how my family and I could live in such 'hardship'," he added.

For example, a few professionals in the legal and finance sectors told him that the trappings of success were seen as "very important" in their industries.

"They feared that if they were to live in an HDB flat, or drive an inexpensive car, others might feel these indicators do not befit the success of their firms.

"Some people also said that CEOs who live in HDB flats are not giving their subordinates enough to aspire to," he recounted.

"But to me, choosing to have an expensive home or car just for the sake of obvious display can easily become a wealth trap."

Ultimately, one's home and car are personal lifestyle choices, Mr Ang says.

"I'm not saying others are wrong to aspire towards a more expensive home, but living in an HDB flat has worked for me and my family. And it is certainly not a 'hardship'."

The Sunday Times found three other CEOs who - for reasons such as convenience, wanting to use their money on other things or sheer inertia - choose to live in HDB flats.

He would rather use the money to help others
For the Gan family, who live in a five-room HDB flat in Clementi, it is better to use money to do good rather than buy material comforts.

That is why the family chose to open their home to foster children about three years ago.

Mr Joseph Gan, 41, chief executive and co-founder of mobile security solutions firm V-Key, and his wife, Ms Tay Li Ping, also 41, a former psychologist and now a theological student, are foster parents to two boys, aged six and 11. They have three sons of their own - Joshua, 16; Daniel, 11; and Gabriel, seven.

Mr Gan says: "We think it is better for children facing less fortunate circumstances to live with a family instead of in a children's home. Since our family is relatively stable and does not have money problems, we decided this was a good way for us to help those less fortunate."

V-Key was started in 2011 and now has about 100 employees. It provides digital security solutions to banks such as United Overseas Bank and DBS Bank, government bodies and mobile payment wallets. It is known to have raised US$16 million (S$22 million) of funding in the past.

In February this year, the company was ranked third in a list of Singapore's fastest-growing companies - which achieved markedly high revenue growth between 2014 and 2017 - in a study undertaken by The Straits Times and global research firm Statista.

Mr Gan, who has a bachelor's and master's degree in electrical engineering from Stanford University, was the company's chief technology officer for 51/2 years before he became chief operating officer in 2017 and chief executive this year.

Although his earnings allow him to live in private housing, Mr Gan decided to continue living in the 1,259 sq ft flat, which his family bought for $560,000 more than 10 years ago.

The family owns two cars - a seven-seater Peugeot 5008 SUV and a Mini Cooper.

He says: "I did not accept the position of CEO because I wanted to chase after material things. I became a CEO because I wanted to make a difference in what the company can build."

Referring to his employees who might drive flashier cars and live in bigger houses, he says: "We all choose the lifestyle we want to lead. I am very happy and comfortable with mine. To be honest, I think the fact that I own two cars is already a luxury."

Asked if living in a flat might affect how others view his company's prospects, Mr Gan, a Christian, replies: "I don't think I need to live in a big house to impress my clients.

"Rather, I should impress them with my company's good, reliable record, with our credentials, and with the accolades we win."

Living in an HDB flat also has its perks, he adds, such as the many playgrounds nearby and eateries selling good, cheap food like roti prata, mee siam and fried Hokkien mee, which are among his family's favourite foods.

"There may come a time when we are forced to move to a bigger place, to give our children more individual space as they grow up," he concedes. "But for now, we are very happy living in our cosy HDB flat."

This chief executive used to live in a condominium unit in Tampines. But six years ago, he moved to an HDB executive flat in the same area to be closer to the MRT station.

Mr Christopher Tan is CEO of Providend, a home-grown fee-only retirement financial advisory firm started in 2001 which now has about 25 employees and manages more than $300 million of assets.

The 49-year-old is also executive director of MoneyOwl, NTUC Enterprise's financial advisory subsidiary, of which Providend Holding - Providend's parent company - is a 40 per cent shareholder.

