The Real Estate Developers’ Association of Singapore (REDAS) recently marked a significant milestone, celebrating its 65th anniversary at a grand dinner event held at Marina Bay Sands on Nov 15. At the event, REDAS President Tan Swee Yiow highlighted the significance of turning 65, which for some, means receiving Central Provident Fund (CPF) retirement payouts.
Gracing the occasion as the guest of honour was Singapore’s President Tharman Shanmugaratnam. REDAS, initially known as the Singapore Land and Housing Developers’ Association, was founded in 1959, six years before the country gained its independence. The association’s visionary founders played a pivotal role in shaping Singapore’s real estate landscape.
Among these pioneers was Lee Kim Tah, the late founding chairman of the renowned Lee Kim Tah Group. The family business was first established as a materials supplier to the British army in the 1920s before venturing into development and construction, responsible for numerous iconic buildings in Singapore. Another well-known pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as the group’s executive chairman and director until his passing in 2018. Tay Beng Swee, a private property developer who started his business in 1962, was also one of the key pioneers.
According to Tan, these founders played a significant role in laying the foundation for Singapore’s growth. The real estate industry has been crucial to the nation’s development, not just in terms of shaping the physical landscape, but also in driving social progress and creating jobs. In 2020, the industry contributed almost $20 billion to Singapore’s GDP, employing 16% of the workforce and providing 602,000 jobs.
Tan also credited the real estate industry for transforming Singapore’s skyline to meet the city’s growing needs. From early skyscrapers to iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the industry has consistently shaped Singapore’s urban landscape. Tan also highlighted developments like Marina Bay and Jewel Changi Airport as prime examples of how the industry has helped Singapore become a global financial hub and a top tourist destination.
He further emphasized that real estate has evolved beyond creating physical space. With landmark eco-friendly designs and world record-breaking green spaces, Singapore’s real estate projects have received international recognition, setting new standards and showcasing the country’s commitment to responsible and forward-thinking development.
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At the event, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, the group general manager of City Developments Ltd (CDL). This prestigious award recognizes individuals who have made significant and lasting contributions to the community, environment, and REDAS.
Chia has dedicated 45 years to CDL, and during his acceptance speech, he humorously quipped, “Many have asked how I have managed to ‘survive’ at CDL.” Throughout his career, he has had the privilege of working with 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. Chia acknowledged their passion for real estate and entrepreneurial spirit, which have greatly influenced his career, and expressed his gratitude for their continuous support.
Chia shared how Kwek Leng Beng, a patron of REDAS, brought him into the association during the mid-1980s when the country was facing the Pan-El crisis. He was invited to assist one of the subcommittees under the Property Market Consultative Committee (PMCC), formed under the Ministry of Finance, where Kwek Leng Beng and the then-president of REDAS served. Chia has been an active member of the REDAS Council for over 30 years, taking turns with his late deputy chairman, Kwek Leng Joo.
Over the years, REDAS has played a vital role in providing constructive feedback to the government on private sector policies and has been a staunch advocate for the real estate industry, Chia added. He also served two terms as REDAS president from 2019 to 2020 and 2021 to 2022, during the challenging COVID-19 period. He reflected on the unprecedented challenges the industry faced and how they sprang into action, proactively joining various committees alongside government agencies to guide the sector through the chaos and confusion. Despite the difficulties, Chia found it rewarding to work closely with stakeholders and the government to weather the storm and emerge stronger, more prepared, and accelerate the transformation of the built environment.
Chia concluded by expressing his confidence in the future and the next generation’s ability to uphold the values that have guided REDAS and continue leading Singapore’s growth and transformation with purpose.