Real estate software-as-a-service provider BuildingMinds recently launched a whitepaper in collaboration with global real estate investor and fund manager, Cromwell Property Group. The chapter provides an in-depth analysis of turbulent market conditions in recent years, the fragmented nature of current global ESG (environmental, social, and governance) real estate demands, and emerging trends across the sector. It concludes that the most powerful way to drive change in an industry responsible for nearly 40% of greenhouse gas emissions is to standardise data, reporting, regulations, and incentives, all of which contribute to optimising the profitability of ESG-orientated investment strategies.
No “One-Size-Fits-All” Approach
The complexities of implementing ESG initiatives in the real estate sector are underscored by a lack of standardisation across the board. Given the diverse requirements geographically, regulatorily, and from investors themselves, it’s unfeasible to have a “one-size-fits-all” model. BuildingMinds and Cromwell Property Group suggest that tailoring ESG strategies to the unique demands of different geographical markets using precise data collection and reporting will drive a much-needed level of standardisation that will have a positive impact on profitability through increasing efficiency and reducing the resource requirements around asset management.
“The lack of regulation and geographical nuances have made it challenging to accurately collect data and benchmark portfolios in the real estate sector. Our latest whitepaper in collaboration with Cromwell Property Group underscores the importance of standardisation to effectively meet ESG ambitions and, ultimately, reduce greenhouse gas emissions,” said Marek Sacha, CEO of BuildingMinds.
Vast Opportunities for Innovation
Cromwell Property Group sees a real estate industry rich with innovation and filled with vast opportunities for ESG improvements and advances, particularly in the use of cross-laminated timber, brown-to-green repositioning, and a consumer-demand-driven focus on sustainable and ethical investments.
“We’re witnessing trends in the real estate ESG sector driven by sustainability and innovation. The rise of cross-laminated timber is revolutionising construction. Simultaneously, the shift towards brown-to-green repositioning reflects a growing commitment to transforming existing assets. Consumer demand for sustainable investment options is also shaping the market, compelling investors to put a greater emphasis on ESG. These trends are not just responses to challenges, they are paving the way to a more sustainable and resilient real estate sector,” said Cecile Babcock, Head of Distribution, Europe, Cromwell Property Group.
While rapid advances in technology are continuing to drive business transformation agendas, less than a third (29 percent) of senior leaders consider their technology foundation readiness to be very high, according to a new survey from KPMG International.
The findings of KPMG’s Transforming the Enterprise of the Future report reveal the importance of advanced technologies in driving transformation, with 76 percent of senior leaders believing that generative AI, neural networks, and digital twins will significantly enhance the likelihood of transformational success.
Despite this, enterprises are scrambling to keep up. For the vast majority of enterprises, transformation is no longer episodic, but a state of continuous reinvention. A majority (88 percent) of enterprises are now running two or more transformation programmes, while over half (54 percent) are running three or more concurrently.
The research uncovers the top five barriers limiting digital transformation: lack of resources, skills or expertise; stakeholder resistance to change; stakeholder and employee resistance; competing business goals; and a lack of funds or an unclear business case. To unlock capacity and value, KPMG’s report expects outperformers to have strengths across four areas:
Resilient cultures: Establishing a culture of trust, shared values and alignment to the strategic vision is a key to transformation success and long-term organisational resilience. It comes as research reveals that 73 percent of digitally mature enterprises have high levels of trust in their leaders.
Digital maturity: Digitally mature enterprises are more likely to outperform. Yet, many enterprises are not leveraging the full value of their data, technology, and people. Two-thirds of senior leaders rated their tech foundations as no better than adequate; while most expect the impacts of technology on transformation to rise in the next one to three years.
Partner ecosystem alignment: Leading companies are leveraging partnerships to accelerate go-to-market strategies, outmanoeuvre supply chain challenges and leapfrog technology capabilities. Our research shows that only one-third of senior leaders believe their current partner ecosystem is strongly aligned with their transformation goals. Looking ahead, these leaders expect to invest more in partnerships rather than in building or buying technology.
Strong orchestration capabilities: Approximately 60 percent of senior leaders and line leads believe that adopting advanced technology will increase the likelihood of transformation success.
