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Building a sustainable future: A Conversation with Lakshita Wijerathne, CEO of Eutech Cybernetic

8 January, 2024/in Featured, Sustainability/by Editor

Reading Time: 6 minutes

In our exclusive interview with Lakshita Wijerathne, CEO of Eutech Cybernetic, we unravel the dynamic intersection of sustainability, technology, and real estate. Wijerathne, the driving force behind the transformative iviva platform, shares insights on navigating the urgent need for carbon reduction in the real estate sector. Join us as we explore how innovative technologies are reshaping buildings, reducing operational costs, and aligning the industry with global climate goals. This interview promises a concise yet illuminating glimpse into the strategies and innovations driving a sustainable future for the built environment.

1. In the context of the real estate sector’s commitment to reducing emissions, how does iviva contribute to the transformation of existing buildings to meet net-zero targets by 2030 and achieve carbon neutrality by 2050?

Buildings generate 39% of energy-related carbon emissions worldwide; 28% from the energy needed for operations, and the remaining 11% from their materials and construction, according to the International Code Council. When the high carbon emissions of new construction is viewed against the backdrop of the global imperative to combat climate change, demolishing old buildings and erecting new ones is not more sustainable.

Approximately 80% of today’s buildings are anticipated to remain in use in 2050. To enhance efficiency and meet net-zero objectives, there is a pressing need to transform these buildings into smart ones. According to a recent report, the smart building market is projected to grow more than fivefold from USD 103.91 billion in 2022 to USD 538.45 billion by 2030. The most effective approach to environmentally retrofitting older buildings involves implementing a cost-effective technological upgrade, outfitting them with smart devices.

The iviva platform empowers building owners, operators, and occupants to retrofit their buildings and workspaces cost effectively through a combination of information technology, operational technology, and Internet of Things (IoT) devices. For one, the utilisation of digital twin technologies allows for the simulation and prediction of building upgrades without interrupting real-time operations, allowing continued revenue and preventing costly errors in the implementation of upgrades.

Technologies that enable energy savings through smart cooling, ventilation, and lighting are only half the battle. Building users also have to make a conscious effort to use these smart systems to reduce their individual and organisational carbon footprints. Artificial intelligence and machine learning are used to provide all building stakeholders with insights into their energy usage, as well as the means to lessen it.

The same technology is also available to building owners and operators to enable intelligent predictive maintenance. Systems like air conditioning and lighting operate at peak efficiency for longer periods while reducing the number of maintenance activities.

2. Upgrading existing buildings for operational efficiency is a key focus. Could you share specific success stories where iviva has made a significant impact on reducing carbon footprints and operational costs simultaneously?

The Paya Lebar Quarter (PLQ), a Green Mark Platinum-rated mixed development by LendLease, uses its iviva-powered Open Building System Integration (OBSI) platform to connect all of the systems and equipment within its retail mall, three commercial towers, and three residential blocks.

Aside from integrating all of the development’s smart systems, the OBSI has a digital twin that allows building operators to conduct predictive maintenance. Instead of having routine maintenance activities which cost more and may come at times when it is not yet necessary, maintenance teams at PLQ only have to work on systems when necessary. This ensures the latter remains at peak energy efficiency while reducing operational costs.

3. As the commercial real estate market experiences structural changes, how do you see these shifts influencing decisions on constructing new buildings versus upgrading existing assets? What role does sustainability play in these decisions?

Sustainability has emerged as a critical consideration in business decisions, reflecting a broader trend towards environmental consciousness. This is especially true in Singapore where carbon emissions, though a minor fraction globally, are exceptionally high (about twice the global average at 12 tonnes annually) when viewed on a per capita basis.

While energy-efficient technologies have led to reductions in carbon emissions, the real estate sector also needs to reduce what is called “embodied carbon” or those that arise from the manufacturing, transportation, installation, maintenance, and disposal of building materials. This makes the replacement of existing buildings with new, more energy-efficient ones a non-option.

The trend towards the optimisation of existing buildings towards less energy consumption and smaller carbon footprints is supported by the United Nations, which has said that repurposing buildings typically achieve a 50 to 75 percent reduction in emissions.

4. From an economic standpoint, how can sustainability initiatives, particularly those involving upgrades to existing buildings, be framed to attract investors and asset owners, considering the challenging landscape of valuations and rents in the current hybrid work environment?

While sustainability initiatives are often seen as a cost, they can also be framed as an opportunity to take advantage of growing demand from tenants for sustainable and energy-efficient buildings, as well as government policies that reward green real estate developments. Simultaneously, the same technologies that enable the cost-effective implementation of smart, energy-efficient systems can also be leveraged to improve operational efficiency and lower operational costs for building owners and operators.

One source of savings for building owners and operators is the reduction of energy consumption. The upfront costs of installing energy-efficient systems are more than offset by the long-term savings generated from them. Another source of savings is the reduction in scheduled maintenance activities through the implementation of intelligent preventive maintenance.

By cutting back on costs while improving their developments’ user experience, building owners and operators can improve the yields and valuations of their properties.

5. In the realm of greenwashing and mandatory sustainability reporting, how can the real estate sector genuinely differentiate itself by adopting technologies that not only meet compliance standards but go above and beyond in creating sustainable and efficient spaces?

Equipping buildings with smart technologies is only the first step in creating sustainable and efficient spaces. Building owners and operators need to concretely measure the impact these technologies have on their developments’ energy usage, carbon emissions, and other metrics of sustainability. Not only is this important for ensuring compliance with government regulations, but it also enables enterprises to maximise the impact of their sustainability initiatives.