The father of a son, Thaddeus, 21, and a daughter, Thalia, 17, explains: "From the condo, we had to take a feeder bus to reach the MRT station. But as my children are older now, they need greater access to the MRT to get to the polytechnic and work. At my current place, Tampines MRT station - with both the Downtown and East West Lines - is just a five-minute walk away."

Moving into the 1,528 sq ft flat, which cost $750,000, also means more space, as the condo unit was only 1,237 sq ft.

"The truth is, we don't care whether we live in a condo or an HDB flat. We don't have to keep up with the Joneses, and I don't see why a CEO shouldn't live in an HDB flat."

Since moving, he and his wife, housewife Cynthia Khor, 47, have not missed the condo lifestyle. They hardly used the condo's gym or swimming pool when living there anyway, he adds.

His current flat is across the road from Tampines Mall, and only a five-minute walk to Our Tampines Hub, an integrated community and lifestyle hub with facilities such as a swimming pool, sports hall and cinema.

For him, money should enable one to achieve one's life goals, but should not be a goal in itself. And one of Mr Tan's goals is to create memories with his family. So he sets aside money for a two-week vacation every year.

They have travelled to places such as Australia, Spain, Croatia and Taiwan. One especially memorable trip was to England in 2013, when they visited the Old Trafford stadium in Manchester, and saw Manchester United beat Arsenal 1-0.

"My son is a huge Manchester United fan and I remember him running down the stadium's stairs excitedly to watch the game. Even my wife, who is not a football fan, recalls that game fondly."

Although he acknowledges that private housing is a status symbol to many today, he begs to differ.

"I don't agree with that. I don't need to show my wealth to impress clients. In fact, I hope my clients are richer than me, because this means I am making the best, most costeffective investments for them."

Even though some of his employees live in condominiums or landed property, Mr Joshua Yim, CEO of human resource consultancy Achieve Group, is happy living with his mother in a four-room HDB flat in Yishun.

His family bought the top-floor corner unit for $62,000 in 1986. His late father, Mr Yim Wing Seng, a trading administrator, lived with them until he died at age 80 in 2008. A maid currently lives with them.

Mr Yim, 55, says: "I've been living here since I was 22 years old. I'm so used to it. I can definitely afford to live in a private property, but inertia keeps me from moving.

"This is my penthouse," he says. "When we open the window, it is very windy. There is also an unobstructed view of a beautiful open field."

In addition, it takes the bachelor only eight minutes to walk to Khatib MRT station if he leaves his Audi A6 sedan at home.

"I can understand how CEOs might want to live in a private property just to give their staff something to aspire to, but I don't think me living in an HDB flat hinders my staff's aspirations. Everybody has different dreams, and my priorities are my business and the impact I make on the lives of others."

His mother, Madam Chew Seh Poh, 83, a retired clerk, also loves living in the flat.

"I know some of the neighbours here very well," she says. "I don't want to move because I might not know the new area."

Mr Yim used to own a condominium and a landed property in Singapore. But in 2016, he sold both, as he felt they were not appreciating enough in value. He now owns private properties in Penang, London, and Guangxi, China, which he rents out.

He pumps the rest of his funds into various start-up companies, as well as his own company, Achieve Group, which he founded in 1990. It has about 60 employees based in Shenton Way and about 10 in Kuala Lumpur.

Once every two months, Mr Yim travels for work, either to the company's Malaysia arm or to China. But he usually boards the cheapest flights - in economy class.

He explains: "I think most CEOs would take business class for work trips. But the flight duration for me is usually very short and I don't see the point of wasting money on such flights."

Sometimes, he even takes the bus to Kuala Lumpur, paying about $80 for a two-way trip.

"Taking a flight saves me only about two hours, after I factor in time travelling to the airport, clearing customs and waiting to board the flight," he says.

"When I travel by bus, I can use the time during the trip to make calls to my clients."

A version of this article appeared in the print edition of The Sunday Times on May 05, 2019, with the headline 'They are CEOs and they choose to live in HDB flats'.