The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary, a significant milestone for the organization. According to REDAS President Tan Swee Yiow, turning 65 holds special meaning as it coincides with receiving retirement payouts from the Central Provident Fund (CPF) for some members. The anniversary dinner, which took place on November 15 at the Marina Bay Sands ballroom, was graced by President of Singapore Tharman Shanmugaratnam as the guest of honor.
REDAS was originally established in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founding members were forward-thinking developers who played a crucial role in shaping the nation’s real estate landscape. Among them was the late Lee Kim Tah, founding chairman of the Lee Kim Tah Group, a family business that started as a materials supplier to the British army in the 1920s and later transitioned into a prominent contractor and developer responsible for some of Singapore’s iconic buildings. Another notable founder was Lee Chin Chuan, who established Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. The third pioneer, Tay Beng Swee, was a private property developer who founded his business in 1962.
Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have more stringent ownership rules, foreigners can generally purchase condos with relatively few restrictions. However, they are subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Despite this added expense, the Singapore real estate market’s stability and potential for growth make it a desirable investment destination for foreign buyers. This is evident from the continued influx of foreign investments in Singapore Condos.
Tan acknowledges the pivotal role these pioneers played in laying the foundation for Singapore’s growth. He emphasizes that real estate is central to nation-building, not just in shaping the physical landscape, but also in driving social progress and creating 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. From early skyscrapers to iconic landmarks like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the real estate industry has consistently shaped Singapore’s skyline to meet the city’s evolving needs.
Tan also points out that the industry has evolved beyond just providing physical spaces. From landmark eco-friendly designs to world-record-breaking green spaces, real estate projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development. As such, the REDAS Lifetime Achievement Award was conferred upon Chia Ngiang Hong, Group General Manager of City Developments Ltd (CDL) for his lasting contributions to the community, environment, and REDAS.
In his acceptance speech, Chia, who has dedicated 45 years to CDL, humorously remarks that many have asked how he has managed to “survive” at the company for so long. He credits the passion for real estate and entrepreneurial spirit of the three generations of the Kwek family he has worked with at CDL, including founder the late Kwek Hong Png, current Executive Chairman Kwek Leng Beng, and Group CEO Sherman Kwek. He also acknowledges Kwek Leng Beng, a patron of REDAS, for bringing him into the association. Chia first joined REDAS in the mid-1980s during the Pan-El crisis when he was invited to assist one of its subcommittees under the Ministry of Finance’s Property Market Consultative Committee (PMCC).
Chia has since been actively involved with the REDAS Council for over 30 years and has also served as president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. Reflecting on the past year, he says it was a difficult time for the industry, but also a rewarding experience as he worked closely with stakeholders and the government to guide the sector through the confusion and chaos. He believes the future holds boundless potential for the real estate industry, and the next generation will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose.