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Investing in a condominium has numerous advantages, including the potential for leveraging the property’s value for future investments. This offers investors the opportunity to use their condos as collateral and secure additional financing for new ventures, thereby diversifying their real estate portfolio. However, this approach also carries some risks, making it essential to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. New Condo Launches can be a valuable addition to this investment strategy.
The Real Estate Developers’ Association of Singapore (REDAS) commemorated its 65th anniversary two days ago. At the anniversary dinner held on Nov 15 in the Marina Bay Sands ballroom, REDAS President Tan Swee Yiow welcomed guests by stating how turning 65 signifies receiving CPF retirement payouts for some. The honourable guest at the event was President of Singapore Tharman Shanmugaratnam.
Originally known as the Singapore Land and Housing Developers’ Association, REDAS was established in 1959, six years before Singapore gained independence. Its founders were farsighted developers who played a pivotal role in shaping the nation’s real estate scene. Among these trailblazers was the late Lee Kim Tah, the founding chairman of the prominent Lee Kim Tah Group. His family business originally started as a materials supplier to the British army in the 1920s, before transitioning into a contractor and developer responsible for many iconic buildings in Singapore. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968. He served as the 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.
According to Tan, these pioneers laid a strong foundation for Singapore’s growth. The real estate industry is central to nation-building as it shapes the physical landscape, drives social progress and provides job opportunities. Tan also mentioned that in the previous year, the real estate industry contributed nearly $20 billion to Singapore’s GDP and employed 16% of the workforce, providing 602,000 jobs. Over the years, the industry has consistently shaped Singapore’s skyline to cater to the city’s growing needs, with iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel and South Beach. Tan also highlighted the evolution of the real estate industry from merely providing physical space to creating landmark eco-friendly designs and impressive green spaces that have received international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.
This year, REDAS presented the Lifetime Achievement Award to Chia Ngiang Hong, the Group General Manager of City Developments Ltd (CDL). The award celebrates individuals who have made significant contributions to the community, environment and REDAS. In his acceptance speech, Chia, who has devoted 45 years to CDL, humbly joked that many have inquired about his secret to ‘surviving’ at CDL. He also expressed his gratitude towards the three generations of the Kwek family, including the founder, the late Kwek Hong Png, the current executive chairman, Kwek Leng Beng and the group CEO, Sherman Kwek, who have immensely inspired and shaped his career with their passion for real estate and entrepreneurial spirit.
Chia revealed that it was Kwek Leng Beng, a patron of REDAS, who invited him to join the association in the mid-1980s during the Pan-El crisis. He served on the REDAS Council for more than 30 years, alternating with his late deputy chairman, Kwek Leng Joo. Throughout the decades, REDAS has been crucial in providing valuable feedback to the government on private sector policies and has been a constant advocate for the real estate industry. Chia also served as REDAS president for two terms during the challenging Covid-19 period, from 2019 to 2020 and 2021 to 2022. He reflected on the insurmountable challenges the industry faced and how they sprang into action by joining various committees with government agencies to guide the sector through confusion and chaos. Although the period was tough, Chia found it rewarding to collaborate closely with stakeholders and the government. He believes that the future holds limitless possibilities, and the next generation will carry on the values that have guided REDAS in leading Singapore’s transformation and growth with purpose.