How has Singapore’s real estate market changed in 51 years?
How has Singapore’s real estate market changed in 51 years?
Singaporeans are celebrating 51 years of freedom. To comemmorate, we dusted off our history books to see how far this small nation has come.
Happy birthday Singapore!
It’s been 51 years since Singapore separated from Malaysia in 1965, and in this time the city-state has established itself as a global force to be reckoned with, and its real estate is among the most expensive in the world.
In celebration of Singapore turning 51, we’re taking a look at some of the milestones of the property sector:
1960 – The Housing & Development Board (HDB) is formed to oversee the development of public housing in Singapore.
1965 – Singapore becomes a sovereign state, known as the Republic of Singapore. Lee Kuan Yew is still prime minister, while the HDB chief is still Lim Kim Sam, who was appointed HDB head in 1960. Lim Kim Sam was behind the construction of many high-rise, public housing apartments, which are still used today.
1974 – The Urban Redevelopment Authority (URA) is born. The URA’s main task is to develop programmes for strategic land use in Singapore. It is also involved in the conservation of significant buildings, car park management, land sales and the overall urban design of the Lion State.
1980‘s – Knowledge-based industries, such as education, lifestyle, medical, information technology and software, get a major boost from Singapore’s Economic Development Board, which administers manpower training programmes. These pushed further Singapore’s reputation as a capital-intensive and high-tech nation, indirectly allowing the real estate industry to benefit from larger incomes.
1984 – A pioneer in the serviced residences industry, The Ascott Limited is established and today operates some 35,000 units, making it the largest international serviced apartment operator worldwide.
1990s – International property and hotel conglomerate City Developments Limited (CDL) builds Singapore’s first eco-mall, first eco-condominium and first carbon-neutral development.
1999 – The Building and Construction Authority (BCA) is formed under the Ministry of National Development to promote building quality excellence in the country.
2003 – The Building and Development Division of HDB becomes a separate entity under the name HBD Corporation Pte Ltd, which is later renamed Surbana Corporation Pte Ltd.
More: Here’s how one developer is avoiding the Singapore property slump
2004 – Lee Hsien Loong, son of Lee Kuan Yew, is sworn in as Prime Minister. Lee’s programmes through the years include speeding up of the completion of HDB flats for singles over 35 years, the curbing of property prices, and the expansion of the mass transit systems. Lee Kuan Yew becomes Minister Mentor.
2005 – Singapore and Malaysia settle a territorial dispute over land reclamation and sign ‘The Settlement Agreement’.
2005 – The Building and Construction Authority begins issuing the BCA Green Mark Certification for establishments that show environmental sustainability, innovative features, and efficient designs and construction methods.
2009 – Singaporean authorities introduce the first round of cooling methods to control soaring property prices.
2009 – The country’s premier commercial district, Orchard Road, undergoes a SGD40 million (USD29 million) renovation and beautification plan.
2010 – Marina Bay Sands, located at Singapore’s iconic new downtown, opens. It comprises high-end residential, retail, commercial, leisure and hospitality components.
More: Could property cooling measures in Singapore be permanent?
2010 – In recognition of the world’s most sustainable cities, the biennial Lee Kuan Yew World City Prize is established by the URA and the Centre for Liveable Cities.
2011 – The Singapore Real Estate Exchange (SRX) launches as part of the property sector’s efforts to share pricing information, improve liquidity and increase transparency in the market. Members include the biggest real estate firms and agencies in the country, such as Savills, RE/MAX, DTZ, Huttons, ERA Real Estate, ECG, and others.
2011 – Ensign Media, (now part of PropertyGuru group) publisher of Asia’s industry-leading Property Report magazine, holds the first ever South East Asia Property Awards (SEAPA) in Singapore. The event is held at the beautiful Fort Canning Hotel and the judging panel includes British billionaire and top real estate mogul Nick Candy.
2013 – Singapore overtakes Tokyo as the most expensive city in the world, per the Economist Intelligence Unit, which reported that many low-income Singaporeans are unable to buy their own homes due to rising income inequality in the city-state and the astronomical costs of real estate.
2013 – One of the most expensive residences in Singapore, located on 33 Nassim Road, lists on the market for SGD242 million (USD179 million).
And finally…
2016 – Singapore rents are in decline, which is attributed to fewer banking expats, however property prices are still high and cooling methods continue. Hong Kong is the most expensive Asian city, but Singapore sits just behind. It is also named second in the world for green buildings, proving that the Singaporean real estate industry is forward thinking and sustainability focused.
Singapore – we look forward to seeing what the next 51 years holds!
Read next: Singapore and Hong Kong are the new safe havens of APAC, says Knight Frank
Source: Property Report