The Real Estate Developers’ Association of Singapore (REDAS) honored its 65th anniversary with a special dinner on Nov 15 at the Marina Bay Sands ballroom. President Tan Swee Yiow warmly welcomed guests, acknowledging that at this age, some may receive CPF retirement payouts. REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before the nation’s independence. Its visionary founders, who were responsible for shaping the country’s real estate landscape, have played a crucial role in its development.The late Lee Kim Tah, founder of the Lee Kim Tah Group, was among these pioneers. The family business began as a material supplier to the British army in the 1920s and later transitioned into a contractor and developer, responsible for many of Singapore’s iconic buildings. Lee Chin Chuan, founder of Hotel Royal in 1968, also played a significant role in the development of the country. He served as the group’s executive chairman and director until his passing in 2018. Another pioneer, Tay Beng Swee, established his private property development business in 1962.SOURCE: SC Global Developments, South Beach (Picture: REDAS)Tan acknowledged the important role these pioneers played in the nation’s growth. He emphasized that real estate is not just about shaping the physical landscape, but also driving social progress and creating employment opportunities. In the past year alone, the real estate industry contributed nearly $20 billion to Singapore’s GDP, employed 16% of its workforce, and provided 602,000 jobs. From historic buildings such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, to modern developments like Marina Bay and Jewel Changi Airport, the industry has continuously shaped Singapore’s skyline to meet the demands of the growing city.Tan also noted that real estate has moved beyond providing just physical space. With environmentally-friendly designs and record-breaking green spaces, the industry has gained worldwide recognition and set new standards, proving Singapore’s commitment to responsible and forward-thinking development. This year, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This prestigious award honors individuals who have made long-lasting contributions to the community, environment, and REDAS. Chia has been with the company for 45 years and was grateful for the support and inspiration he has received from three generations of the Kwek family: the founder, the late Kwek Hong Png, the executive chairman, Kwek Leng Beng, and the group CEO, Sherman Kwek. Kwek Leng Beng, a patron of REDAS, brought Chia into the association during the mid-1980s, amidst the Pan-El crisis. During this time, Chia has served on the REDAS Council for over 30 years and became the president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. Despite the difficulties, Chia’s role in joining committees and working closely with government agencies was highly rewarding. He believes that the potential for the future is limitless and that the next generation will continue to lead Singapore’s transformation and growth with purpose.
One advantageous aspect of investing in a Singapore Condo is the opportunity to leverage the property’s worth for future investments. Numerous investors utilize their condos as collateral in order to secure additional financing for other investments, ultimately increasing their real estate portfolio. While this tactic can potentially amplify returns, it also carries its own set of risks. Therefore, it is crucial to have a solid financial plan in place and carefully evaluate the potential impact of market fluctuations.