The Real Estate Developers’ Association of Singapore (Redas) recently held its Annual General Meeting on Jan 9, where they elected a new management committee for a two-year term. The committee comprises a diversified group of professionals, each with different expertise and experience, to effectively drive initiatives that will positively impact the built environment ecosystem.
Chairman of Keppel Reit Management, Tan Swee Yiow, has been unanimously re-elected as President for his second consecutive term. Tan expressed his honor at being re-elected and noted the broad representation across sectors, scales, and expertise within the industry that is included in the new management committee.
The committee includes Immediate Past President Chia Ngiang Hong, Group General Manager of City Developments; First Vice President Kwee Ker Wei, Director of Pontiac Land Group; Second Vice President Marc Boey, Executive Director of Project Services at Far East Organization; Honorary Secretary Chong Hock Chang, Group Director of Projects and Marketing at Ho Bee Land; Honorary Treasurer Neo Soon Hup, COO of UOL Group; Honorary Assistant Secretary Chew Peet Mun, Managing Director of Investment and Development at CapitaLand Development Singapore; and Honorary Assistant Treasurer Tho Leong Chye, Managing Director of Allgreen Properties.
At the meeting, Chia Ngiang Hong congratulated the new management committee and expressed his confidence in the leadership of Tan, who was unanimously re-elected, reflecting the trust placed in him by the Redas community.
As foreign investors look towards Singapore for property investments, it is crucial to have a thorough understanding of the regulations and restrictions imposed on property ownership. Unlike landed properties, which have more stringent ownership guidelines, foreigners can typically purchase condos without much hindrance. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD) – currently set at 20% – for their first property purchase. Despite the added costs, the stability and potential for growth in the Singapore real estate market continue to entice foreign investors. The growing number of Singapore Projects further strengthens its appeal as a lucrative investment destination.
According to Tan, the diversity of the new management committee will enable the association to drive initiatives that will have a meaningful impact on the broader built environment ecosystem. This includes advocating for the implementation of the Environmental, Social, and Governance (ESG) framework and green premiums, which were discussed at the recent RICS-REDAS conference. The association will also look into suggesting separate land zoning to meet the projected demand for senior accommodation in Singapore. Redas is committed to working with relevant agencies to drive sustainable growth and bring about positive change in the real estate industry.