Thus, the installation of smart systems should be complemented with a technology platform that integrates the latter under one pane. By having better data capture, consolidation, analytics, and visualisation, decision-makers can streamline their facilities management processes towards meeting their developments’ sustainability targets.

Data visualisation serves as the optimal management tool for people who manage buildings. It is important for the various stakeholders including the Chief Executive Officer, Chief Finance Officer, facility managers, and sales or marketing professionals, to possess the ability to customise and analyse specific data pertinent to their respective roles without incurring additional expenses. This quick and cost-effective dashboard customisation enables them to conveniently access the required data respectively.

6. Collaboration is key in addressing climate challenges. How can stakeholders in the built environment sector work together to amplify the impact of sustainability initiatives, and how does iviva facilitate such collaborative efforts?

To amplify the impact of sustainability initiatives, stakeholders such as owners, operators, tenants, and users must collaborate effectively. A crucial element in improving collaborative efforts is providing all stakeholders with the platform, tools, and know-how to participate.

iviva’s platform is designed with a low-code/no-code approach, enabling all individuals, from company leaders to facility management staff, to engage with it. Through this inclusive model, everyone has access to the data necessary for informed decision-making.

Moreover, iviva’s platform fosters a culture of sustainable behaviour among building users. The platform visually presents individual usage and its impact on energy consumption and carbon emissions. This visualisation enables users to understand the connection between their actions and environmental consequences. By making this connection transparent, iviva encourages building users to adopt sustainable practices.

The technologies needed by building owners and operators to achieve sustainability goals are readily available. But to put them together in a way that also enhances operational efficiency, reduces costs, and improves the bottom line requires the seamless integration of these individual technologies. The best way to achieve the seamless integration described above is through an open platform that can effortlessly connect with any smart building system while remaining accessible to those with minimal to no experience with coding.

About Lakshita Wijerathne

With a 25-year career in the Software industry, Lakshita has extensive experience in the field of Supervisory Control and Data Acquisition (SCADA), design and development of generic communication modules, and possesses a detailed understanding of integration
mechanisms, controls, and protocols. He is a highly skilled technical professional with proficiency in programming in C, C++, Visual Basic, Object-oriented design and development of enterprise solutions, Project Management, Software design, development, Quality Control and Quality Assurance.

A few of his past and present projects include the design and development of a generic communication module for a vendor in the USA specialising in fire protection systems, managing deployment of a central control station for multiple building sites in Korea, implementation of integrated SCADA and facility management solutions for commercial buildings in Bahrain, Abu Dhabi, Dubai and Vietnam, and managing the deployment of a facility management solution for a smart precinct in Sydney, Australia.

He is passionate about the use of technology and AI infrastructure for smart building and smart facilities management to improve building performance, reliability, resilience, occupant productivity and health and wellbeing. After a successful 20+ year career within the Eutech group, Lakshita is, since April 2023, Eutech Cybernetics CEO.

Johnson Controls Shows How Artificial Intelligence IoT Cloud Computing Rapidly Transforming the Future of Smart Buildings

5 January, 2024/in News, Sustainability/by Editor

Reading Time: 3 minutes

The pressure to meet global climate targets has never been greater and with buildings accounting for 40% of global greenhouse gas emissions, there is an urgent need to advance sustainable building technology to help enterprises meet net zero goals while accommodating for continued growth. “The Smart Building of the Future,” a new paper from Johnson Controls (NYSE: JCI) outlines how smart buildings equipped with advanced technologies like artificial intelligence, IoT, cloud and cybersecurity will help enterprises create a future where our buildings integrate with human and environmental ecosystems. Smart buildings offer a harmonized environment that prioritizes both well-being and sustainability, using technology to adapt and unlock potential, support productivity and drive peak performance of building occupants.

“Never has it been more important for organizations to consider advanced and efficient ways to reduce their carbon footprint – especially in the buildings industry, which is the single largest source of our planet’s greenhouse gas emissions,” said Johnson Controls Chief Technology Officer Vijay Sankaran. “The smart building of the future offers new and more effective ways to help companies meet critical climate goals, reduce costs, enhance daily operations to achieve business growth and improve personalized experiences. When a building ‘comes alive’ with smart technology, all stakeholders benefit from the integrated approach that ultimately creates a healthier, safer and more productive environment.”

Several factors are converging to accelerate the development and adoption of advanced building systems technology. As building owners work to respond to challenges such as rising energy costs and changes in occupancy patterns, among others, sophisticated IoT devices and the implementation of data analytics and AI have become more important than ever.

The report also offers building managers key insights into the major technology enablers of advanced smart buildings, including:

Ubiquitous connectivity through cloud-based services on the edge breaks down barriers between siloed and integrated devices, enabling the flow of real-time information that business leaders can analyze for insights and continuous improvement.
AI-enabled autonomous smart buildings will be at the core of the next generation of smart buildings, driving efficiencies, enhancing the user experience and enabling advancements in sustainability. AI at the edge reduces privacy, compliance and cyber concerns by allowing data to be securely processed and stored within the building operator’s network.

Digital twins enable a continuous feedback loop between the physical and the virtual by facilitating the integration of AI, IoT and cloud technologies to generate strategic recommendations for improving building performance and user experience.

As many of the technical foundations required to turn buildings into smart buildings already exist, organizations should take additional action to prepare for and improve their future building operations. This includes developing a strategy that includes user experience, partnering with IT and cybersecurity teams, establishing partnerships with external consultants, investing in education and training, and running pilot projects.

