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By Khalil Adis
Lessons from an honest conversation over breakfast at Nomads, Seletar Aerospace Park.
Romesh and I recently met up over breakfast at Seletar Aerospace Park. Photo: Screengrab from our video interview.
Interviewing Romesh Navaratnarajah felt less like an interview and more like two old friends catching up over a no-holds-barred conversation.
Having known each other for close to 20 years (we first crossed paths when I was editor at Property Report and he was at PropertyGuru) sitting down together at a charming black and white colonial estate at Seletar Aerospace Park felt completely natural.
For the newly initiated, Romesh spent over two decades in the media industry.
For a significant part of that time he was the editor of PropertyGuru Singapore, one of the country's most read property platforms.
At PropertyGuru, he interviewed property agents, developers and investors.
He covered policy changes, market cycles and the stories of Singaporeans who felt locked out of a system that seemed designed for everyone but them.
Suffice to say, he understood Singapore's property market better than most people in the country.
And yet, for a long time, he did not own a single square foot of it.
Over coffee and truffle fries at Nomads - a black and white colonial bungalow that, as Romesh pointed out, Singaporeans can rent but cannot buy - we talked about what two decades in property media actually teaches you.
And what it does not.
What most people don't know about Romesh
Having worked at PropertyGuru gave Romesh a broad insight of Singapore's property market. Screengrab from our video interview.
Before his current role in public relations, Romesh spent more than 20 years in the media industry.
Most people who know him know the PropertyGuru chapter.
What they may not know is that the journey from media to PR, from editor to property owner, involved more anxiety, more patience and more honesty about his own financial situation than his professional profile might suggest.
That candour is what made this one of the most genuine property conversations I have had in 18 years of covering this region.
Watch part 1 here.
What the PropertyGuru editor's chair actually taught him
"It's very dynamic. It's changing ever so often. There are lots of rules and regulations to keep abreast of," said Romesh.
That might sound like a standard observation.
However, coming from someone who spent years inside one of Singapore's most read property platforms, it carries a specific weight.
The rules and regulations he is referring to aren't just the headline policies that make the news.
They are the constantly shifting framework that governs how Singaporeans buy, sell, rent and finance property.
Mind you, most buyers only discover this when they are already in the middle of a transaction, wishing someone had explained it earlier.
Some got caught in the middle of cooling measures that forced them to abort their selling or purchase plans entirely.
However, the technical knowledge wasn't what Romesh found most valuable.
"The most rewarding part of the job was being able to tell the stories of Singaporeans who live on the fringes, who were kind of marginalised. They felt it was very hard for them to buy a property because it was too expensive,” he said.
Romesh is talking about single Singaporeans who 18 years ago had very limited housing options.
At the time, they could only buy resale flats which came with a catch.
Most sellers were asking for sky-high cash-over-valuation (COV) that sometimes ran to $100,000 on top of the purchase price.
Many simply could not afford it.
Some felt unfairly penalised for being single, despite having served National Service (NS).
"It was very rewarding. I was able to tell their story,” he recalled.
Those stories got picked up beyond PropertyGuru such as Yahoo and other media.
Interestingly, HDB has since revised their policies to allow singles to buy BTO flats.
As Romesh put it simply: "We have come a long way."
Watch part two here.
Watch part three here.
The editor who didn't own property
Romesh was surprisingly candid about the housing anxiety he had faced when he was editor at PropertyGuru. Screengrab from our video interview.
"I was talking to people, property agents, property owners, some of whom own multiple properties.
Here I was, the editor of PropertyGuru, and I didn't own my first property at the time," said Romesh.
The irony was not lost on me.
I could relate to exactly what he was saying.
There he was, the person Singaporeans turned to for property guidance, sitting across from people with multiple investment properties, listening to them talk about their gains, their rental yields, their property journeys.
Yet, he did not own a single unit.
"It definitely, to some extent, made me a little bit jealous," he said.
That honesty is why this conversation matters.
Housing anxiety does not discriminate by professional credential.
It doesn't matter how much you know about the market intellectually.
The emotional experience of watching other people seem to have figured something out that you have not is universal.
To make matters worse, there are people out there who may feel property is out of reach and an unattainable dream due to their unique circumstances.
This is exactly the same anxiety that Anita Kapoor had described over thosai in Little India.
It is the same anxiety that a significant number of Singaporeans carry quietly every day.
Watch part four here.
Why he went straight to private property
At age 37, Romesh finally bought his first private property. Screengrab from our video interview.
Most Singaporeans start with HDB.
Romesh did not.
"I kind of knew when I bought my first property I wanted to buy a private property. Primarily because I wanted to buy it for investment purposes and I wanted to rent it out," he said.
Having spent years studying the market at PropertyGuru certainly helped.
He understood what he wanted and saved toward it.
Location was a key consideration.
Budget was a real constraint.
Finally, at 37, he found something that worked on both counts.
"I've owned it now for almost ten years. I haven't had issues with renting it out. It has been a good investment," he said.
Thankfully, his family and friends were supportive.
So far, the rental income has been covering the mortgage consistently.
