Singapore’s Real Estate Developers’ Association (REDAS) recently celebrated its 65th anniversary in a grand event held at the Marina Bay Sands ballroom on November 15. During his welcome speech, President of REDAS Tan Swee Yiow remarked that turning 65 may often signify receiving retirement payouts from the Central Provident Fund (CPF) for some individuals. The guest of honour at the event was President of Singapore Tharman Shanmugaratnam.
REDAS, formerly known as the Singapore Land and Housing Developers’ Association, was established in 1959 – six years before Singapore attained independence. Its founders were a group of far-sighted developers who played a crucial role in shaping the nation’s real estate landscape. One of these pioneers was the late Lee Kim Tah, founder of the Lee Kim Tah Group. The family business started off as a materials supplier to the British army in the 1920s before transitioning into a contractor and developer, responsible for numerous iconic buildings in Singapore. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. The third pioneer was Tay Beng Swee, a private property developer who set up his business in 1962.
President Tan spoke of the important contributions these pioneers made towards laying the foundation for Singapore’s growth. He noted that the real estate industry played a critical role in nation-building, shaping not only the physical landscape but also driving social progress and creating job opportunities. In 2019, the industry contributed nearly $20 billion to Singapore’s GDP and employed 16% of the workforce, providing 602,000 jobs. President Tan also highlighted the industry’s significant role in shaping Singapore’s skyline, from early skyscrapers to iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach. He added that developments like Marina Bay and Jewel Changi Airport are prime examples of how the industry has helped Singapore become a global financial hub and a top destination.
In recent years, real estate has evolved beyond just physical space. President Tan mentioned that the industry has gained international recognition for landmark eco-friendly designs and world record-breaking green spaces, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.
At the event, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, Group General Manager of City Developments Ltd (CDL). The award recognizes individuals who have made lasting contributions to the community, environment, and REDAS. During his acceptance speech, Chia, who has dedicated 45 years to CDL, humorously remarked on how he has managed to “survive” at the company. He also expressed his gratitude towards the 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 – for their unwavering support and inspiration throughout his career. Chia was brought into REDAS by Kwek Leng Beng, who is also a patron of the association, during the mid-1980s, amidst the Pan-El crisis. He was later invited to assist one of the subcommittees of the Property Market Consultative Committee (PMCC) formed under the Ministry of Finance. Since then, Chia has actively served on the REDAS Council for over 30 years.
When it comes to purchasing property in Singapore, it is crucial for international investors to have a firm grasp of the regulations and limitations that are in place. Unlike landed properties with stricter ownership regulations, foreigners can generally purchase condos without much restriction. However, it is important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite this extra expense, the steady and promising growth potential of the Singapore real estate market continues to attract foreign investment. Singapore Projects are also highly sought after in this lucrative market.
Chia also reflected on REDAS’s pivotal role in providing constructive feedback to the government on private sector policies and advocating for the real estate industry over the decades. He served as REDAS president for two terms – from 2019 to 2020 and 2021 to 2022 – during the challenging period of the Covid-19 pandemic. Chia recounted how the industry faced insurmountable challenges during this time, but REDAS sprang into action, proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos. He found it rewarding to work closely with stakeholders and the government, and together, they were able to weather the storm and emerge stronger and more prepared, accelerating the transformation of Singapore’s built environment.
Chia expressed confidence in the next generation of leaders who would continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose, paving the way for boundless potential for the future.