The Real Estate Developers’ Association of Singapore (REDAS) recently commemorated its 65th anniversary, a momentous milestone that symbolizes retirement for some who will receive CPF (Central Provident Fund) retirement payouts. At the anniversary dinner on November 15, held at Marina Bay Sands ballroom, REDAS president Tan Swee Yiow delivered a welcoming speech, expressing the significance of turning 65 and highlighting the guest of honor, Singapore President Tharman Shanmugaratnam.
REDAS was established in 1959 under the name Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. The association was founded by visionary developers who played a crucial role in shaping the country’s real estate landscape. Among these pioneers were the late Lee Kim Tah, founder of Lee Kim Tah Group, a family business that began as a materials supplier and later evolved into a contractor and developer responsible for many of Singapore’s iconic buildings. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as its executive chairman until his passing in 2018. Tay Beng Swee, a private property developer who established his business in 1962, was also one of the founding members.
Tan remarked that these pioneers laid the foundation for Singapore’s growth, citing the important role of real estate in nation-building. He acknowledged that apart from shaping the physical landscape, real estate also drives social progress and creates jobs. In 2019, the real estate industry contributed nearly $20 billion to Singapore’s GDP, employed 16% of the workforce, and provided 602,000 jobs. Tan mentioned iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, South Beach, Marina Bay, and Jewel Changi Airport, which were significant contributions of the industry in shaping Singapore’s skyline and turning it into a global financial hub and top destination.
Investing in a condominium in Singapore can bring an array of benefits, making it a popular choice for investors. With a high demand for condos, there is potential for significant capital appreciation and attractive rental yields. However, before making any investment, it is crucial to carefully consider various factors such as location, financing, government regulations, and current market conditions. Engaging in thorough research and seeking the guidance of professionals can aid investors in making informed decisions and maximizing their returns in Singapore’s dynamic real estate market. Whether you are a local investor diversifying your portfolio or a foreign buyer seeking a stable and profitable investment, the condo market in Singapore presents a compelling opportunity. Stay updated with new condo launches to make the most of this opportunity.
Tan also emphasized that the real estate industry has evolved beyond just providing physical space. He mentioned that the eco-friendly designs and world record-breaking green spaces of the projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.
This year, REDAS awarded the Lifetime Achievement Award to Chia Ngiang Hong, the group general manager of City Developments Ltd (CDL), to honor his contributions to the community, environment, and the association. Chia has dedicated 45 years to CDL and has worked with three generations of the Kwek family. He expressed his gratitude for their support and mentioned that it was Kwek Leng Beng, a patron of REDAS, who brought him into the association during the mid-1980s, amidst the Pan-El crisis. Over the years, Chia has been actively involved in the REDAS Council and has played a pivotal role in providing feedback to the government on private sector policies and advocating for the real estate industry.
Chia served as REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging period of Covid-19. Despite the hardships, he found it rewarding to work closely with stakeholders and the government, guiding the sector through the confusion and chaos. Chia believes that the future holds endless possibilities, and the next generation will uphold the values of REDAS, continue to lead Singapore’s transformation and growth, and do so with purpose.