This report builds on recently announced survey results from Johnson Controls and Forrester Consulting that show widespread acceptance of sustainability as a business priority and a firm recognition that partners are essential to realizing 2030 sustainability commitments. The survey found building operators believe smart buildings are important in helping organizations accelerate sustainability initiatives and that adding or upgrading building automation and digital technologies to optimize energy use are among the most impactful sustainability investment areas. The survey also found that most leaders seek partners, like Johnson Controls, who can provide a digital platform across sites and use cases, which Johnson Controls provides.

As a one-stop-shop for creating smart buildings, Johnson Controls has developed a three-step process to transform buildings into strategic assets – design, digitalize, deploy. The journey starts when we design and roadmap solutions that achieve efficiency, sustainability, decarbonization, resiliency and energy transition in accordance with our customer’s goals. Next, we digitalize to make buildings smarter through solutions like our OpenBlue Enterprise Manager – Net Zero Advisor, connecting infrastructure, distributed generation and the grid so we can access data that is critical to making informed decisions to solve for cost and carbon. We then deploy our solutions through a one-source, turnkey delivery model that leverages best-in-class efficiency, electrification and renewables solutions. Operations, service and maintenance underpin our “as-a-service” offerings to maintain peak operating conditions, protect customer’s investment and achieve the lowest lifecycle costs.

The cornerstone of this smart building strategy is Johnson Controls OpenBlue, an industry-leading ecosystem of connected technologies, digital solutions and services. OpenBlue reads the live activity of a building and continuously adapts to optimize performance. Combining data from across the building’s systems and using advanced digital tools like AI, we can provide insights that save more energy and emissions than possible with isolated systems. OpenBlue is recognized in the building industry as a `powerful enabler of measurable outcomes and earlier this week, Johnson Controls was named a leader in energy management software by Verdantix in its Green Quadrant: Energy Management Software report.

To learn more about how Johnson Controls OpenBlue is transforming smart buildings, please visit: http://www.johnsoncontrols.com/OpenBlue.

Coliwoo Strengthens Community Living with Latest Coliwoo Hotel Pasir Panjang Property

3 January, 2024/in News/by Editor

Reading Time: 4 minutes

Coliwoo Strengthens Community Living with Latest Coliwoo Hotel Pasir Panjang Property

• Coliwoo introduces its 15th co-living property launch to date – the four-storey Coliwoo Hotel Pasir Panjang falls under the brand’s co-living Hotel portfolio

• Strategic location with schools, business parks, as well as recreational amenities nearby makes it the perfect sweet spot for “bleisure” stays – combining the best of business and leisure

• Expansion of co-living hotel portfolio caters to sustained strong demand for rental accommodation as more turn towards co-living hotel spaces for longer-term stays

Exterior of Coliwoo Hotel Pasir Panjang, featuring an imaginative mural that injects vibrancy within the neighbourhood of the Pasir Panjang district

Coliwoo, a co-living subsidiary brand under real estate management services group, LHN Limited (“LHN”, together with its subsidiaries, the “Group”), has recently unveiled its latest property – Coliwoo Hotel Pasir Panjang – the newest addition to the brand’s portfolio that now sees 15 properties launched islandwide.

Strategically located at 404 Pasir Panjang Road, the co-living hotel opens plentiful possibilities for a close-knit community – among students, researchers and lecturers from National University of Singapore, Curtin University and S P Jain. Also catering to other working professionals, the property is just a short drive from Mapletree Business City, Science Park and even the Central Business District, all accessible along the stretch from Ayer Rajah Expressway, West Coast Highway to Keppel Viaduct.

With several recreational spots including parks such as West Coast Park, Hort Park and Southern Ridges, attractions like Sentosa and Universal Studios Singapore, as well as malls like VivoCity, Star Vista and Clementi Mall, all just a short commute away, Coliwoo Hotel Pasir Panjang makes for the ideal sweet spot for members looking for an all-encompassing stay.

Beyond catering solely to individuals and families seeking for convenient flexible-term accommodation, these well-rounded offerings provide working professionals, especially foreigners, the perfect launchpad for a ‘bleisure’ stay – a recent trend in temporary stays that seamlessly blends elements of both business and leisure.

“With the resounding success of Coliwoo Hotel Gay World, we are excited to expand our co-living portfolio within the city fringe with our latest addition to Coliwoo Hotels. Noting the demand among students and working professionals for long-term yet flexible stays, Coliwoo Hotel Pasir Panjang boasts convenience and accessibility, without compromising on quality especially through its prime location in the heart of Pasir Panjang,” said Ms. Chong Ching Yeng, Chief Commercial Officer of Coliwoo.

Nautical Design that Reflects Coastal Ties of Pasir Panjang

Interior of the Premier Studio room type at Coliwoo Hotel Pasir Panjang,

showcasing a mid-upscale modern yet homely ambience

All rooms at Coliwoo Hotel Pasir Panjang are decked in light grey hues paired with bright marine blue – reminiscent of Pasir Panjang’s coastal ties – calling to mind feelings of calmness and relaxation. The soft, ambient lighting within the rooms also serves as a welcoming embrace that members can look forward after a long day’s work or school, seeking respite in the unparalleled comfort that awaits them.

Arches and curves are also introduced at various parts of the rooms and common area, to soften the hard lines of the interior, along with tints of gold shades and trimmings on the wall, incorporating a touch of brightness to the space.

Enhancing Member Experiences

Adding to its suite of key amenities, each Coliwoo Hotel Pasir Panjang room is a self-contained studio unit that comes alongside support services, including a self-service mobile app, an onsite concierge and housekeeping. Coliwoo recently upgraded its mobile app, allowing members to seamlessly book communal spaces, redeem exclusive deals, sign up for events and more. Members need to only pay for an all-inclusive fee, testament to Coliwoo’s commitment for exceptionally hassle-free stays, no matter long or short-term.

