{"id":118157,"date":"2020-08-11T11:32:28","date_gmt":"2020-08-11T04:32:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-real-estate-history-thriving-since-the-60s\/"},"modified":"2020-08-11T12:03:44","modified_gmt":"2020-08-11T05:03:44","slug":"singapores-real-estate-history-thriving-since-the-60s","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-real-estate-history-thriving-since-the-60s\/","title":{"rendered":"Singapore\u2019s real estate history: thriving since the 60s"},"content":{"rendered":"


\nIn celebration of National Day, we take a look back at how Singapore\u2019s dynamic real estate market flourished as each year passed.\u00a0
\nIn Southeast Asia, Singapore has always been viewed as a stable and reliable property investment destination. Its supremacy as a financial hub with strong fundamentals in workforce and physical infrastructure, political stability and safety, complete transparency and ease of doing business has continued to attract foreign investors throughout the past decades.
\nIn the midst of the COVID-19 outbreak that distressed major economies across the globe, sales of private residences in the city-state soared slightly in May, while sales of luxury condominiums rose by 72% in the first quarter of the year.
\nOver the course of Singapore\u2019s real estate history, its track record showed that it has quickly recovered from economic crises and it has grown steadily and significantly after each recovery.
\nHere, we take a look at some of the milestones in Singapore\u2019s real estate industry in the last six decades:
\n1960\u00a0\u2013 The Housing & Development Board (HDB) is formed to oversee the development of public housing in Singapore.
\n1963\u00a0\u2013 After achieving self-governance in 1959, Singapore merges with Malaysia in a short-lived union, which ends two years later due to several violent protests.<\/p>\n

1965\u00a0\u2013 Singapore finally 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 and spearheaded the construction of many high-rise, public housing apartments through the succeeding years.
\n1974\u00a0\u2013 The Urban Redevelopment Authority (URA) is born. The URA\u2019s main task is to develop programmes for strategic land use in the small city-state. It is also involved in the conservation of significant buildings, car park management, land sales and the overall urban design of the Lion State.
\nRead also:\u00a0How To Understand The URA Master Plan And Make Your Property An Investment
\n1980s\u00a0\u2013 Knowledge-based industries, such as education, lifestyle, medical, information technology and software, get a major boost from Singapore\u2019s Economic Development Board, which administers manpower training programmes. These pushed further Singapore\u2019s reputation as a capital-intensive and high-tech nation, indirectly allowing the real estate industry to benefit from larger incomes.
\n1984\u00a0\u2013 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.
\n1990s\u00a0\u2013 International property and hotel conglomerate City Developments Limited (CDL) builds Singapore\u2019s first eco-mall, first eco-condominium and first carbon-neutral development.
\n1999\u00a0\u2013 The Building and Construction Authority (BCA) is formed under the Ministry of National Development to promote building quality excellence in the country.
\n2003\u00a0\u2013 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.
\n2004\u00a0\u2013 Lee Hsien Loong, son of Lee Kuan Yew, is sworn in as Prime Minister. Lee\u2019s 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.\u00a0Lee Kuan Yew becomes Minister Mentor.
\n2005\u00a0\u2013 Singapore and Malaysia settle a territorial dispute over land reclamation and sign \u2018The Settlement Agreement\u2019.
\n2005\u00a0\u2013 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.
\n2009\u00a0\u2013 The first rounds of property cooling measures are introduced by Singaporean authorities to moderate soaring real estate prices.
\n2009\u00a0\u2013 The country\u2019s premier commercial district, Orchard Road, undergoes a S$40 million renovation and beautification plan.<\/p>\n

2010\u00a0\u2013 Marina Bay Sands, located at Singapore\u2019s iconic new downtown, opens. It comprises high-end residential, retail, commercial, leisure and hospitality components.
\n2010\u00a0\u2013 In recognition of the world\u2019s most sustainable cities, the biennial Lee Kuan Yew World City Prize is established by the URA and the Centre for Liveable Cities.
\n2011\u00a0\u2013 The Singapore Real Estate Exchange (SRX) launches as part of the property sector\u2019s 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.
\n2011\u00a0\u2013 Ensign Media, publisher of Asia\u2019s industry-leading\u00a0Property Report\u00a0magazine, holds the first annual\u00a0South East Asia Property Awards (SEAPA)\u00a0in Singapore, which was held at the lavish Fort Canning Hotel. British billionaire and top real estate mogul Nick Candy is one of the judges.
\n2013\u00a0\u2013 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.
\n2013\u00a0\u2013 One of the most expensive residences in Singapore, located on 33 Nassim Road, lists on the market for SGD242 million (USD179 million).
\n2014 \u2013\u00a0Lee Hsien Loong launched the smart city initiative under the name Smart Nation, which enables the city-state to harness big data, networks and infocomm technologies to create tech-enabled solutions.
\n2015\u00a0\u2013 Lee Kuan Yew dies of pneumonia at age 91, a few months before the celebration of Singapore\u2019s 50th anniversary of independence.<\/p>\n

