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The private residential market is currently experiencing a flurry of activity, but it may be wise for real estate investors to consider more stable, income-generating assets like HDB shophouses. In the mature neighbourhood of Toa Payoh, an opportunity has just arisen to acquire one such prized property.

Located at 125 Toa Payoh Lorong 1, this 1,478 sq ft HDB shophouse is situated in one of the most central estates in District 12. With an asking price of $2.88 million, it sits on a prime site bounded by Toa Payoh Lorong 1 and Toa Payoh Lorong 2, and is less than 200m from Braddell MRT Station on the North-East Line. According to LTA ridership statistics, this station serves approximately 13,000 MRT riders daily and is intrinsically linked to the nearby HDB flats.

The shophouse is also conveniently located near Toa Payoh West Market and Food Court, Kheng Cheng School, Toa Payoh West Community Centre, and the Singapore Federation of Chinese Clan Association Building on Toa Payoh Lorong 2.

With several rejuvenation plans in the works for the Toa Payoh estate and the influx of several thousand new households, the new owner of this shophouse stands to benefit from the transformation of the area. This is expected to increase pedestrian footfall and uplift capital values, making this property an attractive investment opportunity.

When compared to other HDB shophouses in the city fringe locations, this one stands out for its estimated return on investment (ROI) of approximately 4%. According to Aster See, Senior Marketing Director of ERA Realty, most HDB shophouses in these areas typically offer an ROI of 2-3% based on their sales price. This makes 125 Toa Payoh Lorong 1 an appealing option for investors looking for higher rental returns.

The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. In sought after locations, condominiums offer a combination of lavishness and practicality, appealing to both locals and foreigners. These residences boast a plethora of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and boosting their desirability among potential renters and buyers. For those considering investing, these attributes result in higher rental returns and a steady increase in property values over time. Keep an eye out for upcoming New Condo Launches at Homesearch for exciting opportunities in Singapore’s real estate market.

Moreover, this shophouse also presents a potential rental yield of 4%, which is competitive in the current market and offers a steady income stream for investors. As Toa Payoh continues to rejuvenate, there is also a strong potential for capital appreciation in the long run.

Toa Payoh is one of three neighbourhoods selected for rejuvenation under the government’s Remaking Our Heartland programme. Implemented progressively since 2015, the plans for Toa Payoh include enhancing commercial and recreational facilities. One of the most significant developments is the upcoming integrated project on the site of the former swimming complex, sports hall, and stadium along Toa Payoh Lorong 6.

This 12ha integrated development is expected to be completed in 2030 and will include new sports facilities, a football stadium, a new swimming pool complex, indoor sports halls, sheltered tennis courts, futsal courts, netball courts, and fitness studios. It will also house national training centres for aquatics, netball, and table tennis, as well as a polyclinic and library. This development is set to further enhance Toa Payoh’s appeal and drive up footfall for the area’s shops, including the HDB shophouse at 125 Toa Payoh Lorong 1.

In addition to the rejuvenation plans for Toa Payoh, the government also has plans for the neighbouring Caldecott estate. With several thousand new flats planned for these two estates, the upcoming BTO project, Toa Payoh Ridge, is located just 300m away from the shophouse for sale. This 920-unit project is expected to be completed in the first half of 2025 and is situated between Toa Payoh and the future residential development in Caldecott.

In February 2020, the URA rezoned a plot at the junction of Toa Payoh Rise and Braddell Rise to residential use with a gross plot ratio of 5.0. This suggests that a high-rise BTO development may be in the works for this site, further supporting the surrounding developments and increasing footfall for the area. This is good news for the new owner of the HDB shophouse at 125 Toa Payoh Lorong 1.

