RE2705

Urban Economics

Introduction to RE2705

Liao Wen-Chi
Associate Professor
Department of Real Estate
School of Business
National University of Singapore
Email - wliao@nus.edu.sg
RE2705 Urban Economics

Real estate: the creation of wealth

A/P Liao Wen-Chi, Department of Real Estate

RE2705 Urban Economics

Real estate: the creation of wealth

“Despite the uncertainty roiling global financial markets, the real

estate barons… are doing… well in 2016. Twenty-two people
made the Forbes Billionaires List for the first time this year
thanks to their real estate holdings, bringing the total number of
the property-rich… to a whopping 184... On that total, 42 are
from China, 25 from Hong Kong, 7 from India and 6 from
Singapore.”
-- Forbes

A/P Liao Wen-Chi, Department of Real Estate

RE2705 Urban Economics

Singapore’s 10 Richest in 2019

Rank Name Net Worth Source of Wealth Companies

1 Zhang Yong $13.8 B Restaurants Haidilao

2 Robert & Philip Ng $12.1 B Real estate Far East Organization

3 Eduardo Saverin $10.6 B Social Media Facebook

Nippon Paint Holdings;

4 Goh Cheng Liang $9.5 B Paints
Nipsea
Kwek Leng Beng & Hong Leong Group; City
5 $8.8 B Real estate
family Developments

6 Wee Cho Yaw $6.6 B Banking UOB Bank; UOL

Standard Chartered Bank;

7 Khoo family $6.5 B Banking
Goodwood Group of Hotels

8 Kwee brothers $5.7 B Real estate Pontiac Land

Wilmar; Yanlord land;
Kuok Khoon Hong &
9 $3.0 B Palm oil Perennial Real Estate
family
Holdings
10 Choo Chong Ngen $2.95 B Real estate Worldwide Hotels

Forbes Real Time Billionaire Ranking

A/P Liao Wen-Chi, Department of Real Estate
RE2705 Urban Economics

Real estate is about humanity

 Real estate is not a simple investment
vehicle.

 Property is all about understanding

how people and places ‘connect’ and
the sector will be pivotal in creating the
right blueprint for the cities of
tomorrow.”
—A New Deal for Real Estate
https://threalestate.com/mipim-2017

A/P Liao Wen-Chi, Department of Real Estate

RE2705 Urban Economics

Real estate influences the way we live …

Community building
vs. displacement

Chen, Orum, Paulsen, 2013. Introduction to Cities:

How Place and Space Shape Human Experience.
Blackwell Publishing Ltd.

A/P Liao Wen-Chi, Department of Real Estate 6

RE2705 Urban Economics

The way we live …

Tech
…
nature

A/P Liao Wen-Chi, Department of Real Estate 7

RE2705 Urban Economics

Real estate influences the way we work …

Workers at a garments APEX @ Henderson

factory in Hanoi, Vietnam

The proposed new Google HQ in California:‘a soft coercion

Google Office
towards people interacting with each other in planned ways,’
A/P Liao Wen-Chi, Department of Real Estate 8
RE2705 Urban Economics

The way we work …

Co-working space of Club Co (Singapore)

Google
A/P Liao Wen-Chi, Department of Real Estate Office 9
RE2705 Urban Economics

Urban Economics is fundamental to RE

 To do well in real estate or planning, a good understanding on
the economics of cities is essential.

 Developers may not want to build or invest in these places.

Photo on Himalaya

A place at Detroit

A/P Liao Wen-Chi, Department of Real Estate

RE2705 Urban Economics

RE2705 Webpage at Canvas

 Schedule
 Textbook
 Assessment:

A/P Liao Wen-Chi, Department of Real Estate