As always, the truth is somewhere in between what you say and what the government portrays. 38 Oxley Road was owned by the Lees since the 1940s, well before any of them came into power, and well before property prices in Singapore exploded to the level they have now. It is also a stretch to call it "giant" or the "most valuable" piece of real estate, when there are hundreds of bigger houses in the nation. The number of "guards" is also comparable to the state leaders of any other European country, and certainly pales in comparison to the US or some dictatorial nations.
There is some bias in state media coverage, but that is fast becoming irrelevant when the main source of news for people nowadays is social media. Criticizing the government is not a crime, and people regularly do it - one only has to go to the Facebook comments section of the state newspaper to take a look. Making a factually false statement and then gaining significant fame could get a lawsuit filed against you - so tread lightly when making big claims that you have no proof for.