For more information on this property, interested parties can contact Aster See, Senior Marketing Director at ERA Realty at 98416930.…

for completion notificationThe award for the industrial GLS site at Kallang Way has been given to CapitaLand Development’s subsidiary, CL Savour Property, for its top bid price of $368.901 million. This bid was 14.9% higher than the second highest bid submitted by a consortium of Soon Hock Group, BHCC Construction and Evermega. The site, which was launched as part of JTC’s 1H2024 IGLS programme, is the first of its kind to be designated for adaptive reuse of a former industrial building. The existing terrace factory on the site will be retained and adapted for continued industrial use. According to Tang Hsiao Ling, director of JTC’s urban planning and architecture division, this integration of adaptive reuse is part of a strategic plan to sustainably rejuvenate the area while also reducing carbon emissions in the built environment. The 474,772 sq ft site is zoned Business 2 under the master plan and has a maximum gross floor area of 1.23 million sq ft. With a 33-year tenure, the site is part of a designated food zone and will feature food manufacturing spaces and retail uses in order to inject vibrancy into the surrounding industrial area.

To sum up, purchasing a Singapore condo can bring about numerous benefits, such as a strong demand, potential for increasing value, and competitive rental returns. However, it is crucial to carefully evaluate elements like location, financing options, governmental regulations, and market conditions. With thorough research and guidance from experts, individuals can make well-informed choices and capitalize on the dynamic real estate market in Singapore. Whether you are a local investor looking to diversify your investments or a foreign buyer searching for a stable and profitable opportunity, Singapore condos present an alluring prospect.…

A coffee shop located at 253 Choa Chu Kang Ave 1 has been put up for sale through an expression of interest (EOI) with a guide price of $11 million. The shop, occupying 2,540 sq ft, is situated within Keat Hong Shopping Centre, a two-storey HDB commercial development that also houses other amenities such as a supermarket and various shops and stalls.

Situated on the ground floor, the property is zoned for commercial use and offers a 99-year leasehold tenure, with a remaining balance of 68 years. Currently, the shop is leased to a coffee shop operator and features seven food stalls and a drink stall. (Insert map showing location of Keat Hong Shopping Centre)

According to Jervis Isaiah Ng, founder of JNA Real Estate, which is a team under PropNex Realty, potential buyers could either choose to operate the coffee shop themselves, renovate it and lease it out, or continue leasing it out to a coffee shop operator. JNA Real Estate has been appointed as the exclusive marketing agent for the property.

Ng also notes that the property does not come with any living quarters, therefore exempting it from Additional Buyer’s Stamp Duty.

Keat Hong Shopping Centre boasts of a convenient location, being within walking distance to South View LRT Station on the Bukit Panjang LRT Line and the upcoming Choa Chu Kang West MRT Station on the Jurong Region Line, which is slated to be completed in 2027. Other amenities, including Choa Chu Kang Primary School and the recently renovated Choa Chu Kang West Market, are also in close proximity.

The demand for Singapore condos remains high due to the country’s limited land availability. As a small island nation experiencing rapid population growth, Singapore faces challenges in finding space for development. This has resulted in strict land use regulations and a highly competitive real estate market, where property prices continue to rise. As a result, investing in real estate, particularly Singapore condos, has become a highly profitable venture with the potential for significant capital appreciation.

The EOI is set to close on December 22 at 3pm.…

Read also: Keppel Land China names Jeremiah Lee as new CEO On November 19, Keppel announced that it will be selling its data centre joint venture to Keppel DC REIT (KDC REIT) for a total price of $1.38 billion.

The joint venture, which is owned 60% by Keppel’s connectivity division and 40% by Cuscaden Peak Investments Private Limited, holds the Keppel Data Centre Campus located at Genting Lane in Singapore. The campus includes two fully operational data centres, Keppel DC Singapore 7 (KDC SGP 7) and Keppel DC Singapore 8 (KDC SGP 8), which are utilized by global hyperscalers from various industries such as cloud services, internet enterprise, and telecommunications.

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Investing in a condo requires careful consideration of financing. In Singapore, there are various mortgage choices available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the loan amount that a borrower can take based on their income and current debt commitments. To navigate this system effectively, investors should seek guidance from financial advisors or mortgage brokers and make well-informed decisions about their financing options to avoid excessive borrowing. Furthermore, it is vital to keep in mind that the TDSR framework applies to all types of properties, including condos.

The construction of KDC SGP 7 and KDC SGP 8 was jointly funded by the JV, Keppel’s private fund Alpha Data Centre Fund, parallel fund (ADCF), and co-investors.

