Singapore represents a S$300-billion opportunity for construction and allied industries as it embarks on a national programme to convert its existing built-up space to green buildings.
With the Government setting a target of upgrading 80 per cent of the built-up space to at least the minimum level of Green Mark Standards of the Singapore Green Building Council by 2030, there is a huge opportunity in upgrading construction and revamping the electrical and mechanical components, according to Mr Tai Lee Siang, President, SGBC.
Singapore has over 210 million sq.m of built-up space with a few million being added annually. As part of a sustainable Singapore plan formulated a couple of years ago, the Government has set the target to go green on various components, including construction and built-up space.
Mr Siang said that most developed economies will inevitably have to retrofit old buildings to convert them to higher standards of efficiency in using power, water and other natural resources to make a positive impact in terms of addressing challenges of climate change.
At an interaction with media persons who were on a tour hosted by the Building Construction Authority, as a part of the on-going Singapore Green Building Week, Mr Lam Siew Wah, Deputy Chief Executive Officer, BCA, said the BCA, the government body which regulates the construction sector was closely associated with the greening of buildings.
Through a programme of fiscal incentives, for which a $100-million fund has been created, and granting additional gross built-up area concessions to developers and regulatory measures, the government hopes to encourage green buildings.
Green mark rating
To keep track of the developments, the Government has asked building owners to announce the power consumption in their buildings. A building that meets the basic Green Mark rating of the SGBC will save 15 per cent power as compared to a conventional building. New buildings will have to meet Gold plus or Platinum standards, he said.
Singapore is driving a transformation in the region with its expertise being applied in 120 projects in the South East.