The report emphasises that new technologies and expansive data repositories are helping enterprises to create greater value. These and other tools enable better resource allocation, data analysis and insights, customer understanding, risk management, and product and service innovation.
RPM Platform Markets APAC, a group comprised of leading brands of construction chemical and coatings products in the Asia-Pacific region through Tremco CPG Malaysia including Tremco, Flowcrete, Nullifire, Euclid Chemical, Vandex, Dryvit, Illbruck, Nudura, Willseal, Pitchmastic Pmb, Matacryl, Carboline and Stonhard, has officially opened a state-of-the-art manufacturing plant at the heavy industrial zone of UMW High Value Manufacturing Park, Serendah.
The new Serendah plant serves as a regional manufacturing hub underscoring a strategic move to strengthen RPM Platform Markets APAC’s leadership in the Asia-Pacific construction market. Equipped with cutting-edge technology, the plant features automated powder manufacturing systems with robotic palletisers and new equipment for producing speciality coating materials. This investment in technology not only boosts efficiency but also ensures high standards of quality and safety.
Speaking at the launch event, Saptak Roy, Managing Director of RPM Platform Markets APAC said, “The new plant marks a milestone for RPM Platform Markets APAC. Malaysia’s strategic location, robust infrastructure and business-friendly environment made it the ideal choice for this significant investment. The plant’s location in the UMW High Value Manufacturing Park in Serendah, a designated heavy industrial zone, ensures it meets the operational needs of RPM Platform Markets APAC.”
Roy added, “This facility demonstrates a move to strengthen our position as a leading provider of construction and coatings products in the Asia-Pacific region. It reinforces our commitment to enhancing our presence and capabilities. The expansion allows for a substantial increase in production capacity – almost doubling our liquid production and bringing our powder production to almost 7 times more than what we were capable of previously. This supports our robust growth plans for the region, and allows us to better serve rapidly expanding construction markets in Southeast Asia and beyond.”
Sustainability is a core element of RPM Platform Markets APAC. The new plant incorporates several eco-friendly features, including a rainwater harvesting system, LED lighting for energy efficiency, bulk tanks for liquid storage to reduce waste, and electric forklifts to minimize carbon emissions. Additionally, the plant uses Flowcrete’s epoxy terrazzo flooring containing recycled glass content and includes a roof garden to promote a healthy working environment.
“These sustainable practices demonstrate our dedication to environmental responsibility and creating a safe, eco-friendly workplace for our employees,” said Roy.
The facility will produce a wide range of products under several RPM Platform Markets APAC brands, including Tremco, Flowcrete, Nullifire, Euclid Chemical, Vandex, Dryvit, Carboline, Stonhard and more, supporting the diverse needs of the construction industry across the region.
The new plant is set to create numerous employment opportunities for the local community in Serendah and surrounding areas. Local talent will find opportunities in various fields such as operations, manufacturing, engineering, R&D, logistics, IT support, and more. RPM Platform Markets APAC group companies are also committed to engaging with local universities by offering internships and collaborating on product development and research initiatives.
The Torre Arcobaleno in Milan’s Garibaldi area has a new night lighting system. The intervention, curated in partnership by a group of Italian companies, repurposed as a tribute to the city and the people of Milan, further qualifies a structure that has become in recent years one of the symbols of modern Milan in terms of location, history and content, both architectural and design, the largest “vertical ceramic mosaic” with its 1,000 square metres.
The new system uses powerful Led floodlights and gives the 35-meter Torre Arcobaleno, a special charm, with a fairy-tale effect, highlighting the many shades of colors that have made it so recognisable and beloved by the Milanese, as well as a cult object for creative people and design enthusiasts around the world. The new 397 W LED floodlights in fact allow for more precise and pinpoint illumination of the tower’s silhouette, increasing color rendering while maintaining the low power consumption of the previous system. The lifespan of the new floodlights is about 100,000 hours.
Spearheading the project is the architecture division of the Original Designers Studio 6R5 Network of Francesco Roggero, Albino Pozzi, Rita Alfano Roggero and Kiyoto Ishimoto, who acted as “director” involving other excellent names of Made in Italy, all united and determined to keep the beauty of the Torre Arcobaleno intact, enhancing it even in its night vision. The partners are:
RFI, the company of the infrastructure cluster of Gruppo Ferrovie dello Stato, have also patronised this new initiative, in continuity with the choice made at the beginning of the history of the recovery project.
