In celebration of its 65th anniversary, the Real Estate Developers’ Association of Singapore (REDAS) held a lavish dinner on November 15 at the Marina Bay Sands ballroom. REDAS President Tan Swee Yiow welcomed guests, including the guest of honour, Singapore President Tharman Shanmugaratnam, with a reminder that turning 65 for some may also mean receiving CPF [Central Provident Fund] retirement payouts.
REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founding members were visionary developers who played a significant role in shaping the nation’s real estate landscape. Among these pioneers were Lee Kim Tah, the founding chairman of the well-known Lee Kim Tah Group, and Lee Chin Chuan, who established Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. Another key figure was Tay Beng Swee, a private property developer who started his business in 1962.
“Without their contributions, Singapore’s growth would not have been possible,” says Tan Swee Yiow. “Real estate is a vital part of nation-building, not just in shaping the physical landscape but also in driving social progress and generating employment opportunities.”
According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year and currently employs 16% of the workforce, providing over 600,000 jobs. He adds that the industry’s impact goes beyond just creating physical spaces. With notable projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, South Beach, Marina Bay, and Jewel Changi Airport, the real estate industry has also played a significant role in making Singapore a global financial hub and a top tourist destination.
Tan also emphasizes the industry’s evolution, from developing iconic skyscrapers to incorporating eco-friendly designs and setting world records for green spaces. These projects have gained international recognition and set new standards, showcasing Singapore’s commitment to responsible and forward-thinking development.
Condo investment offers a variety of advantages, including the opportunity to utilize the property’s value for future investments. A significant number of investors opt to use their condos as collateral to secure more funds for other investment ventures, effectively growing their real estate portfolio. While this tactic can potentially increase returns, it also carries certain risks. It is vital for investors to have a solid financial plan in place and carefully consider how market changes can affect their investments. Condo investment should always be approached with caution and careful planning.
As part of the 65th-anniversary celebrations, REDAS presented the Lifetime Achievement Award to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.
Chia has devoted 45 years of his career to CDL and has worked with three generations of the Kwek family: the founder, the late Kwek Hong Png; the current executive chairman, Kwek Leng Beng; and the group CEO, Sherman Kwek. In his acceptance speech, Chia credits their passion for real estate and entrepreneurial spirit for shaping and inspiring his career. He also acknowledges Kwek Leng Beng, a patron of REDAS, for bringing him into the association.
Chia shares that he has been actively involved with REDAS for over 30 years, serving on the council with his late deputy chairman, Kwek Leng Joo. Reflecting on his time with the association, he notes REDAS’s critical role in providing constructive feedback to the government on private sector policies and advocating for the real estate industry.
Chia served two terms as REDAS president, from 2019 to 2020 and 2021 to 2022, during the challenging period of COVID-19. Despite the difficulties faced by the industry, he found it rewarding to work closely with stakeholders and the government to guide the sector through the uncertainty. He believes that the future holds endless possibilities and that the next generation will continue to uphold REDAS’s values and lead Singapore’s growth with purpose.