The Passionate Pursuit of Real Estate, Part 2: Relationship, Career and Property Investments

Five years ago, we sat down with our ERA Advisory Group Division Director, Donny Lee, to talk about his passionate pursuit of real estate, how he built his career, grew his portfolio, and anchored his decisions around family, discipline, and long-term planning.

If you missed the first conversation, you can read Part 1 (2021) here: https://www.era.com.sg/agent-stories/the-passionate-pursuit-of-real-estate-relationship-career-and-property-investments

Today, we return to the same questions, this time to see what has changed since 2021, what has stayed consistent, and how Donny’s views have evolved as his family, career and investments have progressed.

Q. In 2021, you introduced yourself as a Senior Division Director. Who are you today, five years on?

Donny: I am an Advisory Group Division Director with ERA. I’m 44 years old and hold a diploma in Engineering from Temasek Polytechnic. 

Beyond titles, I see myself as both a leader and a partner in this journey. My wife, who is also in the real estate industry, and I have had the privilege of building our careers together. She’s currently a Division Director with ERA. We’ve been honoured with the Top 3 Husband & Wife award several times, most recently in Q3 2025. On a personal level, I’m grateful to have achieved the Millionaire title in ERA three times, while my wife has attained the Rising Millionaire title four times. These milestones reflect not just individual achievements, but the strength of our partnership and the support system we’ve built over the years.

Q. In our first interview, you shared about your penthouse at Tampines Trilliant. Where do you call home now, and what shaped the move?

Donny: Since our last interview, our family has grown, and with that came the need for more space.  

We’ve recently moved into a more than 4,300 sq ft, five-bedroom double-storey penthouse at a condo in the East. The decision was both practical and intentional. As our family expanded, we recognised the importance of upgrading in a way that balances lifestyle needs with long-term value. Being in real estate, we’re very conscious of timing and opportunity, and we felt it made sense to make this move while we’re still young. We did explore landed homes, including terrace and semi-detached homes, and came across a few units we liked. However, we were not able to secure them in time.

Beyond availability, we also gave careful thought to the lifestyle implications. Our children enjoy swimming on weekends, and condominium facilities are a big part of our family routine. Landed living would have meant more upkeep, and typically less proximity to public transport, which can make it less convenient for extended family, especially seniors, to visit. In the end, the move reflects what we value most at this stage of life: space, convenience, and a home that supports our family’s daily rhythm. What we love most is the 3.7m ceiling height, which gives the home a sense of openness and volume. Most of the living spaces are on a single level, which helps keep the family connected in our day-to-day lives. We always know who’s coming home, and there’s a natural sense of togetherness.

The master bedroom is especially spacious, and the rooftop, which is largely sheltered, offers great potential for family use. We see it as more than just space; it’s an opportunity to create new experiences together. We’re already planning to transform it into a rooftop sky bar with a full kitchen setup, dining and living areas, and even a pool table. It’s easy to imagine hosting family gatherings there. At the same time, we still enjoy the benefits of condominium living. The facilities, especially the pool, remain an important part of our children’s routine. Location was another key consideration. Being close to my in-laws makes it easy for us to spend time together regularly, and it’s also more convenient for seniors to visit. We’re still within close proximity to the MRT, which adds to the overall accessibility. With family as our priority, this home reflects what matters most to us at this stage of life — space, connection and convenience.

It’s also a rare unit. There are only six five-bedroom penthouses in this development, each with a unique layout. This particular unit is the largest of the six, and when it was first transacted years ago, it was even referred to as the “presidential suite” of the project, a true unicorn in its own right.

Q. In 2021, you shared what you and your wife owned then. What does your portfolio look like today, and what moves did you make in the last five years?

Donny:  Over the past five years, we’ve taken a few deliberate steps to reposition our portfolio.

We divested a 452 sq ft one-bedroom unit and reinvested in 2023, acquiring a four-bedroom, 1,377 sq ft unit at Citylife for $1.7 million. Based on current estimates, the unit is now worth at least $2.4 million, reflecting an appreciation of about $700,000 within roughly two years. We also sold our previous own-stay property, a 1,970 sq ft four-bedroom duplex at The Tampines Trilliant, for $2.868 million. This move allowed us to upgrade, while realising close to $1.2 million in gains over five years. Our current home, a penthouse in the East, was acquired for $3.7 million.

Q. We asked you in 2021 about your investing approach. What is your property investing strategy today, and what has stayed the same?

Donny: At its core, my strategy remains unchanged: buy as big as you can, buy as early as you can, and buy into the best-quality assets you can afford.