While each unit is self-contained, Coliwoo continues to pride itself on the communal offerings it provides, recently even more so through various brand partnerships to create activities such as weekend bicycle rides and urban farming, to promote a physically and mentally healthy living experience to its members.

Solidifying Coliwoo’s Presence in the Co-Living Market

Scheduled for opening in 2024 with locations at River Valley Road, Rangoon Road, Balestier Road, Lavender Street and Arab Street, Coliwoo continues to expand its footprint through its commitment to providing members with a diverse selection of properties. The expansion strategy, through master leases etc., gears towards introducing even more choices at various locations and price points to cater to all needs – in quick succession.

Ms. Chong added, “We are primed to strengthen our influence in this competitive sector, as we continue to stay true to our dedication in fostering a dynamic community among our members. Through our value-added offerings, Coliwoo turns spaces into homes and communities, elevating our status as a sought-after lifestyle destination that transcends conventional housing norms.”

For more information on Coliwoo Hotel Pasir Panjang, please visit here.

Cementing a Safer Construction Sector in Singapore

31 December, 2023/in News/by Editor

Reading Time: 4 minutes

Vitaly Berezka, Head of Sales, Central Asia, MENA and APAC, PlanRadar shares how Singapore’s construction industry adopts surveillance tech amid safety concerns, emphasising holistic approaches for improvement.

An escalating emphasis on the safety of construction workers in Singapore has prompted the Singapore Ministry of Manpower (MOM) to launch a new series of measures to reduce workplace deaths and injuries, especially in high-risk sectors. According to the MOM, the rate of major injuries in construction has increased in the first half of 2023 despite a nine-month heightened safety period imposed in September 2022.

As part of the suite of measures coming into effect in June 2024, companies will have to deploy video surveillance systems at construction sites for projects valued at $5 million or more. The video surveillance systems will facilitate 24-7 surveillance, identification of workplace safety and health (WSH) risks, support incident investigations and corrective actions, and help deter unsafe behaviours.

With the industry experiencing record-high growth across multiple sectors, and more requirements being announced in the foreseeable future, these regulations underscore the overall need for a more holistic and conscientious approach to a safer construction environment for the longterm, and with time running out, companies must act fast.

Holistic solutions to safer environments

To ensure a smooth transition, companies need to have a clear and holistic view of each site based on a detailed mapping of construction processes and operations with lessons from past projects. Companies need to switch gears to mitigate risk and prevent unwanted injuries or fatalities before accidents occur.

From the get-go, firms need to identify potential safety hazards and challenges that workers may encounter, and they need to have a comprehensive plan for the logistics of equipment, vehicles or materials and the overall operations of the site. To do so is no mean feat, but it is crucial to every company’s reputation for accident-free, on-time and on-budget delivery.

Leveraging technology for construction safety

Building Information Modeling (BIM) can play a crucial role in identifying and reducing risk in construction safety by providing a comprehensive and visual representation of the entire construction project. When used for safety analysis and risk assessment, data on safety regulations, guidelines, and best practices can be integrated for compliance. This also helps in identifying high-risk areas and ensuring that safety measures are integrated into the design and construction phases, including where and how to install video surveillance systems.

Being able to visualise the entire construction process in a digital environment before actual construction begins helps to identify high-risk areas that might not be immediately apparent in traditional 2D plans. An example would be clash detection, which helps to identify conflicts or collisions between different building elements such as structural elements, and mechanical, electrical and plumbing (MEP) systems, among other components. Resolving clashes in the virtual model helps prevent physical clashes on the construction site that could pose safety risks.

Investing in BIM technology could also achieve greater accuracy, empowering site management with valuable simulations in planning site logistics and construction sequencing. By simulating the construction process, including the movement of equipment and materials, potential bottlenecks and safety concerns can be identified and addressed in advance. The creation of virtual mock-ups and simulations, where different construction scenarios can be tested for safety ensures that the right measures are integrated into the construction process.

Post-construction, BIM could also provide a detailed digital model for facility management and maintenance. This includes information on the maintenance requirements of different components, ensuring that safety considerations are maintained throughout the lifecycle of the building. As new technology makes building information analysis easier and more powerful, BIM is likely to become even more relevant to construction site safety and will be a valuable component to the future of Singapore’s construction industry.

Looking ahead: Long-term benefits of compliance

As the construction industry gears up for the six-month countdown, it becomes increasingly urgent to focus on preparation. To effectively prepare for the impending changes, construction firms should conduct comprehensive safety audits, assessing current protocols and practices while identifying areas for improvement.

As part of this preparation, strategies for engaging and educating the workforce on the forthcoming safety standards are also crucial. Companies that proactively embrace and integrate high safety standards beyond mere compliance can demonstrate their unwavering commitment to best practices, positioning themselves as leaders in the construction sector.

By prioritising the well-being of workers and cultivating a safer and more secure working environment, they establish a foundation for long-term sustainability and competitiveness.

About Vitaly Berezka

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Vitaly Berezka is Head of Sales across Central Asia, MENA and APAC for the construction and real estate software company, PlanRadar. With an engineering degree in construction, Vitaly also holds an executive degree in business administration. His experience in the real estate development and construction industry spans more than 15 years. Since 2013, he has held management positions in international companies that provide innovative solutions to the construction and real estate industries. Besides lecturing on digitalisation topics at universities, he is the author of scientific publications and the co-author of three books. Vitaly is a member of the International Real Estate Federation (FIABCI).