A Taste of History
The tower in its load-bearing concrete structure dates back to 1964, when it served as a simple water tank inside the railway yard of Milan’s Porta Garibaldi station. Settled limestone had caused oxidation of the iron and crumbling of the concrete, causing conspicuous external leaks. On the occasion of the 1990 World Cup in Italy, the tower then underwent its first significant renovation, which transformed a work designed solely for service purposes, an urban element with essentially aesthetic-symbolic, but highly recognisable, value. The result was achieved mainly through the placement of 100, 000, 10 x 10 cm module tiles of 14 different colors as cladding.
The idea behind the project was to highlight the structure of the tower, which is circular in plan and concave in shape, divided into twenty-two faces interrupted by as many raised ribs. A thorough rehabilitation of the tower’s walls and ribs was undertaken, providing consolidation, waterproofing of surfaces, reconstruction of the removed parts, and painting of the connecting parts.
Underlying the project was an idea on the part of the designers from Milan-based Original Designers Studio 6R5 Network to promote a new attitude of care and pride in the city’s urban heritage. The redevelopment also included the rehabilitation of an old railway bridge between Viale Forlanini and Viale Corsica, later called the “Passaggio a Nord Est.”
Finally, in 2015, the year of the Expo, the tower was again restored and modernised by the same group of companies involved today, which assumed the full costs of an intervention seen as a tribute to the Milanese in an occasion of exceptional visibility for the city such as the international exposition.
In the meantime, the Garibaldi area of nearby Piazza Gae Aulenti has become the heart of the Milan of design, fashion and modern architecture, redesigned with its futuristic skyscrapers that find in the Torre Arcobaleno a “coloured ceramic totem,” an evolution of the artisan origins of the Italian master ceramists who have landed in the industrial world and are now recognised worldwide as a national excellence.
Today, the Torre Arcobaleno’s new adventure continues with new lighting, destined to amaze the Milanese and tourists arriving from all over the world.
Pan-United Corporation Ltd has unveiled the country’s first electric-powered concrete mixer truck, underlining its commitment to sustainability. The introduction of electric vehicles (EVs) marks a milestone in Pan-United’s journey to become a carbon-neutral ready-mix concrete company by 2050. Using an electric-powered mixer truck will reduce the carbon footprint of transporting ready-mix concrete by 45 percent compared to a fuel-powered truck. Moreover, using EVs in a highly dense urban environment like Singapore can reduce noise pollution significantly.
Mr Ken Loh, CEO of Pan-United said, “Pan-United is excited to welcome EVs into Singapore’s built environment industry. We hope to eventually operate a substantial fleet of electric concrete mixer trucks for our day-to-day operations. This step marks an exciting new venture in exploring alternative fuel technology and a deepening commitment to accomplish Pan-United’s aim of being a carbon-neutral ready-mix concrete company by 2050.”
He added: “Pan-United has actively been exploring ways to reduce our embodied and operational carbon emissions. This includes the use of alternative fuels and electric gensets in our operations to lower our carbon footprint. We will continue to actively explore new and innovative solutions and products to decarbonise and accelerate the global climate transition.”
Pan-United took delivery of the truck in July 2024 from SANY, a Chinese multinational heavy machinery manufacturing company. The electric-powered truck has a sizeable 350 kWh battery, which serves up to 360 kW at peak power, and takes two hours to achieve a full charge. For comparison, a typical Category A passenger EV with a battery capacity of 78 kW takes roughly half an hour to charge fully.
Global construction consultancy Linesight has announced the appointment of Scott Halyday to Regional Director – Southeast Asia, to drive the next phase of growth for the region. Scott has a distinguished track record spanning over 19 years, managing large-scale projects globally across Data centre, Aviation, Life Sciences, High Tech Industrial, Commercial and mixed-use sectors. Prior to this role, Scott was leading operations in Singapore.
Southeast Asia remains a strategic growth region for Linesight as global businesses seek opportunities to establish and expand their operations. The region’s construction market is expected to grow consistently over the next four years. Notably, Malaysia, which has attracted substantial investments, is emerging as a prime destination for companies in mission-critical sectors.
