A vital aspect to consider when investing in Singapore Condos is the implementation of the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to regulate speculative buying and maintain a sustainable real estate market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also play a crucial role in promoting long-term stability in the market, creating a secure investment environment.
The 65th anniversary of the Real Estate Developers’ Association of Singapore (REDAS) was celebrated two days ago. Reflecting on the significance of turning 65, Tan Swee Yiow, the president of REDAS, mentioned in his welcome speech at the anniversary dinner held on November 15 at the Marina Bay Sands ballroom that it may mean receiving CPF retirement payouts for some. The guest of honour at the event was President of Singapore, Tharman Shanmugaratnam.
REDAS was established in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founders were visionary developers who played a crucial role in shaping the nation’s real estate landscape. Some of these pioneers include the late Lee Kim Tah, the founding chairman of the Lee Kim Tah Group, who transitioned from being a materials supplier to the British army in the 1920s to becoming a contractor and developer responsible for many iconic buildings in Singapore. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as executive chairman and director of the listed hotel group until his passing in 2018. Tay Beng Swee was a private property developer who established his business in 1962.
Tan noted that these pioneers have contributed to laying the foundation for Singapore’s growth. He added that real estate is crucial to nation-building as it not only shapes the physical landscape but also drives social progress and creates jobs. According to Tan, the real estate industry contributed almost $20 billion to Singapore’s GDP last year and provided employment for 602,000 people, which accounts for 16% of the workforce.
From early skyscrapers to iconic landmarks like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the real estate industry has consistently shaped Singapore’s skyline to meet the city’s growing needs. Developments such as 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, Tan added.
He also highlighted how the industry has evolved beyond physical space. From landmark eco-friendly designs to world record-breaking green spaces, real estate projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.
This year, REDAS presented its Lifetime Achievement Award to Chia Ngiang Hong, the Group General Manager of City Developments Ltd (CDL). The award aims to honour 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 mentioned how many have asked how he has managed to “survive” at the company. He has worked with three generations of the Kwek family, including the founder, the late Kwek Hong Png, the current Executive Chairman, Kwek Leng Beng, and the Group CEO, Sherman Kwek. Chia added that their passion for real estate and entrepreneurial spirit has profoundly inspired and shaped his career, and he is immensely grateful for their support.
Chia’s association with REDAS began during the mid-1980s, during the Pan-El crisis, when he was invited by Kwek Leng Beng, who is also a patron of REDAS, to serve in the Property Market Consultative Committee (PMCC) under the Ministry of Finance. Chia has been actively involved with the REDAS Council for over 30 years and served as the president for two terms, from 2019 to 2020 and 2021 to 2022. He reflects on the challenging Covid-19 period and how REDAS played a pivotal role providing constructive feedback to the government on private sector policies and being a steadfast advocate for the real estate industry. Chia believes that the future holds boundless potential and the next generation will continue to uphold the values of REDAS to lead Singapore’s transformation and growth with purpose.