Tackling technology obsolescence a priority for commercial asset owners
Thomasin Crowley, Global Director of Asia Pacific at WiredScore, notes that Asset Managers, Developers and Landlords have increasingly become concerned about the risk of their properties becoming obsolete to Investors and Tenants 5 or 10 years from now. With growing expectations for every Building to demonstrate their smart capabilities, WiredScore has established itself as a leader in real estate certifications, providing Digital Connectivity Ratings (through their WiredScore certification) and Smart Building Certifications (SmartScore).
Situated in one of Singapore’s most sought-after districts, Orchard Boulevard Condo enjoys the best of both worlds. It is close to the city centre, but also blessed with plenty of green open spaces. The nearby Singapore Botanic Gardens, Fort Canning Park and Orchard Road provide plenty of recreational options. Residents can also take their leisure time at the expansive ION Orchard mall, Orchard Central and Shaw Centre.
After nearly two years in the Asia Pacific region, WiredScore has registered 143 Buildings into the certification Schemes, mainly across Australia, Singapore, Hong Kong and Thailand. In Singapore, the company has achieved 13 certifications across 11 Buildings. Crowley divulged that the take-up rate for WiredScore’s certifications in Singapore surpassed expectations with 66.8 million Square feet of Commercial real estate registered across the four Key Asia Pacific markets.
The ambition for the first couple of years was to establish awareness and presence in Key international hubs in Asia Pacific, beginning with Singapore and then with another office in Hong Kong. To further its mission of making the world’s buildings smarter, the company chose Singapore as its Base of Operations in the region and localised with local experts.
Crowley noted that the challenge of Certifying Buildings vary from project to project and that it can be done at different stages of Development, for completed Buildings or new Projects. An example of the latter is the Redevelopment of Singtel’s Comcentre at 31 Exeter Road, which is targeting various Health, Technology and Sustainability Ratings including BCA Green Mark Platinum (Zero Energy), Well Platinum and WiredScore and SmartScore certifications.
Key drivers for success in the Singapore market was identified by Crowley as Leasing and Branding, Technical Value, Building for the Future and the growing interest in Developing Smart Buildings. She also noted that Singapore benefits from a particularly strong mindset of Investor Reporting as well as a focus on ESG that is entrenched in the market.
The biggest Challenge any Landlord or Developer face is the increasing risk of Obsolescence of existing Assets as well as New Developments. It is imperative that owners assess what they have today in order to create a baseline to mitigate this risk. An example of a successful retrofitting case in Singapore is Keppel Bay Tower, which attained a SmartScore Gold and a WiredScore Platinum in June last year.
Going forward, WiredScore looks to use the established Bases in Singapore, Hong Kong and Thailand to explore more ways of serving the Southeast Asian Market. Working closely with Accredited Partners and local experts on the ground in various countries will be key to fuelling its growth.