REDAS, the Real Estate Developers’ Association of Singapore, recently celebrated its 65th anniversary, with its President, Tan Swee Yiow, welcoming guests at the Marina Bay Sands ballroom. This milestone event holds great significance for the organization, as it marks the completion of 65 years of dedication towards shaping the real estate landscape of Singapore. As Tan mentioned in his welcome speech, turning 65 also means receiving CPF retirement payouts for many, highlighting the importance of planning for the future and securing financial stability.
Founded in 1959, six years before Singapore gained independence, REDAS was initially known as the Singapore Land and Housing Developers’ Association. Its visionary founders, who were developers themselves, played a crucial role in shaping the nation’s real estate sector. Among them were pioneers like Lee Kim Tah, founder of the Lee Kim Tah Group, who was responsible for many iconic buildings in Singapore, and Lee Chin Chuan, who founded Hotel Royal in 1968.
In his speech, Tan emphasized the central role played by the real estate industry in nation-building. In addition to shaping the physical landscape, it also drives social progress and creates job opportunities. He further mentioned that the real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.
Singapore Condos Continue to Be in High Demand Due to Limited Land Availability
The demand for condominiums in Singapore remains strong, and one of the primary factors driving this demand is the limited availability of land. As a small island nation experiencing rapid population growth, Singapore faces a scarcity of land for development. Consequently, strict land use policies have been put in place, creating a highly competitive real estate market where property prices are continually on the rise. As a result, investing in real estate, particularly in Singapore condos, proves to be a highly profitable venture with the potential for significant capital appreciation. For a great selection and investment options in Singapore condos, consider checking out Singapore Condo. With their limited availability and high demand, investing in Singapore condos is a wise decision for anyone looking to enter the real estate market in this bustling city-state.
Investing in a condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. Thanks to its strategic location as a global business hub and strong economic fundamentals, Singapore continues to drive demand for real estate. As a result, property prices in the country have been on a consistent upward trend, particularly for condos in prime locations. Those who make smart investments and hold onto their properties for an extended period can reap substantial capital gains. Simply put, purchasing a Singapore Condo at the right time can prove to be a sound and profitable investment.
From early skyscrapers to iconic projects such as 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. Tan also highlighted the significant contribution of developments like Marina Bay and Jewel Changi Airport in helping Singapore become a global financial hub and a top destination.
He also mentioned how the industry has evolved beyond just creating physical spaces, with a focus on responsible and sustainable development. From eco-friendly designs to world record-breaking green spaces, the real estate industry has gained international recognition, setting new standards and reinforcing Singapore’s commitment to sustainable development.
At the anniversary dinner, the REDAS Lifetime Achievement Award was bestowed upon Chia Ngiang Hong, Group General Manager of City Developments Ltd (CDL). This prestigious award honors individuals who have made lasting contributions to the community, environment, and REDAS. In his acceptance speech, Chia expressed his gratitude to the Kwek family, whom he has had the privilege to work with for 45 years at CDL. He also spoke about his active involvement with REDAS for over 30 years, and how the association has played a pivotal role in providing constructive feedback to the government on private sector policies.
Chia has also served as REDAS President for two terms, including during the challenging period of the Covid-19 pandemic. He highlighted the association’s proactive efforts in joining various committees alongside government agencies to guide the industry through the confusion and chaos. Chia believes that the future holds “boundless potential” and is confident that the next generation will uphold the values that have guided REDAS and continue to lead Singapore’s transformation and growth with purpose.