For most Singaporeans, the dream is to have a property – ideally something fancy like a freehold bungalow – to pass on to their children. For Ms. KV however (she prefers that her name not be disclosed), her portfolio of properties won’t be going to either of her two children. Instead they’ll be sold, and the proceeds donated to selective causes. Here’s her story:
Growing up on the generosity of others
KV did not have the support of her parents while growing up. In fact, she never knew who her parents were:
“My parents passed away before I was two years old, so I was raised mainly by my grandparents. But my grandparents were not very well-off, so we relied on neighbours. I didn’t realised until I was much older how much we were dependent on the generosity of others.”
KV grew up along East Coast Road, close to Siglap. There used to be low-rise blocks in the area, which as of today are long vacant and up for redevelopment. However, she says the community in that area was very tight-knit:
“Growing up it was like everybody was everybody’s child. We always played together, the same gang, and everyone knew us.
The shopkeepers hid my grandparents’ situation from me. Whenever we bought sweets or whatever things, they would tell me ‘Girl, nevermind, I get from your pa later.’ It was only when I was older, maybe 10 or 11 years old, that I noticed: how come they collect from my friends straight away, but for me they always collect from my pa?
Then finally I understood, they didn’t want to take our money. They were giving things to me for free. Because they knew my family situation.
I think nowadays, this sort of thing is impossible. All the small private stores have been replaced by chains and big companies. Everywhere you go you see NTUC, Sheng Siong, 7-11. Even the coffee shop, a lot of the cai png and drinks stalls, they are all chain brands. It’s very impersonal. Even if the regular worker has a relationship with the customers, theBoy cannot do this sort of thing.”
Joining the workforce at 16
When she was 14, KV’s grandfather was diagnosed with Alzheimer’s. This made him incapable of continuing his work as an administrative assistant. This was in the 1970s. Unlike today, there were no dementia helplines; and KV says healthcare support was narrow in scope:
“We had government assistance, but it was just for hospital stays, or they subsidised the fees to see the doctor. Other than that, I think probably there was nothing.”
Surprisingly, it was her grandfather’s employer who helped the most:
“My grandpa worked for a Japanese company, and his boss was a very kind man. Even though he had no obligation, I was told his boss pulled strings to get him a good retrenchment package; and his boss even paid out of pocket to give him a bigger retrenchment sum.”
The likely company was either Daimaru or Yaohan, both of which have ceased operations. KV doesn’t have a clear recollection as she was young at the time.
Nonetheless, the money wouldn’t last. KV’s grandmother had to come out of retirement to work in a local provision shop, despite her advanced age; and KV went to work herself at the age of 16.
She started work as a helper in the household of a wealthy family, that lived in the Katong area. This was a stroke of luck, which laid the foundation for future success: the family in question was proficient in English. So KV learned, and greatly improved, on her ability to communicate in English.
By the time she was in her 20s, KV was married and working in a higher-paying job
Being able to converse better in English, KV found higher-paid work as a clerk, and eventually as a secretary in car dealership. In both cases, she highlights the generosity of her former employer.
The family she worked for vouched for KV, which was likely the only reason she was picked over more qualified candidates.
“I had no background, low education, and I didn’t carry myself well. If I walked in and asked for I job, I think they would have all died laughing. But because I was recommended, they didn’t see these things. In those days everything was word of mouth.”
(Seems to me it still is. – Ed.)
By the time she was 25, KV was indispensable in the office, and was married. Her husband, however, opted not to stop her from continuing to work.
“He’s always been modern-minded, even till today. And it pays off right? Because having two working people is what put us ahead. At the time it was less common; but now that I think about it, it’s such a simple thing, but that was the recipe for success.”
The couple earned enough to buy their own home, without even needing a mortgage, by the time KV was 45. This was around 2003. They later sold this property to purchase two more: one that they resided in with their children, and another that was rented out.
By 2011, KV had purchased a second property (for a total of three, including her husband’s). She considers herself fairly lucky, as at the time there was no ABSD for a second property yet.
(At the time, it would only have been three per cent ABSD for a third or subsequent property, for Singapore citizens. Today the ABSD is 20 per cent for the second property, and 30 per cent for the third or subsequent property).
A decision not to leave the properties to the children
Both KV and her husband have discussed their reasons with their children:
“We will leave them both a substantial sum already, even without the properties. And I’m so proud both of them are doing well. My son has his own business, my daughter is working in the UK, they both have homes of their own already.
We feel privileged to be where we are. My husband also had very humble beginnings, as he was a foster-child.
All the people in the past who looked after me, the family that gave me my future, they are the ones who gave me what I have. Some of them are long gone, alive or dead I don’t even know. I regret losing touch. That family moved away from Singapore long ago, I think in 1990-something.
So I’ve always felt sad that I am unable to repay any of these people. So it brings some peace to me to think that, when I go, I can at least pass it on. Give someone else the same opportunities.”
KV also says that, on a personal level, she doesn’t like the culture that Singapore is developing.
“There is less sense of sharing and community. I think if we are more giving, people who are struggling will be less resentful toward those who do well.
And I can imagine it’s really harder for the new generation, with the cost of living, and incomes not keeping up; so I can’t blame them when they’re resentful toward those who seem to have it all.
I think this is a barrier that we must overcome, otherwise we will end up like some other countries, where you see all the riots and problems.” For more stories and perspectives, follow Single Digit Millionaire. We’ll look at the issues and challenges facing Singapore’s soon-to-be middle class (if this inflation keeps up!) and keep you up to date.