This brings us to the question most people are actually asking when they talk about private property investment.
Watch part five here.
The tenant who could not pay during Covid
Romesh has had his share of experience managing tenants including one during Covid. Screengrab from our video interview.
Having been a landlord for almost ten years, Romesh has had his fair share of tenant stories.
His assessment is refreshingly honest.
”I wouldn't say my tenants are from heaven either. There are always some niggling issues," he quipped.
However, his most challenging moment was not a nightmare tenant.
It was a good one.
"The most challenging situation I faced was during Covid when I had a tenant who, unfortunately, because of the work situation, wasn't able to pay me the rent in full and approached my agent and asked if I could offer some kind of a reprieve or discount on the rent," he said.
He said yes without hesitation.
"Here's someone who was a good tenant, who has been paying her rent on time but was going through a difficult point in her life. In such a situation, it's our responsibility as a human being to help people out."
That instinct - to see the person behind the tenancy agreement rather than just the missed payment - is what separates a landlord with integrity from one without it.
It is also, I suspect, part of why Romesh has had a relatively smooth decade of property ownership.
The relationships you build along the way reflect the kind of person you are in them.
Watch part six here.
Does the rental yield actually cover the mortgage?
Romesh's first investment property has generated a positive cash flow. Screengrab from our video interview.
"Yes, the rental does cover the mortgage," he said.
His property has been generating positive cash flow, enabling him to set aside money for his emergency fund and for further investments.
His advice for young Singaporeans who think private property is out of reach?
"Take your time. Find something that is suitable for you. Don't feel like you need to rush into buying your property."
He adds the practical checklist nobody gives you when you're starting out - have enough money saved, do not be heavily in debt, make sure you can service the mortgage and talk to a mortgage broker about interest rates.
But what if private property genuinely is not within reach right now?
"There are a lot of nice HDB properties in the market. Maybe explore the HDB market first. After five years, you can choose to continue to stay on or if you decide that owning a private property is your dream, you can sell your property, make a decent profit and move up the property ladder,” he said.
Watch part seven here.
The one-bedroom he has been trying to sell
This is where our conversation got real.
Romesh has been trying to sell his private property for some time and it has been a challenge being a one-bedroom unit
As anyone who has tried to sell a one-bedder in Singapore knows, the buyer pool is genuinely limited.
"If you have a family, you are not going to buy a one bedroom apartment. So the type of buyers that would ideally buy my property would be a single person or someone who is looking to buy for investment purposes with rental yield," he said.
Thankfully, he is not in a desperate position.
The property is still rented out.
The mortgage, property tax and maintenance are all being serviced.
He can afford to wait.
"I can afford to bide my time, for now, and just continue to rent it out,” he said.
However, it is also a reminder that even a well-chosen property investment comes with constraints.
The same one-bedroom that worked perfectly as an investment vehicle for a decade becomes harder to exit when you want to trade up.
The buyer pool that was adequate when you bought may be narrower when you want to sell.
Watch part eight here.
What he would tell his younger self
Romesh advises readers out there to take property buying as a journey and to take your own pace. Screengrab from our video interview.
"I would probably tell myself not to be so anxious,” he quips.
That was Romesh's answer to the final question of our conversation.
Coming from someone who had spent two decades covering Singapore's property market, his remarks lands differently.
"As long as you continue to be diligent, continue to set aside money every month, save up, do your homework, you will be able to make that property purchase. It could take some time. But I guess that's why they call it a journey, right?"
He adds one more piece of advice that I think is the most underrated thing he said in our entire conversation.
"I would probably talk to a lot more people who were property owners and talk to them about their journey because everyone's property ownership journey is very different,” he concludes.
If the editor of Singapore's biggest property platform, was carrying the same anxiety you are, and still got there, so can you.
One step at a time. At your own pace. On your own terms.
Watch part nine here.
- Published on
By Khalil Adis
Wat Arun at dusk. Photo: Khalil Adis Consultancy.
However, beyond the familiar narrative of affordable shopping, street food, floating markets and Chatuchak Weekend Market, the city is quietly building something more substantial.
During my recent trip to Bangkok as part of my '18 Years On The Ground' series, I sat down with two people who know this city from the inside, Dr. Ploylada Thanapaisanvorakul, dermatologist and founder of Lollana Clinic, and Kanchana Paha, former Associate Editor of Property Report and former Head of Consumer Marketing at DDProperty Thailand.
What they told me cuts through the marketing narrative and gets straight to what's actually happening on the ground.
Medical tourism is no longer just about hospitals
Aerial view of Sukhumvit. Photo: Khalil Adis Consultancy.
Yes, world-class hospitals like Bumrungrad, Bangkok Hospital and Samitivej have built international reputations over decades and continue to draw patients from across the region.
However, according to Paha, who has watched Bangkok evolve through multiple economic cycles, the story has moved well beyond the hospital campus.
"I started to realise that Bangkok has become a world-class medical tourism destination when it's not just about the hospitals anymore," she said.
What she's describing is an ecosystem.
