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.