Upon the completion of the sale, KDC REIT will become the sole owner of KDC SGP 7 and KDC SGP 8. Keppel will continue to serve as the operator and facility manager for both data centres.

KDC REIT will gain a 49% ownership in the JV and will also subscribe to two new securities issued by Keppel JV for up to $1.03 billion. This will give the REIT a 99.49% economic interest in both data centres. KDC REIT will also have a call option to acquire the remaining 51% ownership from Keppel, which is expected to be exercised in the second half of 2025. The remaining 51% stake holds a 0.51% economic interest in the data centres.

KDC REIT will also pay an additional $350 million to the JV’s shareholders, including ADCF and co-investors, if the campus is granted a land lease extension until 2050.

This proposed acquisition is expected to increase KDC REIT’s distribution per unit (DPU) by 8.1%. It will also expand the REIT’s assets under management (AUM) by 36% to $5.2 billion, with a total of 25 data centres located in Asia Pacific and Europe.

Keppel will receive around $280 million from the divestment, which includes the estimated amount for Keppel’s 51% stake if the call option is exercised. It also includes additional consideration for the land lease extension. The total amount will be adjusted for debt repayment and completion adjustments.

The JV’s vacant land plot, which was originally planned for a third data centre, will not be included in the transaction, and will instead be sub-leased to Keppel’s private funds, Keppel DC Fund II and the upcoming Keppel DC Fund III. Keppel’s goal is to develop the third data centre, KDC SGP 9, with its two data centre private funds.

Manjot Singh Mann, CEO of Keppel’s connectivity division, says that this sale demonstrates the company’s ability to create value for its private funds and REIT. He adds that their integrated ecosystem provides access to vital resources, technology expertise, and strong customer relationships, which are essential for success in the data centre business. Keppel aims to continue developing a pipeline of AI-ready data centres that offer effective solutions for clients and attractive investments for their private funds and REIT.

Loh Hwee Long, CEO of KDC REIT’s manager, is excited about this landmark deal, which will occur during their 10th anniversary. He says that this acquisition will bring in strong cash flows and will immediately increase DPU. The inclusion of these assets will also improve the stability of their portfolio and allow them to capture potential upside from rental increases and capacity expansion. This transaction further cements Keppel DC REIT’s position as one of the largest owners of established data centres in Singapore, a market with high demand and limited supply.

The proposed transaction is expected to be completed in stages and finalized by the end of 2025.…

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Investing in a condo offers numerous advantages, including the opportunity to leverage the property’s value for future investments. In fact, many investors choose to use their condos as collateral to secure additional financing for new investments, enabling them to grow their real estate portfolio. This approach can greatly increase returns, but it also involves certain risks. It is therefore essential to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. With the availability of new condo launches, investors have even more opportunities to expand their portfolio and maximize their returns.

Frasers Property and Sekisui House, longtime partners, have come together to revamp Robertson Walk and Fraser Place Robertson. Under the new joint venture, these properties, which are currently under a 999-year lease, will be transformed into a mixed-use development featuring residential units, dining options, and entertainment facilities. The anticipated completion date for this project is the end of 2028, with construction set to begin next year.

The gross floor area for this redevelopment is estimated at 30,664 sqm (330,067 sq ft), according to Frasers Property. Soon Su Lin, CEO of Frasers Property Singapore, emphasizes that this redevelopment aligns with the company’s proactive asset management strategy, stating, “We saw the potential to maximize the value of our prime 999-year site in the heart of Robertson Quay.”

To facilitate this project, Frasers Property and Sekisui House have established a 51:49 joint venture. Until the redevelopment is complete, the Frasers Property Group will continue to manage Robertson Walk and Fraser Place Robertson. Operations at these properties are set to cease on May 31, 2025.…

Singapore’s Land Authority (SLA) has recently awarded tenders for two sites on Henderson Road and Scotts Road. The site at 98 Henderson Road was awarded to a joint venture between dormitory and accommodation provider TS Group and co-living operator The Assembly Place (TAP). The JV plans to develop the site into a senior co-living accommodation in partnership with Crawfurd Silver Care, the geriatric arm of Crawfurd Hospital. The tender includes an initial four-year lease, with the option to extend for a second three-year term.