The Exchange TRX in Kuala Lumpur Opens to the Public

29 December, 2023/in News/by Editor

Reading Time: 5 minutes

A new chapter unfolds this month in the heart of Kuala Lumpur, as The Exchange TRX opens its doors, inviting the community to discover the future of experiential retail, sustainable urban living, and vibrant cultural expression. Part of the 17-acre lifestyle quarter of TRX, The Exchange TRX brings international placemaking and sustainability standards to Malaysia, strategically located in the nation’s first dedicated international financial district (IFC).

With more than 400 stores spread across 1.3 million sq ft of nett lettable area (NLA), The Exchange TRX redefines the retail landscape with the introduction of global firsts and new-to-market brands. It is also the first retail asset in Malaysia to achieve LEED Gold Certification, in a nod to its commitment towards building sustainability.

As the new social heart of the city, The Exchange TRX goes beyond the traditional retail experience with a sprawling 10-acre public-activated park on its rooftop. The first major green space in the city in over two decades, the park is home to a unique ecosystem of over 150,000 plantings with 95 per cent comprising native or naturalised species. Open year-round, TRX City Park will be free for all to discover, supporting Malaysia’s 2040 vision of achieving inclusive and sustainable growth. It will also serve as one of Kuala Lumpur’s most scenic locations to host festivals, concerts, movie premieres, international exhibitions and more.

The Exchange TRX is jointly developed by Lendlease, a globally integrated real estate group based in Australia and TRX City Sdn Bhd, the master developer of the Tun Razak Exchange.

“Our ambition for The Exchange TRX is really to create a truly exceptional and transformative space that not only sets new standards in the retail industry but also a landmark that represents the heart of Kuala Lumpur’s vibrant community and Malaysians’ exemplary service and hospitality,” says Mitch Wilson, Project Director of The Exchange TRX and Head of Retail of Lendlease Malaysia.

“As with all Lendlease developments, our goal is to create world-class, sustainable, and community-focused destinations that not only meet but exceed the expectations of consumers, enrich the local culture, and make a significant and positive impact on the country’s retail and economic landscape. We want The Exchange TRX to be known for having enhanced the community’s quality of life and contributed to the city and country’s growth and identity,” he adds.

TRX City Chief Executive Officer Dato’ Azmar Talib said the opening of the retail and lifestyle hubs within TRX marks a pivotal moment for the IFC enhancing its vibrancy, seamlessly integrating commerce, lifestyle, and innovation.

“The launch of The Exchange TRX marks a significant milestone in our journey towards establishing a truly dynamic and vibrant heart of the Tun Razak Exchange. It aligns with our vision to create an IFC that resonates on a global scale. The amalgamation of top-tier retail experiences, contemporary lifestyle amenities and an iconic public realm, amplifies its allure, positioning TRX among the premier destinations for business and leisure in the region,” he said.

The Exchange TRX also celebrates both local and international cuisine with unique dining outlets across five dining precincts. Food Exchange brings together the best of the traditional hawker scene, featuring beloved local delicacies and snacks. Concourse Dining will feature international food offerings while Park Dining consists of six unique dining experiences with garden-inspired interiors providing a perfect backdrop for private and corporate events. Premium Dining combines gastronomy and aesthetics to present an exquisite, luxurious dining ambience, whilst the alfresco Dining Terrace serves as an ideal place for socialising.

Amongst the diverse array of vendors at The Exchange TRX is American hotdog, hamburger and milkshake giant, Shake Shack’s first-ever store in Malaysia. The incredible lineup also includes sophomore stores for Bacha Coffee, the Moroccan coffee brand established in 1910; Italian confectioner and gelateria, Venchi; Japanese noodle restaurant, Kanbe Ramen, which will debut a refreshed park dining concept; as well as proudly Malaysian cult favourite, Paolo Paolo Gelato.

Meeting the market’s increasingly sophisticated demands for retail and leisure, the opening of The Exchange TRX marks the national debut of brands such as Gentle Monster, Alo Yoga, Molton Brown and more. Guests can also look forward to exciting statement stores such as Louis Vuitton, Chanel and Gucci. Other exciting brands include escentials — the niche luxury fragrance destination for brands such as Penhaligon’s, Santa Maria Novella, Matiere Premiere and more; Italian fragrance brand, Acqua di Parma; as well as the largest HOKA store in Kuala Lumpur.

To provide consumers with a seamless shopping experience, several retailers will also integrate e-commerce platforms with their brick-and-mortar stores, providing customers with options like click-and-collect, same-day delivery and in-store digital experiences. In line with digital aspirations on the enterprise front, The Exchange TRX has partnered with retail data insights platform Podium Property Insights (PPI) which will revolutionise the way the mall tracks and drives performance in terms of sales, marketing, operations, and sustainability targets. PPI will help The Exchange TRX activate the value of the precinct by unlocking actionable insights about the interaction of people, spaces, and places.

A hyper-connected node of urban and cultural activity, The Exchange TRX is leveraging Tun Razak Exchange’s superb vehicular and pedestrian access and is adjoined with the largest and only MRT interchange station, Tun Razak Exchange MRT Station. The financial district provides seamless connectivity to a network of highways such as MEX and SPE, providing convenient access to key destinations in the Klang Valley as well as access through the SMART Tunnel, allowing visitors to bypass surface road traffic.