Around Bangkok's major medical centres, a supporting economy has grown up with specialist clinics, recovery-focused serviced apartments, extended-stay accommodation, wellness facilities, F&B and retail catering specifically to patients and their accompanying family members who may stay for weeks at a time.
This ecosystem generates property demand that is distinct from conventional residential or commercial demand and shows up in specific districts rather than across the city uniformly.
Dr. Ploylada Thanapaisanvorakul sees this from inside the clinic.
With 17 years of experience building a regional clientele at Lollana Clinic, she has watched Bangkok's medical reputation evolve from a domestic healthcare story into a genuinely international one.
"Most people are still surprised at how advanced medical technologies are in Thailand," she said.
The surprise factor she identifies is significant.
Many Singaporeans still carry an outdated perception of Bangkok's medical capabilities, assuming that a lower price point reflects lower quality rather than lower overhead costs, different regulatory structures and a competitive private healthcare market that has invested heavily in technology and talent.
Dr. Thanapaisanvorakul's regional patient base, many of whom fly in from Singapore specifically, tells a different story.
The cost differential is real and significant
Screengrab of my interview with Dr. Ploylada Thanapaisanvorakul, dermatologist and founder of Lollana Clinic
Dr. Thanapaisanvorakul was direct about what the gap actually looks like.
"It's double the price to do Rejuran in Singapore than in Bangkok," she said.
For the uninitiated, Rejuran is a popular skin rejuvenation treatment with strong brand recognition among Singapore's professional demographic.
At double the Singapore price, the cost differential is enough to cover your flight, hotel stay and a few days in the city and still come out ahead.
When you factor in that the treatment is being performed in a clinic with 17 years of experience and an established regional patient base, the value proposition becomes clearer.
Dr. Thanapaisanvorakul's observation about cost connects directly to Paha's point about the broader ecosystem.
Patients who fly to Bangkok for treatments like Rejuran aren't just spending money at the clinic.
They're staying in serviced apartments, eating at restaurants, shopping at Nana Beauty Village and generating economic activity across multiple districts.
That aggregate demand is what makes medical tourism a property story, not just a healthcare one.
Medical tourism drives rental demand, not buying
Grande Centre Point Lumphini Bangkok, a luxury hotel in Bangkok near to many hospitals. Photo: Khalil Adis Consultancy.
"Medical tourism affects property demand through renting and hospitality rather than direct buying," she said.
This is the insight that most developer roadshows and investment seminars presenting Bangkok property to Singaporean audiences either miss or deliberately sidestep.
Medical tourists are temporary by nature.
The patient journey is weeks or months, not years.
The demand they generate is for short-term and extended-stay rental accommodation such as serviced apartments near major medical centres, recovery-focused hospitality, furnished units on flexible lease terms, rather than for ownership.
Investors approaching Bangkok's medical tourism corridor expecting direct buying demand from patients are likely to be disappointed.
The opportunity is real but it sits in rental yield and hospitality-adjacent assets rather than in residential ownership demand from medical visitors becoming permanent residents.
Paha was equally specific about where this demand shows up geographically.
"There are some areas that are shaped by it," she said, identifying districts that have physically emerged around Bangkok's medical tourism economy with their retail, accommodation and F&B all oriented around the patient recovery journey rather than conventional residential life.
The growth areas most investors haven't found yet
Wat Phra Sri Mahathat interchange station with the Pink MRT Line and BTS Sukhumvit Line. Photo: Khalil Adis Consultancy.
"Ram Intra and Fashion Island along the Pink MRT Line are growth areas," she said.
These are not names that appear in most developer roadshows targeting Singaporean investors.
They represent something different.
These are districts where the infrastructure story is still being priced into the market, with spillover impact on surrounding areas.
The Pink MRT Line, which opened in 2023, connects Nonthaburi to Minburi through Bangkok's northern corridor.
The infrastructure story is similar to how the RTS Link is reshaping property demand in Johor Bahru and how the Cross Island Line is repricing estates along its corridor in Singapore.
Infrastructure precedes demand.
Demand precedes price appreciation.
"The Pink Line is a growth area," Paha confirmed, expanding her observation beyond individual districts into a structural thesis about Bangkok's northern corridor as a whole.
Her framework comes from years of watching Bangkok's property market evolve.
"Thailand was a good classroom for me. Those experiences taught me that property is not just buildings. It is about timing, infrastructure, confidence and policy," she said.
Applied to the Pink Line corridor, the timing is now.
What this means for Singaporean investors
Traffic jam in Bangkok. Photo: Khalil Adis Consultancy.
Medical tourism is a genuine driver of property demand but through rental and hospitality rather than direct buying and in specific districts shaped by proximity to medical infrastructure rather than uniformly across the city.
The growth areas most worth watching are not the ones being marketed most aggressively to foreign investors.
They're the ones where the infrastructure has arrived and the market hasn't fully caught up yet.
The starting point for any serious engagement with Bangkok property is what Paha said to anyone considering the city whether for property, medical treatment or simply a new experience: "Come to Bangkok with curiosity, not with assumption."
Watch the full series here.