{"id":2014,"date":"2015-03-23T04:55:18","date_gmt":"2015-03-23T04:55:18","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=2014"},"modified":"2021-06-04T14:13:24","modified_gmt":"2021-06-04T07:13:24","slug":"50-dynamic-years-under-lee-kuan-yew-singapores-real-estate-history","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/50-dynamic-years-under-lee-kuan-yew-singapores-real-estate-history\/","title":{"rendered":"50 dynamic years under Lee Kuan Yew: Singapore\u2019s real estate history"},"content":{"rendered":"
\"\"

The founder and architect of modern Singapore, Lee Kuan Yew, has died today aged 91.<\/figcaption><\/figure>\n

Serving as prime minister for three decades (and later senior prime minister and \u2018minister mentor\u2019), Lee\u2019s legacy includes transforming Singapore from\u00a0a developing, third-world economy into a first-world country, where some of the most expensive real estate properties in the world are located.<\/p>\n

Here, we take a look at some of the milestones in Singapore\u2019s real estate industry in the last five decades of Lee\u2019s lifetime as the Lion State\u2019s leader.<\/p>\n

1960<\/strong>\u00a0\u2013 The Housing & Development Board (HDB) is formed to oversee the development of public housing in Singapore.<\/p>\n

1963<\/strong>\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

\"\"
Bukit Batok<\/figcaption><\/figure>\n

Many Singaporeans live in HDB flats<\/p>\n

1965<\/strong>\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.<\/p>\n

1974<\/strong>\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.<\/p>\n

1980s<\/strong>\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.<\/p>\n

\"\"
the-ascott<\/figcaption><\/figure>\n

The Ascott pioneered serviced apartments worldwide<\/p>\n

1984<\/strong>\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.<\/p>\n

1990s<\/strong>\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.<\/p>\n

1999<\/strong>\u00a0\u2013 The Building and Construction Authority (BCA) is formed under the Ministry of National Development to promote building quality excellence in the country.<\/p>\n

2003<\/strong>\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.<\/p>\n

2004<\/strong>\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.<\/p>\n

2005<\/strong>\u00a0\u2013 Singapore and Malaysia settle a territorial dispute over land reclamation and sign \u2018The Settlement Agreement\u2019.<\/p>\n

2005<\/strong>\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.<\/p>\n

2009<\/strong>\u00a0\u2013 The first rounds of property cooling measures are introduced by Singaporean authorities to moderate soaring real estate prices.<\/p>\n

2009<\/strong>\u00a0\u2013 The country\u2019s premier commercial district, Orchard Road, undergoes a SGD40 million (USD29 million) renovation and beautification plan.<\/p>\n

2010<\/strong>\u00a0\u2013 Marina Bay Sands, located at Singapore\u2019s iconic new downtown, opens. It comprises high-end residential, retail, commercial, leisure and hospitality components.<\/p>\n

\"\"
Marina Bay Sands<\/figcaption><\/figure>\n

2010\u00a0<\/strong>\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.<\/p>\n

2011<\/strong>\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.<\/p>\n

\"\"
The first-ever South East Asia Property Awards 2011<\/figcaption><\/figure>\n

2011<\/strong>\u00a0\u2013 Ensign Media, publisher of Asia\u2019s industry-leading\u00a0Property Report<\/em>\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.<\/p>\n

2013<\/strong>\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.<\/p>\n

2013<\/strong>\u00a0\u2013 One of the most expensive residences in Singapore, located on 33 Nassim Road, lists on the market for SGD242 million (USD179 million).<\/p>\n

2015<\/strong>\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

 <\/p>\n

Sources:\u00a0<\/em>Property Report\u00a0magazine, Asia Property Awards, SRX, The Online Citizen, RememberSingapore.org, HDB, URA, BCA, EDB, EthicalPerformance.com, Forbes.com, EIU, International Business Times; Image: AFP<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Serving as prime minister for three decades (and later senior prime minister and \u2018minister mentor\u2019), Lee\u2019s legacy includes transforming Singapore from\u00a0a developing, third-world economy into a first-world country<\/p>\n","protected":false},"author":2,"featured_media":19906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-malaysia","news_country-singapore","news_author-richard-allan-aquino"],"acf":[],"yoast_head":"\n50 dynamic years under Lee Kuan Yew: Singapore\u2019s real estate history | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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