Within the precinct, The Exchange TRX’s pedestrian network of walkways provides walkability and accessibility throughout the development with connectivity to the park, retail, residences, hotel, and office spaces. Additionally, TRX is also connected to Bukit Bintang and KLCC via a pedestrian walkway, extending Kuala Lumpur’s shopping belt.

To coincide with this momentous occasion and with the festive season just around the corner, The Exchange TRX marks its opening with a magnificent Christmas campaign led by brand partners Chanel and United Overseas Bank (UOB). Running till 31 December 2023, visitors will be enchanted by a magical wonderland replete with festive decorations including a 60 ft. Christmas tree, exciting gift redemptions and activities.

In the spirit of giving and as a testament to their interest and care for the wider community, The Exchange TRX will also organise a donation drive and children’s day out in collaboration with Suriana Welfare Society — a registered NGO that seeks to address social issues involving disadvantaged children and their families.

Marriott International Signs Agreement with IOI Properties Group

28 December, 2023/in News/by Editor

Reading Time: 2 minutes

Marriott International, Inc. announced recently it has signed an agreement with IOI Properties Group, one of Malaysia’s leading property developers to bring W Singapore – Marina View, a new 350-room property, to downtown Singapore. The hotel is slated to debut at the site of a 51-story mixed-use development. Perched atop the hotel is Marina View Residences, where a suite of high-end apartments is set to redefine luxury living. Construction of the development is expected to begin by the end of 2023, with the hotel projected to operate in late 2028.

“We are excited to collaborate with IOI Properties Group to bring the iconic W brand to Marina Bay, one of the island city’s most dynamic and vibrant areas,” said Oriol Montal, Managing Director, Luxury Asia Pacific excluding China, Marriott International. “This signing underscores the strong demand for our luxury brands across the region as we continue to expand our portfolio in new and existing markets. It also marks the opening of our second W Hotels in Singapore, following the success of W Singapore – Sentosa Cove. Singapore is a city that celebrates diversity, creativity and innovation, and W Singapore – Marina View is anticipated to redefine Singapore’s iconic skyline with its evolved design, dynamic programming and Whatever/Whenever service philosophy,” he added.

W Singapore – Marina View expects to offer guests an exhilarating escape in the heart of the city, with stunning views of Marina Bay and the central linear park along the planned Marina View Road. The project is anticipated to be led by Architects 61, with interiors by Hachem Design and is slated to feature stylish and spacious guest rooms and suites, as well as signature venues such as the WET deck, FIT fitness centre, AWAY spa and WOOBAR. Plans also call for the hotel to feature innovative dining and social spaces at multiple restaurants and bars, including the brand’s iconic Living Room amplified through always-on programming.

Mr Lee Yeow Seng, Group Chief Executive Officer of IOI Properties Group, said, “This partnership with Marriott International is testament of the confidence we have in their track record and renowned expertise in the hospitality industry and W Hotels’ commitment to delivering unparalleled luxury and innovation. We are delighted to answer to the growing demands of luxury lifestyle hotels with W Singapore – Marina View, which is set to transform guest experience in leisure, entertainment and gastronomy here within the iconic Marina Bay district.”

Located near key commercial and entertainment districts of Marina Bay, Raffles Place and Tanjong Pagar as well as the heritage neighbourhood of Chinatown, W Singapore – Marina View is set to appeal to locals and travellers.

APAC Real Estate Investment Landscape Undergoes Significant Transformation

27 December, 2023/in News/by Editor

Reading Time: 3 minutes

In a market accustomed to abundant supplies of cheap debt, the real estate landscape in Asia Pacific (APAC) is undergoing a significant transformation following the series of rapid interest rate hikes initiated by the US Federal Reserve since mid-2022, according to the 18th edition of the Emerging Trends in Real Estate® Asia Pacific 2024 Report, the regional real estate forecast jointly published by the Urban Land Institute (ULI) and PwC. The report is based on a survey of 149 real estate professionals and 54 interviews with investors, developers, property company representatives, and lender brokers.

In the absence of asset revaluations, far fewer deals are now able to deliver accretive returns, prompting large global investors to retreat to the sidelines as they wait for markets to reset. Traditional asset classes often pursued by global investors – large, core, office and retail assets – have also fallen from favour as yields have not yet expanded to match the expectations of potential buyers, resulting in a bid-ask standoff.

As they seek out assets that offer yields able to match revised underwriting thresholds, investors are pivoting to alternative asset classes, including those in the “beds” category, such as multifamily residential projects, student housing, senior living, and hotels, as travel and tourism continue their rebound. Other alternative asset classes include logistics, data centres, and life science assets. Alternatives are popular due to their potential to tap tailwinds of demand generated by technological, demographic, or social trends that are uncorrelated with macroeconomic fluctuations.

The higher interest rate environment affects not just the financing of new deals, but also the refinancing of purchased assets, creating the prospect of a “refinancing wall” that may drive a wave of selling by owners unable or unwilling to recapitalise. The tightened traditional bank lending has catalysed a financing gap of as much as US$5.8 billion for private credit to fill.

The report highlights how transition risk arising from energy efficiency issues has become a critical factor impacting asset valuations. Properties failing to meet environmental standards may face market discounts, emphasising the growing importance of aligning real estate portfolios with sustainable practices.

Alan Beebe, CEO, ULI Asia Pacific said, “As investors are re-evaluating their strategies, a ripple effect on real estate markets is widespread. There is an urgency for real estate to align with environmental standards, and adaptation and informed decision-making will be key to manoeuvring this new chapter in real estate financing.”

