On November 15th, the Real Estate Developers’ Association of Singapore (REDAS) celebrated its 65th anniversary. In his welcome speech at the anniversary dinner, held at the Marina Bay Sands ballroom, REDAS president Tan Swee Yiow remarked that turning 65 may mean receiving CPF [Central Provident Fund] retirement payouts for some. The guest of honor at the event was Singapore’s President Tharman Shanmugaratnam. REDAS, originally known as the Singapore Land and Housing Developers’ Association, was founded in 1959, six years before Singapore became independent. Its founders were visionary developers who played a crucial role in shaping the nation’s real estate landscape. One of these pioneers was the late Lee Kim Tah, who founded the Lee Kim Tah Group. The family business began as a materials supplier to the British army in the 1920s before transitioning into a contractor and developer responsible for many of Singapore’s iconic buildings. Another 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. The third pioneer, Tay Beng Swee, was a private property developer who established his business in 1962.
According to Tan, these pioneers helped lay the foundation for Singapore’s growth. He emphasized that real estate is central to nation-building, not just in shaping the physical landscape, but also in driving social progress and creating jobs. The real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs. Tan also highlighted the significant role of the industry in shaping Singapore’s skyline to meet the city’s growing needs, from early skyscrapers to iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach. He also pointed out how developments like Marina Bay and Jewel Changi Airport have helped Singapore become a global financial hub and top destination.
According to Tan, real estate has evolved beyond physical space. 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 this year’s REDAS anniversary dinner, the Lifetime Achievement Award was given to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This award honors individuals who have made lasting contributions to the community, environment, and REDAS. Chia has dedicated 45 years to CDL and 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. Chia shared how their passion for real estate and entrepreneurial spirit have profoundly inspired and shaped his career. He also thanked Kwek Leng Beng, a patron of REDAS, for bringing him into the association and mentioned his involvement with REDAS for over 30 years.
When it comes to investing in a Singapore condo, securing financing is a crucial aspect to consider. With a variety of mortgage options available, it is important for investors to be well-informed about the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take, taking into account their income and existing debt obligations. To ensure responsible and informed decision-making, it is advisable for investors to seek the guidance of financial advisors or mortgage brokers who can offer valuable insights and assist in navigating through the various financing options. This not only helps in avoiding over-leveraging, but also ensures a successful investment in a condo in Singapore.
Over the decades, REDAS has provided essential feedback to the government on private sector policies and has been a steadfast advocate for the real estate industry. Chia also served as REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. He acknowledged the insurmountable challenges faced by the industry and how they responded by proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos. Chia found it rewarding to work closely with stakeholders and the government during this period. He believes the future holds boundless potential and that the next generation will uphold the values that have guided REDAS and continue to lead Singapore’s transformation and growth with purpose.