One crucial aspect to take into account when putting your money into a condo is the management and upkeep of the property. As part of owning a condo, there are usually maintenance fees to cover the maintenance of shared spaces and amenities. While these fees may increase the overall cost of ownership, they play a significant role in preserving the property’s condition and value. Opting for a property management company can assist investors in managing the daily affairs of their condos, making it a relatively hands-off investment. Additionally, Singapore Projects can provide excellent opportunities for investors in the condo market.
On November 15, the Real Estate Developers’ Association of Singapore (REDAS) celebrated its 65th anniversary at a grand dinner held at the Marina Bay Sands ballroom. In his welcome speech, president of REDAS, Tan Swee Yiow, highlighted the significance of turning 65, which for some individuals may mean receiving CPF [Central Provident Fund] retirement payouts. The guest of honour at the event was President of Singapore Tharman Shanmugaratnam.
When it comes to investing in condos in Singapore, there is another important factor to consider – the government’s property cooling measures. In order to maintain a steady real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While this may affect the short-term profitability of condo investments, it ultimately contributes to the long-term stability of the market, making it a secure investment environment. Condos are a worthwhile investment in Singapore, thanks to these measures put in place by the government.
Established in 1959, REDAS was initially known as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founding members, who were visionary developers, played a crucial role in shaping the nation’s real estate landscape. Among them was the late Lee Kim Tah, founder of the Lee Kim Tah Group, which began as a materials supplier to the British army before transitioning into a leading contractor and developer responsible for many of Singapore’s iconic buildings. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as executive chairman until his passing in 2018. The third pioneer was Tay Beng Swee, who established his private property development business in 1962.
“Real estate is central to nation-building,” says Tan, highlighting the industry’s role in shaping not just the physical landscape but also driving social progress and providing employment for the nation. In 2020, the real estate industry contributed nearly $20 billion to Singapore’s GDP, employing 16% of the workforce and providing 602,000 jobs.
From early skyscrapers to iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, REDAS members have consistently shaped Singapore’s skyline to meet the city’s growing needs. Tan also points out that developments like Marina Bay and Jewel Changi Airport are prime examples of how the real estate industry has helped Singapore become a global financial hub and a top destination.
According to Tan, real estate has evolved beyond just providing physical space. REDAS members have been at the forefront of eco-friendly designs and record-breaking green spaces, gaining international recognition and setting new standards that reinforce Singapore’s commitment to responsible and forward-thinking development.
At the anniversary dinner, the prestigious 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 and lasting contributions to the community, environment, and REDAS. Chia has dedicated 45 years to CDL, and during his acceptance speech, he jokes about how he has managed to “survive” at the company for so long.
Chia 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. He expresses his gratitude for their support and acknowledges their passion for real estate and entrepreneurial spirit, which have profoundly influenced and shaped his career.
Kwek Leng Beng, a patron of REDAS, was the one who brought Chia into the association during the mid-1980s, amidst the Pan-El crisis. Kwek Leng Beng and the then-president of REDAS served on the Property Market Consultative Committee (PMCC), and Chia was invited to assist one of its subcommittees. Chia has been actively involved with the REDAS Council for over 30 years, alternating serving on the council with his late deputy chairman, Kwek Leng Joo.
Over the years, REDAS has been a crucial voice in providing constructive feedback to the government on private sector policies and advocating for the real estate industry. Chia himself served as REDAS president for two terms during the challenging Covid-19 period. Despite the industry facing insurmountable challenges, Chia and REDAS sprang into action, 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 time and believes that together, they have emerged stronger, more prepared, and have accelerated the transformation of the built environment.
As he hands over the presidency to the next generation, Chia is confident that they will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose, paving the way for a limitless future.