Stuart Porter, PwC Asia Pacific Real Estate Tax Leader said, “Amidst this transformative phase in APAC’s real estate landscape, investors are at a juncture where strategic alignment with sustainable practices for resilient real estate portfolios will be critical. The shift towards alternative asset classes signifies an evolving investment model fuelled by diverse socio-economic trends.”

Against a backdrop of sharply reduced overall investment, the share referable to regional cross-border flows has held up well (i.e., flat, year-on-year in the third quarter of 2023) compared to plunging transactions from global funds (down 64 percent for the same period). One reason for the relative strength of intra-Asian flows – in particular those from Singapore – has been the resilience of regional economies. Another reason has been an upswing in outgoing capital from Japan in search of higher returns.

This year’s top Emerging Trends investment prospect rankings reveal a notably optimistic perspective despite a gloomy global outlook, indicating overall confidence in APAC as a safe haven compared to the West. Unsurprisingly, given that interest rates remain at ultra-low levels, Tokyo and Osaka rank first and third respectively. They are followed by Sydney and Melbourne in second and fifth, reflecting a historical preference for Australian core assets among global investors, together with expectations of strong demand for Grade-A assets. Singapore is ranked fourth place, as investors continue to regard it as a viable core market given the limited supply, ongoing demand for space, and good prospects for rental growth.

The full report can be accessed via the ULI Knowledge Finder.

Wyndham Royal Lee Phuket Unveils Grand Opening

26 December, 2023/in News/by Editor

Reading Time: 3 minutes

The grand opening of Wyndham Royal Lee Phuket marks the debut of a distinguished airport-adjacent destination within the renowned ‘Wyndham’ brand. The commitment to providing an exceptional guest experience is at the forefront of the newly inaugurated Wyndham Royal Lee Phuket. Situated close to Phuket Airport, this esteemed addition to the world’s largest hotel alliance brand positions itself as the preferred choice for travellers, emphasising its convenience and accessibility.

Chairman of the Royal LEE Group emphasising the inheritance of Wyndham’s renowned excellence, Mr. Li Min remarked, “Wyndham Royal Lee Phuket is dedicated to crafting a distinctive and unforgettable stay for guests. Positioned just 3 minutes from the airport, near Sirinat National Park and Naiyang Beach, our international guests will enjoy unparalleled convenience and a unique accommodation experience, setting a new standard for Phuket airport accommodations.”

The pinnacle of excitement at the opening ceremony was the signing of a strategic cooperation agreement between the Royal Lee Phuket Mixed-use development project, ZTE Corporation, and TRUE. This announcement officially confirmed the establishment of the first community implementing FTTR technology in Phuket, signalling a promising future for the development of intelligent health and wellness communities on the island.

In partnership with TRUE and ZTE, the Royal Lee Phuket smart community has successfully implemented FTTR technology, ushering in gigabit-level fibre-to-the-home Wi-Fi. This achievement delivers a rapid and stable network connection for residents, representing a major milestone in the community’s digital infrastructure. FTTR technology introduces a new era of gigabit Wi-Fi, addressing high bandwidth demands such as 4K/8K videos and Cloud VR. With comprehensive whole-house coverage and efficient digital operation and maintenance, it eliminates network dead zones, enhances operational efficiency, and supports connectivity for up to 256 terminal devices.

As the pioneering community in Phuket to embrace FTTR technology, this initiative establishes a forefront position in technology, setting a benchmark for digital community construction and presenting a sustainable development model. Beyond being a mere network upgrade, the introduction of FTTR technology signifies a commitment to a new digital life for residents. This collaborative effort holds profound significance, laying a robust foundation for the sustainable growth of smart communities and making a positive contribution to the digital and intelligent community development of Phuket.

Moreover, the Royal Lee Phuket Mixed-use development project enjoys robust backing from the prestigious Royal Lee Cancer Hospital in Guangzhou. Committed to establishing the largest smart health and wellness community in Phuket and standing out as a centrepiece of the Andaman Wellness Corridor, the project aligns with a vision of comprehensive well-being. The Royal Lee Cancer Hospital in Guangzhou, recognised with international JCI certification, is a leading cancer speciality hospital in southern China. It is devoted to delivering top-tier medical services encompassing cancer prevention, treatment, and rehabilitation.

Prioritising holistic health across the lifespan, the hospital employs a resident-centred examination approach, intricately designing health management services featuring “cancer early screening, chronic disease management, and body anti-ageing.” This approach caters to a range of customer health needs. With the steadfast support of the Royal Lee Cancer Hospital in Guangzhou, the Royal Lee Phuket Mixed-use development project is poised to provide residents with an all-encompassing health and wellness experience, ensuring health assurance for the future.

The project appeals not only to retirees in search of a natural and healthy lifestyle but also caters to airport transit tourists, business travellers, digital nomads, and remote workers. This initiative enhances the profit outlook for property investors, who can opt to delegate management responsibilities to Royal Lee Phuket Mix Development. This comes with an enticing profit-sharing arrangement and an additional perk of a 30-day stay annually, presenting an ideal fusion of investment and vacation.

Singapore Signs First Implementation Agreement with Papua New Guinea

25 December, 2023/in News/by Editor

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Singapore and Papua New Guinea (PNG) signed an Implementation Agreement on carbon credits cooperation under Article 6 of the Paris Agreement recently. The Agreement was signed by Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister of Environment, Conservation and Climate Change Simo Kilepa on the sidelines of the 2023 United Nations Climate Change Conference (COP28). The Agreement comes after both countries signed a Memorandum of Understanding (MOU) on the sidelines of COP27 last year to collaborate on carbon credits.