2017 \u2013\u00a0To honour developers and properties across the Asia Pacific, the South East Asia Property Awards was relaunched as the PropertyGuru Asia Property Awards.
\n2017 \u2013\u00a0Singaporean authorities amend the existing property cooling measures due to the increase in the property price index for private residential properties and interest rate war among major mortgage providers.
\nAlso read:\u00a09 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020\/2021
\n2020 \u2013\u00a0Countries across the globe is plagued by COVID-19, which has prompted most to close its borders and halt all business activities, including real estate and construction to limit potential exposure of people from the virus. Singapore implemented circuit breaker measures that affected consumer sentiment and property sales, but analysts are confident that the real estate sector will strongly recover from the downturn because of its thriving history.
\n2020 \u2013\u00a0PropertyGuru Asia Property Awards (Singapore)\u00a0celebrates its 10th year in the business through the first-ever virtual gala event in response to the social distancing measures enforced during the pandemic.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore\u2019s real estate history: thriving since the 60s<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In celebration of National Day, we take a look back at how Singapore\u2019s dynamic real...<\/p>\n","protected":false},"author":1,"featured_media":118158,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/08\/Old-HDB-flats-resize.jpg?fit=615%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uJL","jetpack-related-posts":[{"id":111044,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-home-sales-soar-in-one-of-the-worlds-hottest-real-estate-markets-driven-by-demand-by-hong-kong-china-investors\/","url_meta":{"origin":118157,"position":0},"title":"Singapore\u2019s home sales soar in one of the world\u2019s hottest real estate markets, driven by demand by Hong Kong, China investors","date":"September 25, 2019","format":false,"excerpt":"\r Singapore sold more luxury homes to foreigners in three months ended June than any other quarter during the past 12 years, as Chinese and Hong Kong investors sought a safe haven to park their money amid the escalating US-China trade war and deteriorating public order in Hong Kong.\r\rUp to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-has-singapores-real-estate-market-changed-in-51-years-2\/","url_meta":{"origin":118157,"position":1},"title":"How has Singapore\u2019s real estate market changed in 51 years?","date":"August 9, 2016","format":false,"excerpt":"\r Singapore\u2019s skyline has changed a lot in the past half century. It\u2019s 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/08\/Singapore-condos.jpg?fit=768%2C512&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":57358,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/e-commerce-may-be-biting-singapores-retail-real-estate-but-investors-havent-lost-interest\/","url_meta":{"origin":118157,"position":2},"title":"E-commerce may be biting Singapore\u2019s retail real-estate, but investors haven\u2019t lost interest","date":"June 9, 2017","format":false,"excerpt":"\r Bricks-and-mortar retailers took a hit from e-commerce, but investors are still circling Singapore\u2019s malls.\r \r Source : cnbc.com\r Read more...E-commerce may be biting Singapore\u2019s retail real-estate, but investors haven\u2019t lost interest","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95477,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-luxury-home-market-will-bear-brunt-of-new-curbs\/","url_meta":{"origin":118157,"position":3},"title":"Singapore's luxury home market will bear brunt of new curbs","date":"August 6, 2018","format":false,"excerpt":"\r Patrick Foto\/Shutterstock Overseas property hunters may pull back. By Property Report Singapore\u2019s recently announced cooling measures\u00a0will have their biggest impact on luxury residential property seekers, a leading market observer told\u00a0Bloomberg.\u00a0 \u201cMore foreign buyers have been eyeing Singapore\u2019s luxury homes for the past year, but they may now take a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35156,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-slips-in-ranks-of-real-estate-investment-favourites\/","url_meta":{"origin":118157,"position":4},"title":"Singapore slips in ranks of real estate investment favourites","date":"November 21, 2016","format":false,"excerpt":"\r Core assets such as office spaces in Singapore\u2019s CBD are favoured by investors and institutions, but yields and returns have declined on the back of a weaker macroeconomic outlook.\u00a0 Singapore fell 10 places for city investment prospects, dropping to 21 from its 11th spot a year ago, a report\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-has-singapores-real-estate-market-changed-in-51-years\/","url_meta":{"origin":118157,"position":5},"title":"How has Singapore\u2019s real estate market changed in 51 years?","date":"August 8, 2016","format":false,"excerpt":"\r Singaporeans are celebrating 51 years of freedom. To comemmorate, we dusted off our history books to see how far this small nation has come. Singapore\u2019s skyline has changed a lot in the past half century. Image credit: Nicholas Lannuzel (Flickr) Happy birthday Singapore! It\u2019s been 51 years since Singapore\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118157"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=118157"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/118158"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=118157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=118157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=118157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}