The evolution of Singapore's built environment has leaned heavily towards sustainability in recent years, marked by a significant drive towards Green Mark Certification. Getting certified and maintaining a favourable rating comes with myriad benefits.
Benefits of Green Mark Certification
Achieving a Green Mark certification is more than just a stamp of approval for a building's environmental standing. It brings tangible benefits to the building, its owners, and its occupants.
1. Financial Incentives
Green Mark-rated buildings command impressive rental premiums. For instance, according to JLL, Grade A office stock enjoy rental premiums between 4% and 9%. The most impressive premiums are reserved for buildings certified with BCA Green Mark Gold, Gold Plus, or Platinum levels.
2. Meaningful Market Differentiation
Buildings can differentiate themselves in the competitive real estate market with a Green Mark certification. It's a badge of honour, symbolising a commitment to sustainability and high-quality building standards.
3. Enhanced Corporate Image
In an era where corporate social responsibility is paramount, a Green Mark certification enhances a company's image, making it a preferred choice for prospective tenants and buyers.
4. Optimised Resource Use
Buildings with a Green Mark rating typically see significant energy, water, and material resource consumption reductions, translating to cost savings and minimised environmental impact.
5. Enhanced Indoor Environmental Quality
A certified building ensures a better indoor environment that promotes health and well-being, an essential consideration given that people spend much of their time indoors.
6. A Pathway to Continual Improvement
The certification process offers a clear framework for continuous improvement, encouraging building owners to consistently seek innovations and best practices.
Pressure to Greenify: Singapore's Ambitious Goals
Singapore is not lagging in its commitment to a greener future. With the Singapore Green Building Masterplan (SGBMP), a part of the larger Singapore Green Plan 2030, the city-state has set ambitious targets:
- Green 80% of Buildings by 2030
- Ensure 80% of new Buildings are Super Low Energy
- Achieve an 80% improvement in energy efficiency
The focus is no longer just on new buildings. The landmark legislation for Existing Buildings (EB) underscores the emphasis on retrofitting existing structures, a nod to Singapore's broader strategy to 'greenify' its architectural landscape. Owners must keep up to avoid being left behind.
A Regional Perspective
In the broader context of Asia, green certifications have been surging post-2015, following the Paris Agreement on climate change. JLL's research reveals that in major Asian cities, occupiers are willing to pay a rental premium of up to 28% for green-certified offices.
Elke Kornalijnslijper, Head of Energy and Sustainability Services, South East Asia, JLL said,
“The business case for retrofitting existing buildings is a strong one. According to our data, the office sector alone holds 333 million square metres of retrofitting potential across seven key cities in Asia Pacific – and the majority of these buildings will still operate in 30 years, hence the need to decarbonise to meet both country and tenant net zero carbon commitment between now and 2050. Retrofitting is not only the quickest and most cost- effective way to accelerate decarbonisation in the built environment, it also is an opportunity for owners to meet the demand for green office spaces. The associated rental premiums reflect occupiers’ willingness to pay and reduce the amount of embodied carbon associated with new build.”
Singapore is on a path to cement its position as a global leader in sustainable buildings. The Green Mark certification is more than a symbolic gesture; it's a commitment to a better, greener, and more sustainable future. For those in the built environment sector, now is the time to align with these goals and contribute to a greener Singapore.
For more information on Green Mark Certification, head to Green Mark Certification Scheme. And if you're looking to bolster your Green Mark rating, here at CIM, we're pioneering the way. Request a callback from one of our experts to discover how we can be instrumental in your green journey.