This marks the first Implementation Agreement for Singapore. The agreement sets out a legally binding framework and processes for the generation and international transfer of carbon credits aligned with Article 6 of the Paris Agreement, between Singapore and Papua New Guinea.

This collaboration will advance both countries’ climate ambitions and help to channel financing towards additional mitigation efforts through carbon credit projects, which would otherwise not be possible. The carbon credit projects authorised under the Implementation Agreement will also promote sustainable development and generate benefits for local communities, such as the creation of jobs, access to clean water, improved energy security, and reduction of environmental pollution.

As part of Singapore’s Article 6 cooperation, project developers will be required to cancel 2% of the carbon credits authorised under the Implementation Agreement at first issuance to ensure additional contribution to the overall mitigation of global emissions. They will also be required to contribute the equivalent of a 5% share of proceeds or authorised carbon credits towards climate adaptation in Papua New Guinea. This will help Papua New Guinea prepare for and adjust to the impacts of climate change.

Singapore is also supporting the development of carbon markets, by enabling the demand and supply of high-quality carbon credits to be matched. Under Singapore’s International Carbon Credit (ICC) framework, Singapore-based carbon tax-liable companies can source for eligible ICCs generated under this Implementation Agreement to offset up to 5% of their taxable emissions. Trading these credits through Singapore will help unlock new business opportunities in areas such as carbon services and sustainability solutions, strengthening Singapore’s position as a carbon services and trading hub.

Minister Fu said, “High-integrity carbon markets can contribute to much-needed climate action globally. As an alternative energy-disadvantaged country, effective international cooperation, such as through carbon markets, will also help us to achieve our climate ambitions. We are delighted to sign our first Implementation Agreement with Papua New Guinea, a fellow Alliance of Small Island States (AOSIS) member. We look forward to working with Papua New Guinea to advance climate action together.”

All photos courtesy of COP28 Singapore Pavilion.

LIXIL Celebrates Architecture and Design Industry Excellence at World Architecture Festival 2023

24 December, 2023/in Architecture, Events, News/by Editor

Reading Time: 3 minutes

LIXIL, maker of water and housing products, through its GROHE power brand, was pleased to support the World Architecture Festival 2023 (WAF) for its sixteenth edition at the iconic Marina Bay Sands, Singapore. The WAF is the largest global gathering of the industry’s leading architects and designers (A&D), thought leadership and celebration of their prestigious achievements.

WAF also represented a global platform for branding, business networking and opportunities. Nearly 2,000 delegates attended the WAF and INSIDE events and over 800 entries vied for coveted awards across different categories. Out of the 55 category and special award winners, 24 were from Asia and Australasia, led by Australia (10), China (6), and equivalently placed Thailand, India and Japan (2 each).

This year’s festival theme ‘Catalyst’ marked WAF’s return to Asia, after a hiatus of almost a decade. The theme explored how architecture and design can be catalysts for beneficial change through enabling, accelerating and inspiring interaction across the entire built environment, to benefit both individuals and institutions. The global A&D community gathered to advance this theme through various WAF keynotes, speakers, and conversations to catalyze ideas and opportunities.

GROHE, a global brand for complete bathroom solutions and kitchen fittings, has supported WAF since the inception of the festival in 2008. As WAF Founding Partner, GROHE represents the unique role water plays in the design discipline and helps shape innovative architectural visions and solutions around the element of water.

GROHE affirmed this commitment with the sponsorship and awarding of the GROHE Water Prize at WAF to UArchitects. The winning proposal calls for the scaling up of ‘micro-colonies’ comprised of floating platforms in Bangladesh. The connected platforms allow for the growing of food, with a community hub created to provide services (such as education and storage) to clusters of family homes.

Clean water production is of great importance for these micro-colonies, which are intended to cope with extreme weather events, combat poverty and provide a new model of how communities can address the challenges of climate change. This is the fifth time the GROHE Water Prize has been awarded, with past winners across water filtration, generation and cooling systems in Peru, Brazil and Greece.

Satoshi Konagai, Leader, LIXIL Water Technology, Asia Pacific, expressed, “Through our GROHE power brand, we are proud to be the Founding Partner of the World Architecture Festival since its 2008 inception. Over the past sixteen years, we have worked together to grow WAF into a respected global platform that attracts thousands of delegates to celebrate excellence, network and explore business opportunities over the course of the festival. We are delighted to congratulate the WAF award winners, the GROHE Water Prize winner and WAF shortlist candidates. LIXIL will continue to engage the A&D community to uplift industry excellence and address challenges, including macrotrends across health and wellbeing, sustainability and urbanisation.”

“This year’s festival is especially meaningful as we are concurrently launching GROHE SPA for the Asia Pacific region. First launched at this year’s Milan Design Week, we are excited to bring GROHE SPA’s specially curated collections that can create versatile combinations for a multi-sensory, personalised showering experience. We look forward to collaborating with discerning homeowners and industry partners on unique GROHE SPA projects across the region.” Mr. Konagai added.

Paul Finch, Programme Director, WAF, said, “Congratulations to all the WAF and INSIDE award winners and shortlist candidates. Their ideas and projects are a beacon for how design can be a multi-faceted catalyst for positive change. Our return to Asia is immensely gratifying to ignite fresh ideas and relationships in and around the A&D community. We greatly appreciate the support and encouragement from GROHE, our sponsors, partners, delegates and the global A&D community.”

Ahead of the WAF main event in Singapore, the GROHE and WAF teams worked closely to strengthen industry engagement through a series of special pre-WAF events and receptions held in Singapore, Indonesia, Vietnam, Thailand and the Philippines that was enthusiastically received by the A&D community and media in each country.