\nSingaporeans are celebrating 51 years of freedom. To comemmorate, we dusted off our history books to see how far this small nation has come.
\nSingapore\u2019s skyline has changed a lot in the past half century. Image credit: Nicholas Lannuzel (Flickr)
\nHappy birthday Singapore!<\/p>\n
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 the world.
\nIn celebration of Singapore turning 51, we\u2019re taking a look at some of the milestones of the property sector:
\n1960 \u2013 The Housing & Development Board (HDB) is formed to oversee the development of public housing in Singapore.
\n1965 \u2013 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.
\n1974 \u2013 The Urban Redevelopment Authority (URA) is born. The URA\u2019s 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.
\n1980\u2018s \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 \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 \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 \u2013 The Building and Construction Authority (BCA) is formed under the Ministry of National Development to promote building quality excellence in the country.
\n2003 \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.
\nMore: Here\u2019s how one developer is avoiding the Singapore property slump
\nSingapore condos. Image credit: alantankenghoe (Flickr)
\n2004 \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. Lee Kuan Yew becomes Minister Mentor.
\n2005 \u2013 Singapore and Malaysia settle a territorial dispute over land reclamation and sign \u2018The Settlement Agreement\u2019.
\n2005 \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 \u2013 Singaporean authorities introduce the first round of cooling methods to control soaring property prices.
\n2009 \u2013 The country\u2019s premier commercial district, Orchard Road, undergoes a SGD40 million (USD29 million) renovation and beautification plan.
\n2010 \u2013 Marina Bay Sands, located at Singapore\u2019s iconic new downtown, opens. It comprises high-end residential, retail, commercial, leisure and hospitality components.
\nMore: Could property cooling measures in Singapore be permanent?<\/p>\n
A stunning laser show at Marina Bay Sands. Image credit: Joan Campderr\u00f3s-i-Canas
\n2010 \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 \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 \u2013 Ensign Media, (now part of PropertyGuru group) publisher of Asia\u2019s 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.
\n2013 \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 \u2013 One of the most expensive residences in Singapore, located on 33 Nassim Road, lists on the market for SGD242 million (USD179 million).
\nAnd finally\u2026
\n2016 \u2013 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.
\nSingapore \u2013 we look forward to seeing what the next 51 years holds!<\/p>\n