reporter2
03-12-19, 11:16
Redas urges developers to be more prudent in land purchase, capital allocation
Far East Organization CEO Philip Ng presented with Redas' Lifetime Achievement Award at gala dinner
Tue, Dec 03, 2019
LEE U-WEN
WITH the conditions for the real estate industry becoming more challenging, developers in Singapore have been urged to take stock and adopt a more prudent approach in land purchase and capital allocation.
Making this call was Real Estate Developers' Association of Singapore (Redas) president Chia Ngiang Hong, who noted that developers here are already more cautious in their bidding for land.
"En bloc activity has also slowed significantly. As developers, we are very concerned with the present challenging market situation of high supply and subdued demand," he said at a dinner on Monday to mark the association's 60th anniversary.
"We hope the government will continue to watch the pulse of the market, with the aim of maintaining a stable and sustainable market in line with economic fundamentals," he told 700 guests, which included Social and Family Development Minister and Second National Development Minister Desmond Lee.
In his speech, Mr Chia called for Redas and its members to work closer with one another, with the government and its agencies, and all partners and stakeholders "to push the industry transformation, innovation and internationalisation agenda".
"Redas will facilitate, support and push the realisation of these objectives," he said.
"We also need to be more proactive in facilitating dialogues with government and together help shape policies which are pro-enterprise and pro-business, and which will support economic growth and optimise outcomes for our nation," said Mr Chia, adding that a new committee would be formed within Redas to oversee this.
At the dinner, Redas presented its Lifetime Achievement Award to its patron Philip Ng, the chief executive officer of Far East Organization. The award was for Mr Ng's "valued contributions to Redas, the community and the built environment in Singapore", said Redas in a news release.
Mr Ng is the fourth person to receive the award; the others are former patrons Kwek Leng Beng and Kwee Liong Keng, and past-president Daniel Teo.
Redas said that the award "recognises successful and exemplary real estate business leaders for their significant contributions to not only the association but also the community and real estate sector".
This year, Redas also continued its tradition of giving back to society, said Mr Chia. It will donate S$50,000 each to ARC Children's Centre and HCA Hospice Care.
A total of S$300,000 has been raised for the Community Chest in support of the KidSTART programme. This is made up of S$240,000 pledged by over 40 Redas members, with the Redas Foundation contributing S$60,000.
Far East Organization CEO Philip Ng presented with Redas' Lifetime Achievement Award at gala dinner
Tue, Dec 03, 2019
LEE U-WEN
WITH the conditions for the real estate industry becoming more challenging, developers in Singapore have been urged to take stock and adopt a more prudent approach in land purchase and capital allocation.
Making this call was Real Estate Developers' Association of Singapore (Redas) president Chia Ngiang Hong, who noted that developers here are already more cautious in their bidding for land.
"En bloc activity has also slowed significantly. As developers, we are very concerned with the present challenging market situation of high supply and subdued demand," he said at a dinner on Monday to mark the association's 60th anniversary.
"We hope the government will continue to watch the pulse of the market, with the aim of maintaining a stable and sustainable market in line with economic fundamentals," he told 700 guests, which included Social and Family Development Minister and Second National Development Minister Desmond Lee.
In his speech, Mr Chia called for Redas and its members to work closer with one another, with the government and its agencies, and all partners and stakeholders "to push the industry transformation, innovation and internationalisation agenda".
"Redas will facilitate, support and push the realisation of these objectives," he said.
"We also need to be more proactive in facilitating dialogues with government and together help shape policies which are pro-enterprise and pro-business, and which will support economic growth and optimise outcomes for our nation," said Mr Chia, adding that a new committee would be formed within Redas to oversee this.
At the dinner, Redas presented its Lifetime Achievement Award to its patron Philip Ng, the chief executive officer of Far East Organization. The award was for Mr Ng's "valued contributions to Redas, the community and the built environment in Singapore", said Redas in a news release.
Mr Ng is the fourth person to receive the award; the others are former patrons Kwek Leng Beng and Kwee Liong Keng, and past-president Daniel Teo.
Redas said that the award "recognises successful and exemplary real estate business leaders for their significant contributions to not only the association but also the community and real estate sector".
This year, Redas also continued its tradition of giving back to society, said Mr Chia. It will donate S$50,000 each to ARC Children's Centre and HCA Hospice Care.
A total of S$300,000 has been raised for the Community Chest in support of the KidSTART programme. This is made up of S$240,000 pledged by over 40 Redas members, with the Redas Foundation contributing S$60,000.