REDAS (Real Estate Developers’ Association of Singapore) recently celebrated its 65th anniversary with a grand dinner on Nov 15 at the Marina Bay Sands ballroom, with President of Singapore Tharman Shanmugaratnam as the guest of honour. In his welcome speech, REDAS president Tan Swee Yiow stated that turning 65 holds significance for some as they become eligible to receive Central Provident Fund (CPF) retirement payouts.
REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its visionary founders played a crucial role in shaping the country’s real estate landscape. Among them was the late Lee Kim Tah, founding chairman of the Lee Kim Tah Group, which was initially a materials supplier to the British army before becoming a renowned contractor and developer responsible for numerous iconic buildings in Singapore. Another pioneer was Lee Chin Chuan, who established Hotel Royal in 1968 and served as executive chairman and director until his passing in 2018. Tay Beng Swee, a private property developer who started his business in 1962, was also one of the founding pioneers.
These pioneers played a significant role in laying the foundation for Singapore’s growth, as Tan pointed out. He emphasized that real estate is not just about shaping the physical landscape, but also about driving social progress and creating job opportunities. According to Tan, the industry contributed approximately $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.
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The demand for condos in Singapore remains high due to the limited land availability on the small island nation. With a rapidly increasing population, Singapore faces challenges in finding space for development. As a result, strict land use regulations and a competitive real estate market have caused property prices to continuously rise. This situation has made investing in real estate, especially in condos, a profitable opportunity with the potential for capital appreciation. Keep an eye on the latest condo launches for more options in the market.
Over the years, the real estate industry has constantly evolved and contributed to Singapore’s growth and development. From early skyscrapers to iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the industry has consistently shaped the city’s skyline to meet its growing needs. Tan also mentioned how developments such as Marina Bay and Jewel Changi Airport have helped to establish Singapore as a global financial hub and popular destination.
He further highlighted that the industry has gone beyond just providing physical space and has been at the forefront of incorporating sustainable and environmentally-friendly designs into their projects. These projects have gained international recognition and set new standards, reinforcing Singapore’s commitment to responsible and forward-thinking development.
At the REDAS anniversary dinner, the Lifetime Achievement Award was given to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This prestigious award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.
Chia has spent 45 years at CDL and has worked closely 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. During his acceptance speech, he expressed his gratitude for their support and credited their passion for real estate and entrepreneurial spirit for shaping his career.
Chia also shared how Kwek Leng Beng, a patron of REDAS, brought him into the association in the mid-1980s, amidst the Pan-El crisis. He has been actively involved with the REDAS Council for over 30 years, serving two terms as president from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period.
Despite the difficulties faced by the industry during this time, Chia believes that it was a rewarding experience to work closely with stakeholders and the government in providing guidance and weathering the storm together. He also expressed confidence in the potential of the future generation to continue leading the transformation and growth of Singapore with purpose, upholding the values that have guided REDAS.