The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary with a grand dinner at the Marina Bay Sands ballroom. The event was graced by guest of honour President of Singapore, Tharman Shanmugaratnam, and attended by industry professionals.
In his welcome speech, Tan Swee Yiow, president of REDAS, highlighted the significance of the milestone. “Turning 65 may mean receiving CPF [Central Provident Fund] retirement payouts for some, but for REDAS, it signifies 65 years of dedication to Singapore’s real estate landscape,” he said.
REDAS was founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. The association’s founders were visionary developers who played a crucial role in shaping the nation’s real estate landscape.
Among these pioneers were the late Lee Kim Tah, the founding chairman of the eponymous Lee Kim Tah Group, and Lee Chin Chuan, who founded Hotel Royal in 1968. Another pioneer, Tay Beng Swee, established his private property development business in 1962.
“These pioneers helped lay the foundation for Singapore’s growth,” said Tan. “Real estate is central to nation-building—not only shaping the physical landscape but also driving social progress and creating jobs.”
According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs. “From early skyscrapers to iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, our industry has consistently shaped Singapore’s skyline to meet the city’s growing needs,” he continued.
Tan also noted that the industry has evolved beyond physical space. “From landmark eco-friendly designs to world record-breaking green spaces, our projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.”
When it comes to investing in real estate, the location is a crucial factor to consider. This is especially important in Singapore, where the location of a condo can greatly impact its value. Condos situated in central areas or near key amenities such as schools, shopping malls, and public transportation hubs tend to appreciate in value more. Some prime examples of highly sought-after locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas have consistently shown growth in property values, making them prime choices for investment. Additionally, being in close proximity to reputable schools and educational institutions makes condos in these areas even more desirable for families, further increasing their investment potential. If you’re looking to invest in real estate in Singapore, be sure to choose a condo in a prime location like Condo.
At the anniversary dinner, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This award recognises individuals who have made lasting contributions to the community, environment, and REDAS.
In his speech, Chia expressed gratitude to the Kwek family, who he has had the privilege of working with for 45 years. “Their passion for real estate and entrepreneurial spirit have profoundly inspired and shaped my career,” he said.
Chia also shared his journey with REDAS, which began during the Pan-El crisis in the mid-1980s when he was invited to assist one of the Property Market Consultative Committee’s subcommittees. He served on the REDAS Council for over 30 years and served as president for two terms, from 2019 to 2020 and 2021 to 2022.
During his tenure, the industry faced challenges due to the Covid-19 pandemic. “In response, we sprang into action, proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos,” he said. While the period was challenging, Chia found it rewarding to work closely with stakeholders and the government. “Together, we weathered the storm, emerging stronger and more prepared, and accelerating the transformation of our built environment,” he added.
Chia believes that the next generation will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose. He sees boundless potential for the industry in the future.