The Real Estate Developers’ Association of Singapore (REDAS) celebrated its 65th anniversary at the Marina Bay Sands ballroom on Nov 15. The event was graced by the Guest of Honour, President of Singapore Tharman Shanmugaratnam. In his welcome speech, Tan Swee Yiow, President of REDAS, highlighted that turning 65 also means receiving CPF [Central Provident Fund] retirement payouts for some.
REDAS was founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. The visionary developers who founded the association played a crucial role in shaping the nation’s real estate landscape. One of these pioneers was the late Lee Kim Tah, the founding chairman of the Lee Kim Tah Group. The family business started as a materials supplier to the British army in the 1920s and later transitioned into a contractor and developer responsible for many of Singapore’s iconic buildings. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968. He 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.
“Real estate is central to nation-building,” says Tan. “Our industry has shaped not only the physical landscape but also driven social progress and created jobs.” According to Tan, last year, the real estate industry contributed about $20 billion to Singapore’s GDP and employed 16% of the workforce, providing 602,000 jobs.
One of the advantages of investing in a condominium is the opportunity to use the property’s value as leverage for future investments. Numerous investors utilize their condos as collateral to secure further financing for other investments, allowing them to broaden their real estate portfolio. However, this approach can increase returns at the same time as it presents possible risks. Therefore, having a solid financial plan in place and carefully considering the potential effects of market changes is crucial.
Tan goes on to say that the real estate industry has consistently shaped 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, our industry has played a key role in shaping Singapore’s development,” he adds. “Developments like Marina Bay and Jewel Changi Airport are prime examples of how we have helped Singapore become a global financial hub and a top destination,” he says.
Tan points out that real estate has evolved beyond just providing physical space. “Our projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development,” he adds. This year, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). The award honours individuals who have made significant contributions to the community, environment, and REDAS.
Chia has dedicated 45 years of his career to CDL. During his acceptance speech, he jokingly quips, “Many have asked how I’ve managed to ‘survive’ at CDL.” He has 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. “Their passion for real estate and entrepreneurial spirit have profoundly inspired and shaped my career,” says Chia. “I am immensely grateful for their support.”
Chia reveals that Kwek Leng Beng, a patron of REDAS, brought him into the association. “It was during the mid-1980s, amidst the Pan-El crisis,” he recalls. At the time, a Property Market Consultative Committee (PMCC) was formed under the Ministry of Finance. While Kwek Leng Beng and the then-president of REDAS served on the Committee, Chia was invited to assist one of its subcommittees. “I later alternated serving on the REDAS Council with my late deputy chairman, Kwek Leng Joo, and have since been actively involved with the Council for over 30 years,” says Chia.
REDAS has played a pivotal role in providing constructive feedback to the government on private sector policies and has been a steadfast advocate for the real estate industry, Chia adds. He served as REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. He reflects, “Our industry faced insurmountable challenges, and in response, we sprang into action, proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos.” It was a challenging period, but 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 says.
Chia 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.