Commitment to smart building tech sustained despite subdued outlook
SINGAPORE – Developers are still investing in smart technologies despite the downcast economic outlook, but some solutions are higher up on the agenda than others.
At WiredScore, we are seeing this in our conversations with developers from all over the world which includes also Singapore, and in the data we collect about smart buildings during the certification process. By following projects from design to completion, we have a powerful feedback loop that allows us to understand the maturity of particular solutions and the most popular use cases in different markets. It’s a small but statistically significant sample of the world’s best buildings — and there aren’t many better ways to learn about something than by following the people who are doing it really well.
Premium office spaces tend to hold their value even during in a recession, and we can see this happening. High-quality, with efficiency in energy, buildings with in-demand amenities are still commanding strong rents, while demand for lower-quality space is declining. Today, smart technology is almost a defining characteristic of a prime office: it is what underpins that quality, efficient and premium, amenity-rich occupier experience.
With new regulations and growing social consciousness giving landlords strong incentives to engage, sustainability is one area that shows no signs of diminishing. For example in New York, it is by-law that requires majority of the buildings over 25,000 sq ft to meet new energy efficiency and emissions targets by 2024, and even stricter ones by 2030. Meanwhile, Sydney’s city council just voted in planning controls that will force new buildings and major redevelopments of over 1,000 sq m (10,760 sq ft) to meet minimum energy ratings from 2023 and reach net-zero by 2026.
Buildings in Singapore are responsible for over 20% of the country’s carbon emissions and contribute to more than one-third of electricity consumption, the government has set targets for 80% of new-builds to be low-energy buildings that meet best-in-class energy efficiency standards. It is evident that regardless of market conditions, owners and operators know they need to invest to retrofit under-performing assets and make new ones future-ready.
To connect more seamlessly with leading providers including Lendlease Podium, Johnson Controls, Schneider Electric and Spaceworx in Singapore which provide these solutions, landlords have been participating in our Accredited Solutions programme to save them time spent doing their own research, as well as additional costs and resources often associated with procurement processes.
Meanwhile, several condominiums hit a new psf-price low during the period in review. Among these is The Siena, a 99-year leasehold condominium along Tan Kim Cheng Road, off Farrer Road in District 10. A two-bedder measuring 797 sq ft changed hands for $1.27 million ($1,588 psf) on Jan 30. The previous psf-price low at The Siena was recorded in August 2022, when a 753 sq ft unit on the fourth floor was sold for $1.38 million ($1,832 psf). The Myst Floor Plan
The Siena is a development by Far East Organization. It was completed in 2016, with a total of 54 units made up of Soho (small office, home office) apartments ranging from 538 to 980 sq ft. The development is within walking distance of the Botanic Gardens MRT Station on the Circle and Downtown Lines. Other amenities within walking distance include the Singapore Botanic Gardens, Adam Food Centre and Serene Centre.