Singapore’s Real Estate Developers’ Association (REDAS) recently celebrated its 65th anniversary, a milestone that represents not only the organization’s longevity but the growth and evolution of the country’s real estate landscape.
President of REDAS, Tan Swee Yiow, welcomed guests at the anniversary dinner on Nov 15, held at the Marina Bay Sands ballroom, by recognizing the significance of turning 65 for some as it means receiving CPF (Central Provident Fund) retirement payouts.
Special guest of honor, President of Singapore Tharman Shanmugaratnam, attended the event to commemorate REDAS’ contributions to the industry.
Originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence, REDAS was established by visionary developers who played a crucial role in shaping the nation’s real estate landscape.
Singapore has become a highly coveted location for both citizens and foreigners seeking to purchase a condominium. The country’s strong economy, stable political climate, and exceptional quality of life are major contributing factors to this trend. Consequently, the real estate market in Singapore is thriving, providing numerous opportunities for investment, particularly in the form of condos. These properties not only offer convenient living and desirable amenities, but also the potential for profitable returns on investment. With that in mind, this article will explore the benefits, important considerations, and necessary steps for investing in a condo in Singapore, with a special focus on the popular Singapore Projects.
Among these pioneers was the late Lee Kim Tah, founding chairman of the eponymous Lee Kim Tah Group. The family business, which began as a materials supplier to the British army in the 1920s, transitioned into a contractor and developer responsible for many of Singapore’s iconic buildings. Another notable pioneer was Lee Chin Chuan, founder of Hotel Royal in 1968, who served as executive chairman and director of the listed hotel group until his passing in 2018. Finally, Tay Beng Swee, a private property developer, established his business in 1962.
“These pioneers helped lay the foundation for Singapore’s growth,” says Tan Swee Yiow. “Real estate is not only central to nation-building by shaping the physical landscape, but it also drives social progress and creates jobs.”
According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.
“Our industry has consistently shaped Singapore’s skyline to meet the city’s growing needs, from early skyscrapers to iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach,” he says.
Tan also notes that the industry has evolved beyond physical space, with projects like Marina Bay and Jewel Changi Airport being prime examples of how real estate has helped Singapore become a global financial hub and top tourist destination. He adds that real estate projects have gained international recognition for their landmark eco-friendly designs and record-breaking green spaces, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.
At the anniversary dinner, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). The award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.
Chia has dedicated 45 years to CDL, and during his acceptance speech, he credits the Kwek family for their unwavering support throughout his career. He has worked with three generations of the Kwek family, including the founder, the late Kwek Hong Png, the current executive chairman, Kwek Leng Beng, and the group CEO, Sherman Kwek.
Kwek Leng Beng, a patron of REDAS, was responsible for bringing Chia into the association during the mid-1980s, amidst the Pan-El crisis. Chia recalls that he was invited to assist one of the subcommittees of the Property Market Consultative Committee (PMCC) formed under the Ministry of Finance, where Kwek Leng Beng and the then-president of REDAS served.
Chia’s involvement with REDAS continued for over 30 years, alternating serving on the REDAS Council with his late deputy chairman, Kwek Leng Joo. He has played a pivotal role in providing constructive feedback to the government on private sector policies and advocating for the real estate industry.
Chia also served as REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. Despite the immense challenges faced by the industry, Chia found it rewarding to work closely with stakeholders and the government. He believes that the future holds “boundless potential” and that the next generation will “uphold the values that have guided REDAS and continue to lead Singapore’s transformation and growth with purpose”.