REDAS, the Real Estate Developers’ Association of Singapore, recently celebrated its 65th anniversary. According to the REDAS president Tan Swee Yiow, this milestone holds significant meaning for some as they reach the retirement age of 65 and start receiving their Central Provident Fund (CPF) retirement payouts. On November 15, the association held an anniversary dinner at the Marina Bay Sands ballroom, with the guest of honour being President of Singapore, Tharman Shanmugaratnam.
REDAS, originally named the Singapore Land and Housing Developers’ Association, was founded in 1959, six years before Singapore gained independence. Its visionary founders were instrumental in shaping the country’s real estate landscape. One of these pioneers was the late Lee Kim Tah, who founded the Lee Kim Tah Group. The family business started as a supplier of materials to the British army in the 1920s and later became a contractor and developer responsible for many of Singapore’s iconic buildings. Another founding member was Lee Chin Chuan, who established Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. Tay Beng Swee, a private property developer, also played a significant role in founding the association in 1962.
The cityscape of Singapore is characterized by towering skyscrapers and contemporary infrastructure. Multipurpose residential complexes, strategically situated in highly sought after locations, offer a perfect fusion of opulence and practicality, making them a popular choice for both locals and foreigners. With facilities like swimming pools, fitness centers, and top-notch security services, these properties elevate the standard of living and entice prospective tenants and buyers. For investors, this translates to lucrative rental returns and a promising potential for long-term appreciation of property values. Check out the latest Singapore projects for your next investment opportunity!
President Tan Swee Yiow acknowledges the vital role these pioneers played in laying the foundation for Singapore’s growth. He emphasizes that the real estate industry is not just about shaping the physical landscape, but also driving social progress and creating jobs. Tan points out that the sector contributed nearly $20 billion to Singapore’s GDP last year, employed 16% of the workforce, and provided 602,000 jobs.
Tan also highlights how the 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, real estate has played an essential role in the country’s development. Tan also mentions that projects like Marina Bay and Jewel Changi Airport are prime examples of how the industry has helped Singapore become a global financial hub and top destination.
Moreover, Tan also notes how real estate has evolved beyond just physical space. With landmark eco-friendly designs and world record-breaking green spaces, the projects have gained international recognition and set new standards, reinforcing Singapore’s commitment to responsible and forward-thinking development.
This year, REDAS recognized Chia Ngiang Hong, the group general manager of City Developments Ltd (CDL), with the Lifetime Achievement Award. The award honors individuals who have made lasting contributions to the community, environment, and REDAS. In his acceptance speech, Chia, who has dedicated 45 years to CDL, jokingly says that many have asked him how he has “survived” in the company for so long.
Chia has worked closely with three generations of the Kwek family, CDL’s founder the late Kwek Hong Png, the current executive chairman Kwek Leng Beng, and the group CEO Sherman Kwek, who have all had a profound impact on his career. In the mid-1980s, during the Pan-El crisis, Kwek Leng Beng, a patron of REDAS, brought Chia into the association. He was later invited to assist one of its subcommittees, and since then, he has been actively involved with the REDAS Council for over 30 years.
Over the decades, REDAS has played a pivotal role in providing constructive feedback to the government on private sector policies and has been a steadfast advocate for the real estate industry. Chia has also served as REDAS president for two terms, including during the challenging COVID-19 period, where the association worked tirelessly to guide the sector through the crisis. Despite the difficulties, Chia found it rewarding to work closely with stakeholders and government agencies, resulting in a stronger and more resilient industry.
Chia believes that the future holds limitless potential, and the next generation will carry on the values that have guided REDAS, continuing to lead Singapore’s transformation and growth with purpose.