As a member of the regional leadership team, Scott will help lead the firm’s growth ambitions across the key sectors of data centres, life sciences and semiconductors. This includes expanding the team across the region, particularly in project management, scheduling and project controls.
“Linesight is already well established in Southeast Asia and the firm continues to expand in key sectors of the future,” said Halyday. “I’m honoured to be appointed as Regional Director for Southeast Asia to drive innovation and excellence in our service offerings”.
Halyday will report to John Butler, Managing Director, Asia Pacific. “Looking ahead, Southeast Asia will be a high-potential growth region for Linesight. Scott’s extensive global experience and his dedication in delivering superior and value-added solutions will be an asset to our operations and clients,” said Butler.
Tuan Sing Holdings Limited recently announced that its indirect wholly-owned subsidiary, HR Operations Pty Ltd, has entered into a deed of termination and release with Hyatt of Australia Limited and Hyatt Services Australia Pty Limited for the termination of the management of Hyatt Regency in Perth, Western Australia. Hyatt Regency Perth will cease to be a Hyatt-managed hotel on 31 August 2024. The property will be re-positioned and rebranded following the termination of the hotel management agreements.
This is part of Tuan Sing’s long-term strategy to expand its hospitality business which currently includes the Grand Hyatt Melbourne and its recently announced acquisition of Fraser Residence River Promenade, a newly completed mixed-use property in a prime location in Singapore featuring serviced apartment units and F&B offerings. The hospitality portfolio will be further expanded upon the completion of the Opus Bay project in Batam, Indonesia, an integrated township currently under development that includes hospitality components.
Hitachi, Ltd. announced recently that Hitachi Elevator Asia Pte. Ltd. has been awarded the supply and installation of 450 lifts by the Housing & Development Board (HDB) in Singapore. The project won this time is to supply elevators for high-rise residential buildings to be built from 2027 to 2029 in various public housing areas in the country. This is by far the largest order for Hitachi group’s lifts and escalators in Singapore, surpassing the 300 units ordered for HDB in 2019*1, 2020*2 and 2022.
“We are excited to announce that we have once again been awarded a significant contract. By providing the lifts with the latest technology, we aim to ensure safety, security, and comfort for everyone and look forward to serving and supporting more Singaporeans in the years ahead,” said Siew Yat Hung, Managing Director, Hitachi Elevator Asia.
Hitachi Elevator Asia aims to maintain its position within the top 3 in terms of the number of orders received for newly installed lifts in Singapore in the fiscal year 2024, through this project. Leveraging on their Digital, Green and Innovative technologies, Hitachi will continue to provide safe, secure and comfortable lifts as well as escalators for urban living and contribute towards a sustainable society.
Savills Singapore is offering 29A Jalan Hajijah for sale. It is a sizeable, landed redevelopment site located within the East Coast vicinity. The sale will be by way of an Expression of Interest (EOI) exercise.
The vicinity of Jalan Hajijah enjoys tranquillity and privacy as the immediate neighbourhood is predominantly surrounded by private landed housing and low-rise private residential developments. The Site sits on a freehold plot of approximately 11,746 square foot and is located at the cul-de-sac of Jalan Hajijah, off upper East Coast Road.
The site has an average plot depth of approximately 25 meters and an average plot width of approximately 32 meters, which allows for maximum design efficiency after a driveway. Zoned as ‘’Residential, Plot Ratio 1.4’’ under the 2019 Master Plan, the site offers flexibility to be redeveloped into two housing types, subject to the authorities’ planning approval:
A bungalow or
A boutique apartment block that can accommodate up to 15 units*
The site is conveniently accessible via the East Coast Park (ECP) Expressway and other major arterial roads. Additionally, the East Coast vicinity welcomes further enhancement in connectivity with the recent opening of Siglap MRT Station (TE28) and Bayshore MRT Station (TE29), located within 600m to the site.
Esteemed educational institutions such as Victoria Junior College, Victoria School, Temasek Junior College, Temasek Secondary School, CHIJ Katong Covent and St Patrick’s School are all within 1-2km from the site. It is also conveniently located close to an array of amenities including the popular East Coast Park/Beach, East Coast Lagoon Food Village, and East Coast Seafood Centre.
