Former celeb hairstylist Addy Lee gives up Singapore PR status and withdraws CPF monies
SINGAPORE – Former celebrity hairstylist Addy Lee has given up his permanent resident (PR) status in Singapore, with the revelation coming after he thanked and bid farewell to the country on Facebook on Aug 27.
In a telephone interview with Chinese-language daily Lianhe Zaobao on Aug 28, the 54-year-old Malaysian confirmed he did so – as well as withdrew his Central Provident Fund (CPF) monies – last week.
Lee is from Penang and obtained his PR status when he was 23. The founder of the Monsoon chain of hair salons, who currently divides his time between Bangkok and Kuala Lumpur, said he wrestled with the decision for several months.
“I originally planned to retire at 50, but the pandemic delayed it by a few years. That’s why I decided to withdraw my CPF for retirement,” he said. “This money will allow me to live quite comfortably, so I’m really grateful to Singapore.”
He added: “The entire policy is well-designed – not just for locals, but also for those of us who have come here to make a living. I still have something to fall back on now that I’m leaving this second home.”
Lee did not disclose the specific amount of the CPF sum, but said he felt both happiness and a sense of loss the moment he received the money.
“I’m happy because it means I can tangping (lie flat) and enjoy life for about 30 years, though I won’t be splurging recklessly,” he said. “The pace of life in Thailand is slower, and things are cheaper.”
It was also bittersweet for him.
“I built everything I have in Singapore from scratch. Besides the fame and gains, this place has taught me so much. From a teenager who couldn’t speak a word of English to where I am now, I think I’m doing fine. Singapore has given me countless opportunities and I have met many benefactors.”
He said he would likely return to Singapore in the future for reasons like consulting doctors, but admitted he would not do so for leisure.
“Spending three or four days here would cost me a month’s worth of living expenses in Thailand,” he explained.
Lee has established a rabbit farm which is about a 30-minute drive from downtown Bangkok. And despite starting live-stream company Mdada in 2020 with host Pornsak and actress Michelle Chia, he will not go back to a live-selling career.
“It’s okay to do live-streaming to chat, but I won’t be selling products,” he said. “Live-streaming has really made me money and taught me a lot, but it has also hurt me deeply.”
Lee said in a Facebook live stream in May that he fell out with local TV host Quan Yifeng, formerly a long-time close friend of his, over disagreements related to live-stream sales they did together in 2020.
Pornsak announced his abrupt departure from Mdada in January 2023, and Lee accused him of bullying and defaming a staff member of the company who was Lee’s assistant in a live stream in May 2023.
Lee, who said on Facebook that he officially left the company in February 2025, also alleged in May 2025 that Chia had withheld his salary and was not responding to his texts.
“It’s time to draw the line,” he told Zaobao. “Whatever grudges there are, let them begin and end here.”
The Great CPF Cash-Out: How One Malaysian Hairstylist Gamed Singapore’s System For 30 Years
Addy Lee just pulled off what might be Singapore’s most expensive haircut – and it cost the system millions.
The former celebrity hairstylist, who spent three decades styling the locks of Singapore’s elite, has officially said “sayonara” to his permanent resident status.
His parting gift? A complete Central Provident Fund (CPF) withdrawal that he claims will keep him living it up in Thailand for the next 30 years without lifting a finger.
“I can live 30 more years – eat, drink, play, not work, lie there – and it would likely still be enough,” the 54-year-old Malaysian told Singapore media.
The Perfect Malaysian Exit Strategy
Lee’s exit strategy reads like a masterclass in cross-border system optimisation.
• Arrived from Malaysia as a young entrepreneur in the 1990s.
• Build a hair salon empire with Monsoon Hair House.
• Ride Singapore’s property boom while contributing to CPF.
• Sell everything – house, businesses, the works.
Then, when it’s time to retire, renounce PR status, cash out the entire CPF piggy bank, and relocate to Thailand, where the Singapore dollars stretch like a good hair elastic.
It’s the ultimate “thanks for the memories” move, complete with a Facebook farewell tour that reads like a love letter to his adopted country.
In his latest Facebook post, Lee gets refreshingly honest about his retirement math, explaining that his plan at 50 was to retire and relax after selling his assets, giving him more time to spend with his mother and sister while being able to travel home to Malaysia or bring his mother to stay with him in Bangkok.
Translation: CPF withdrawal plus property gains equals early retirement across three countries – Malaysia, Thailand, and occasional visits to Singapore.
Passport Privilege in Action
The timing couldn’t be more perfect – or infuriating, depending on your passport colour.
While Singaporean sons are still fulfilling their NS obligations and watching their CPF accounts like locked treasure chests until they turn 65, Lee’s generation of Malaysian PRs got to play by different rules.
They contributed during Singapore’s economic golden years, benefited from property appreciation that turned modest investments into gold mines, and now get to peace out with their retirement funds intact.
Lee’s story isn’t just about one Malaysian’s retirement plan – it’s a mirror reflecting Singapore’s immigration policies and their unintended consequences.
For every success story like his, there’s a Singaporean wondering why their CPF feels more like a government IOU than actual savings, while their Malaysian neighbours get to cash out and cruise.
Lee sold Monsoon to Mary Chia Holdings in 2020 and briefly co-founded e-commerce company Mdada before health issues forced his exit in 2023.
Now, apparently healthy enough to plan three decades of leisure split between Thailand and Malaysia, he’s living proof that sometimes the best business strategy is knowing when – and where – to fold.
The Malaysian Dream, Singapore-Funded
As Singapore grapples with rising costs, housing affordability, and an ageing population, Lee’s great escape raises uncomfortable questions about fairness, citizenship, and who really benefits from the Singapore dream.
His story represents thousands of Malaysian PRs who built wealth in Singapore’s boom years, only to take their winnings back across the causeway when the music stopped.
For now, he’s just another Malaysian retiree planning to split his time between Thailand and home – except that his retirement fund comes with a Singapore government guarantee and 30 years of compound interest.
Not bad for a guy who started out just cutting hair and ended up cutting the ultimate deal.
The moral of the story? In Singapore’s system, timing isn’t everything – it’s the only thing that matters.
And for this Malaysian hairstylist, the timing was absolutely perfect. “Thank you Singapore Made me a someone,” indeed – someone with enough money to retire in style across Southeast Asia.
https://www.therakyatpost.com/news/malaysia/2025/08/29/the-great-cpf-cash-out-how-one-malaysian-hairstylist-gamed-singapores-system-for-30-years/