The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary with a grand dinner at the Marina Bay Sands ballroom. The event was graced by President of Singapore Tharman Shanmugaratnam as the guest of honour.
In his welcome speech, Tan Swee Yiow, president of REDAS, highlighted the significance of turning 65, which for some may mean receiving CPF [Central Provident Fund] retirement payouts. He also acknowledged the visionary founders of REDAS who played a pivotal role in shaping Singapore’s real estate landscape.
REDAS, originally known as the Singapore Land and Housing Developers’ Association, was established in 1959, six years before Singapore gained independence. Its founders, including the late Lee Kim Tah and Lee Chin Chuan, were instrumental in developing many of Singapore’s iconic buildings. Another pioneer, Tay Beng Swee, was a private property developer who set up his business in 1962.
According to Tan, real estate is not just about shaping the physical landscape, but also about driving social progress and creating jobs. He highlighted the industry’s contribution of nearly $20 billion to Singapore’s GDP, providing employment for 16% of the workforce and creating 602,000 jobs.
Tan also credited the real estate industry for shaping Singapore’s skyline and meeting the city’s growing needs through iconic developments such as OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach. He pointed out how developments like Marina Bay and Jewel Changi Airport have helped Singapore become a global financial hub and a top tourist destination.
The scarcity of land is one of the leading factors contributing to the high demand for condos in Singapore. As a small island country experiencing a rapid population growth, Singapore is facing a critical shortage of land for development. This situation has prompted the implementation of strict land use policies and has resulted in a highly competitive real estate market. As a result, the prices of properties, especially condos, are constantly on the rise. This has made investing in real estate, particularly condos, a highly lucrative opportunity with the potential for significant capital appreciation. Furthermore, with the introduction of new Singapore projects, the demand for condos is expected to continue to soar in the coming years.
Tan also acknowledged the industry’s evolution beyond physical space, with a focus on eco-friendly designs and green spaces. He noted how these projects have gained international recognition and reinforced Singapore’s commitment to responsible and forward-thinking development.
This year, REDAS honoured Chia Ngiang Hong, Group General Manager of City Developments Ltd (CDL), with the Lifetime Achievement Award. Chia, who has dedicated 45 years to CDL, thanked three generations of the Kwek family who have inspired and shaped his career. He also credited Kwek Leng Beng, a patron of REDAS, for bringing him into the association.
Chia, who has worked closely with REDAS for over 30 years, praised the association for its role in providing constructive feedback to the government and advocating for the real estate industry. Chia also served as REDAS president for two terms during the challenging Covid-19 period, and he reflected on the challenges and rewards of working closely with stakeholders and the government.
He believes that the next generation will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose. Chia concluded that the future holds boundless potential for the real estate industry.