When evaluating the prospect of investing in a condominium, it is crucial to also consider the potential rental yield. Rental yield refers to the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condominiums can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To obtain a clear understanding of the rental potential of a specific condominium, conducting thorough market research and seeking advice from real estate agents can be beneficial. Interested in finding out more about potential Singapore Projects?

The price-quality tender for the state-owned properties was launched by SLA in June, inviting interested parties to submit senior co-living proposals to rejuvenate them. The tender closed in August with six bids, and the JV’s bid of $102,888 per month was 25.5% higher than the second-highest bid of $82,000 submitted by Eco Energy. Other bids came from ISG Marketplace, Red Crowns Senior Living, Viplas Engineering, and Samwoh Corporation.

The site was previously a student hostel operated by Yo:ha, and it comprises a four-storey building, a single-storey building, and a guardhouse over a total land area of 77,551 sq ft. The JV plans to fit the apartment units with sports and recreational facilities as well as hobby-focused spaces and programmes, according to SLA’s LinkedIn post on Nov 18.

In addition, SLA is exploring the adaptive reuse of more state properties for differentiated co-living environments. This includes a potential site with a cluster of heritage bungalows at Admiralty.

Meanwhile, the three single-storey heritage bungalows at 31, 31A, and 33 Scotts Road were awarded to Heritage At Scotts, a company that curates and manages F&B brands in Singapore. The company was the only one to submit a monthly rental bid of $50,000 at the close of the price-quality tender on Aug 7. The tender for the trio of bungalows, launched on June 14 in collaboration with the Singapore Tourism Board, seeks a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty concepts.

The bungalows, with a total land area of 36,670 sq ft, have a five-year tenure with the option to extend for another four years. Heritage At Scotts currently operates lifestyle offerings within neighbouring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. The bungalows at 31, 31A, and 33 Scotts Road will be integrated with existing offerings to form a larger lifestyle enclave. The compound will include a dedicated walkway linking the various properties and landscaped social spaces.…

It is crucial to evaluate the potential rental yield when considering investing in a Singapore Condo. The rental yield is the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly based on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer higher rental yields. Conducting extensive market research and seeking advice from real estate agents can provide valuable insights into the rental potential of a particular Singapore Condo.

CBRE has recently named Hugh Macdonald as the new head of capital advisors for the Asia Pacific (Apac) region. With over 20 years of experience in the banking industry, Macdonald brings a wealth of knowledge and expertise in investment banking, as well as the real estate, gaming, leisure, and lodging sectors. He joins CBRE from his previous position at Deutsche Bank, where he served as the head of investment banking coverage and advisory for Australia and New Zealand.

In his new role, Macdonald will report to Leo van den Thillart, CBRE’s global head of investment banking, and Greg Hyland, head of capital markets for Apac. He will initially be based in Sydney before relocating to Singapore in the first quarter of 2025.

CBRE’s decision to appoint Macdonald is a strategic move to strengthen their presence in the Apac region. With his extensive experience and proven track record, Macdonald is expected to drive CBRE’s growth and provide valuable insights and advice to clients. This announcement comes shortly after Knight Frank’s appointment of Virginia Huang as managing director for north and east China.…

When it comes to investing in condominiums in Singapore, it is important to consider the government’s property cooling measures. The Singaporean government has implemented various measures over the years to control the number of speculative buyers in the real estate market and maintain its stability. One of these measures, the Additional Buyer’s Stamp Duty (ABSD), imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market. This creates a safer investment environment for those looking to invest in a condo.

The newly launched Emerald of Katong has proved to be a success, with developer Sim Lian Group selling 98.7% of its units (835 out of 846) in just two days. The project’s VIP sales on Nov 15 saw 47% of its units (401) snapped up, followed by another 434 units sold on Nov 16. The average price of the units sold over the weekend was $2,621 per square foot (psf). Sim Lian Group declined to comment on its sales.