That said, every investment still needs to pass my 3+2 checklist before I proceed. This is a framework my team and I use to identify future-ready properties — homes that are not just liveable today, but have strong potential for capital growth over time. It’s also a guiding tool we use to help our clients make more informed, long-term decisions. I’ve always taken a forward-looking approach, with a clear focus on building net worth through property. To me, real estate is one of the most effective instruments for constructing a retirement portfolio. The goal is to progressively build a strong asset base so that when the time comes, we can unlock value, whether through divestment or right-sizing, and use those funds to support our retirement lifestyle. At the same time, I’m intentional about instilling this mindset in my agents. It’s not just about transactions, but about helping families plan ahead, using property as a structured pathway towards long-term financial security and retirement readiness.

Q. Back then, you spoke about market fundamentals. Five years later, what is your view of the property market now?

Donny: The market today remains fundamentally resilient, supported by both structural demand and healthy underlying fundamentals.

Recent land bids continue to reflect strong developer confidence, while buyer sentiment has remained positive. At the same time, rising household incomes have strengthened purchasing power, which in turn supports price sustainability over the longer term.

From a ground perspective, I continue to see robust demand for well-located projects. In particular, three-bedroom units in the $2 million to $3 million range are highly sought after. These units tend to attract strong interest from both upgraders and family buyers, and it’s not uncommon to see queues forming, with some buyers missing out due to limited supply.

Overall, the market is not just driven by momentum, but is anchored by real demand, which gives it a level of resilience even as conditions evolve.

Q. In our first interview, you shared your home financing strategy at the time. How are you thinking about financing and retirement planning today?

Donny: On the financing front, I currently lean towards floating rates, in line with market expectations that the US Federal Reserve may ease interest rates in the coming months. This allows for greater flexibility while positioning for potential rate reductions.

In terms of repayments, I prioritise using cash. I see it as a form of disciplined, forced savings; each payment contributes directly to building equity in the asset over time. More broadly, our approach to financing is closely tied to our long-term retirement strategy. By progressively building a larger real estate portfolio, my wife and I are effectively growing our net worth in a structured and tangible way. Real estate remains one of our core instruments for retirement planning. Looking ahead, as our children grow up and eventually move out, we plan to right-size again. This would allow us to unlock value from our assets and redeploy those funds to support our retirement lifestyle.

Q. We also asked about your overall investing strategy. What does your broader portfolio look like now?

Donny: My overall portfolio allocation has remained largely consistent: about 90% in real estate, 5% in insurance-linked investments, and 5% in stocks and equities. For liquidity, I set aside funds that I may need in the short term in fixed deposits. On the equities side, I take a more long-term, passive approach, with exposure to instruments such as the S&P 500 index fund. As a self-employed individual, I also take a disciplined approach towards CPF planning. I make regular voluntary top-ups and transfer funds from my Ordinary Account (OA) to my Special Account (SA) to benefit from the 4% per annum compounded interest, which supports my retirement planning. The added benefit is improved tax efficiency through CPF contributions.

Overall, while I maintain some diversification, real estate remains the core pillar of my portfolio, supported by complementary instruments that provide liquidity, stability and long-term growth.

Q. In 2021, you shared your dream house in District 15. Has that dream changed five years later?

Donny: Back in 2021, my dream home was a large, sea-facing penthouse in District 15. My wife and I have always been drawn to the sea and the East Coast lifestyle. Five years on, my perspective has evolved. Today, I feel that I’m already living in a dream home, one that is spacious enough for the entire family, yet still keeps us connected in our daily lives. That balance has become increasingly important to us. If I were to consider another move in the future, it would likely be driven more by lifestyle and retirement planning. The Core Central Region, or even Sentosa, could be potential options as we enter that next phase of life.

Q. We asked in 2021 how you invest back into your business. How do you reinvest into yourself, your clients, and your team today?

Donny:  I continue to reinvest heavily into both myself and my people, because I believe growth must be intentional and continuous.

A significant portion of my management fees is channelled back into developing my team through structured training, team-building events, mentorship, and creating opportunities for recognition and motivation. At its core, my philosophy is simple: to help someone else become better than they were yesterday. Beyond that, I also set aside about 20% of my sales income to invest in further training and to create meaningful touchpoints with my clients, whether through appreciation events, dinners or engagement sessions.

Q. Finally, we ended the 2021 interview with your personal values. Five years later, what would you like to leave readers with now?

Donny: At its core, my values remain the same - family first.

My family continues to be my biggest source of motivation. They push me to become a better version of myself each day, and they shape the way I make decisions, both in life and in business. I believe strongly in delayed gratification, prioritising what truly matters, such as providing a home for my family, before indulging in personal wants. I’ve always believed in living life by design, not by default. Nothing meaningful comes easy, and if you have a dream, you have to be willing to work for it and stay the course. I’m also deeply grateful to God for His blessings, and to the many people who have trusted me, whether with their careers or their real estate decisions. That trust is something I never take for granted. If there’s one thought I would leave with readers, it would be this: never settle, it’s life’s only option. 

Want to read how Donny’s journey began in our first conversation? Revisit Part 1 (2021) here: https://www.era.com.sg/agent-stories/the-passionate-pursuit-of-real-estate-relationship-career-and-property-investments