“This project could possibly hold the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units sales in June 2013,” says Mark Yip, CEO of Huttons Asia.

There are only 11 units left available at Emerald of Katong, which include nine one-bedroom and two five-bedroom units. All two-, three-, and four-bedroom unit types have been sold out. “Buyers seem to prefer the larger units with a study or flex layout, as they are likely purchasing for owner-occupation and need the extra space to suit their lifestyle needs,” notes Yip.

To get the latest updates on available units and prices for Emerald Of Katong, check out the listings on Ask Buddy.

Emerald of Katong Sales Chart as of 9.30pm, Nov 16 (Sources: Real estate agents)

Emerald of Katong is not only the top-selling project of 2024 in terms of the number of units sold, but also in terms of the percentage sold during its launch weekend, according to Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers.

The impressive sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly noteworthy, as it was launched at the same time as two other projects. The 552-unit Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 65% of its units (359 out of 552) on Nov 16. On the same day, the 504-unit executive condominium (EC) project, Novo Place, located at Plantation Close in Tengah, developed by Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate.

These three projects concluded an unprecedented period of six new residential project (including the EC project) launches over the past two weeks. “We were initially concerned that launching six projects within 14 days might result in some of them being overshadowed by others,” says Ismail Gafoor, CEO of PropNex. “However, with a total of 3,551 units on offer, homebuyers had the opportunity to visit all the developments before making their decision on which one to buy.”

“It also helped that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park to Nov 10 from Nov 16,” adds Gafoor, noting that “those who were not able to secure a unit at Chuan Park had the opportunity to consider Emerald of Katong instead.” This move benefited both projects, as they did not have to compete with each other during the same launch weekend. Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf

Chuan Park was equally successful, with 696 units (76%) sold in a single day at an average price of $2,579 psf.

Keeping prices steady

Another reason for the strong sales at Emerald of Katong was the developer’s decision to keep prices unchanged throughout the launch day, despite the overwhelming response. A total of 3,629 cheques were collected as expressions of interest, which meant that the project was 4.3 times oversubscribed. “Sim Lian did not raise their selling prices from the initial price list,” says Gafoor. “This reassured buyers that they still had a chance to secure a unit at the same price, even if their queue number was as high as 3,000.”

“Compared to other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price of $2,423 psf is very attractive,” says Marcus Chu, CEO of ERA Singapore.

The strong sales at Emerald of Katong also spurred interest in other major condo projects in the vicinity, particularly the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. “All three recorded good sales on Saturday,” says Huttons’ Yip.

Between Nov 11 and 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales.

Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf

Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as their preferred investment option.

The latest figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices has grown to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. During the same period, the M1 money supply – which includes cash, demand deposits, and other liquid deposits – rose by $10.2 billion in the first nine months of 2024.

Check out the latest listings for Emerald Of Katong and other condominium properties on Ask Buddy.…

On November 16, the highly anticipated sales bookings for Novo Place, a 504-unit executive condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, began. The response was strong, with 286 units or 57% of the development sold at an average price of $1,654 per square foot.

When purchasing a condo, it is crucial to also consider the maintenance and management of the property. Usually, condos require a monthly or annual maintenance fee that covers the upkeep of common areas and amenities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and maintains its value. Opting for a property management company can be beneficial for investors as it allows them to have a more hands-off approach to managing their condo, making it a more passive investment.

Mark Yip, CEO of Huttons Asia, expressed his satisfaction with the take-up rate, stating that it reflects the robust demand from buyers who are seeking an affordable private residential lifestyle. However, Yip also notes that the take-up rate could have been even higher if not for the 30% quota set aside for second-time buyers.

Out of the total sales, first-time buyers accounted for 47%, while second-time buyers accounted for 53%. Yip suggests that the government may want to consider increasing the quota for second-time buyers, as the balloting for them in the next month is likely to see strong demand. Interested parties can also explore comprehensive data on all ECs, including the average profit at 5 and 10 years.

Second-time buyers are those who have previously purchased subsidized housing, either as a new or resale HDB flat or an Executive Condominium (EC). The 30% quota for second-time buyers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. Gafoor also mentions that second-time buyers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from December 16.

Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, which allows buyers to lock in their preferred unit first and service the loan later. According to Huttons, this payment scheme is particularly popular among HDB upgraders who still have an outstanding loan on their flat.

Another advantage of buying a new EC is the upfront remission on the Additional Buyer’s Stamp Duty (ABSD) granted to HDB upgraders. This allows them to continue staying in their existing flat and sell it within six months of collecting the keys to their new EC unit.

Situated in Tengah’s Plantation district, Novo Place is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line, expected to be completed by 2028. The EC project comprises seven 18-storey residential blocks, with a unit mix of three to four-bedroom plus-study units. The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. Over half of the four-bedroom plus-study units have also been sold, which is in line with demand from HDB upgraders who want a larger space and more flexibility.

Novo Place is the second EC project launched this year, after the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd, which was launched in January and has sold 84% of its units at an average price of $1,510 psf. According to Eugene Lim, key executive officer of ERA Singapore, future EC launches are expected to be priced higher due to rising land and construction costs, putting current EC buyers in an advantageous position.

With the record six projects set to launch in November, it is evident that there is a year-end rush in the property market. Interested parties can check out the latest listings for Novo Place properties and compare the price trend of new sale condo versus resale condo in District 24.…

In summary, the decision to invest in a Singapore condo comes with multiple benefits, such as a high demand, the potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully deliberate on key factors such as location, financing, government regulations, and current market conditions. Through extensive research and seeking professional guidance, investors can make well-informed choices to maximize their returns in the ever-evolving real estate market of Singapore. Whether you are a local investor seeking to diversify your portfolio or a foreign purchaser looking for a stable and profitable investment, Singapore condos provide a compelling opportunity.

The 65th anniversary of the Real Estate Developers’ Association of Singapore (REDAS) was recently celebrated with a grand dinner at the Marina Bay Sands ballroom. In his welcome speech on Nov 15, Tan Swee Yiow, president of REDAS, highlighted how turning 65 means receiving CPF retirement payouts for some, but also signifies the association’s significant progress and contributions to the real estate industry. The occasion was honored by the presence of Singapore’s President Tharman Shanmugaratnam as the guest of honor.

REDAS, initially known as the Singapore Land and Housing Developers’ Association, was established in 1959, six years before Singapore’s independence. It was founded by visionary developers who played a crucial role in shaping the country’s real estate landscape. Among these pioneers was the late Lee Kim Tah, the founding chairman of the Lee Kim Tah Group, which began as a materials supplier to the British army in the 1920s before transitioning into a contractor and developer responsible for many iconic buildings. Another was Lee Chin Chuan, who founded the Hotel Royal in 1968 and served as executive chairman and director until his passing in 2018. The third pioneer was Tay Beng Swee, a private property developer who started his business in 1962.

President Tan acknowledged the founders’ significant role in laying the foundation for Singapore’s growth, stating that real estate is pivotal to nation-building. From shaping the physical landscape to driving social progress and creating jobs, the industry has contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.

Tan added that the 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. He mentioned that Marina Bay and Jewel Changi Airport are prime examples of how the industry has helped Singapore become a global financial hub and top destination. Tan also highlighted how real estate has evolved beyond physical space, with projects gaining international recognition for eco-friendly designs and world record-breaking green spaces, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.

This year, REDAS honored Chia Ngiang Hong, group general manager of City Developments Ltd (CDL), with the REDAS Lifetime Achievement Award, recognizing individuals who have made lasting contributions to the community, environment, and REDAS. Chia dedicated 45 years to CDL and thanked the Kwek family for their inspiration and support throughout his career.

Chia shared how Kwek Leng Beng, a patron of REDAS, brought him into the association where he has actively served on the Council for over 30 years. He also served as REDAS president for two terms, during the challenging Covid-19 period, where the industry faced insurmountable challenges. However, together with stakeholders and the government, REDAS sprang into action, proactively joining various committees to guide the sector through the chaos and confusion. Chia believes that the next generation will uphold the association’s values and continue to lead Singapore’s transformation and growth with purpose.…