Ms. Sophia Lim, Director of Investment Sales & Capital Markets at Savills Singapore, shares, “As a sizable freehold plot zoned Plot Ratio 1.4 located at the cul-de-sac of Jalan Hajijah, the Site offers planning flexibility to be redeveloped into various housing types. Developers or end-users can either redevelop the Site into a bungalow or a boutique apartment block that can accommodate up to 15 units, subject to relevant authorities’ planning controls. The underlying demand for landed homes remains positive in District 16, as many high-net-worth individuals and families are on the prowl for well-located landed properties given the positive long-term outlook for this asset class.”
The revised guide price for 29A Jalan Hajijah is S$13.5 million, translating to approximately S$1,149 per square foot on land area and the site will be sold on vacant possession. The Expression of Interest (EOI) for the Property will close on Friday, 16 August 2024, at 3pm.
A joint study by Schneider Electric and the Institute of Singapore Chartered Accountants (ISCA), the national accountancy body of Singapore, reveals that 94 percent of Singapore organisations are not fully measuring and analysing Scope 3 emissions, which is impacting the readiness to report.
Launched today, the report titled “Counting to 3: Navigating Singapore’s Emissions Journey Together”, analyses the perspectives of over 500 of Singapore’s senior business leaders involved in sustainability strategies for their organisation. These leaders represent companies ranging in size from small and medium-sized enterprises (SMEs) to large multinational corporations and come from a broad range of industries.
The report comes ahead of new requirements for all listed companies and large non-listed companies in Singapore to make climate-related disclosures from 2025 and 2027, respectively.
Starting Point is a Distinct Lack of Knowledge
Only 39 percent of respondents claim to have a strong understanding of Scope 3 emissions, which is overall much lower than for Scope 1 (52 percent) and 2 (34 percent). This gap is significant among less senior team members: 58 percent of board members and 51 percent of C-level executives claim strong knowledge of Scope 3, while only 27 percent of senior managers report the same.
Differences are also seen based on roles and responsibilities, with 47 percent and 42 percent of those in General Management and Sustainability roles saying they have a strong knowledge of Scope 3, while only 33 percent of those in Operations & Supply chain say the same.
Respondents cite the correlation between greater seniority and greater knowledge exists due to senior executives having increased access to briefings on emissions management and strategies. However, the importance of knowledge being equally distributed across all functions and divisions within organisations was also emphasised, as change management programmes require both strategic understanding coupled with the capability to implement the step changes needed for Scope 3 reporting requirements in Singapore.
Knowledge Deficits Linked to Inaction
While over three quarters (76 percent) of business leaders say they have completed feasibility studies to better understand their organisation’s readiness to measure, report, and manage its Scope 3 emissions, only 6 percent say their organisation is fully measuring and analysing Scope 3 emissions, lagging significantly behind Scope 1 (52 percent) and Scope 2 (30 percent) emissions.
As a result, confidence in meeting their Scope 3 emissions targets is significantly lower, with only 27 percent believing these are highly achievable, compared to 40 percent for Scope 1 and 31 percent for Scope 2 emissions. Leaders from larger businesses are significantly more likely to indicate they have set targets for Scope 3 (54 percent) compared with those at small businesses at 31 percent.
In further findings, only 32 percent believe their organisation’s net zero targets are achievable, but in a show of optimism 64 percent of those whose organisations have not yet set emissions targets believe they should have done so. Business leaders who adopted science-based targets (SBTis) were more likely to drive meaningful action within their organisations, helping define a clear and credible path to sustainability success.
Four Groups of Organisations Identified Based on Scope 3 Progress
The report identifies four groupings of organisations in Singapore with progress around managing Scope 3 emissions and the degree of management required: high adopters (10 percent), moderate adopters (30 percent), low adopters (38 percent), and emerging adopters (22 percent). From this analysis, the industries in Singapore identified as containing the highest proportion of high and moderate adopters combined are consumer goods, energy and mining, healthcare and pharmaceuticals, financial services and engineering and construction.
Expertise, Resources, Motivation and Tech are Key Progress Barriers
Overall, a lack of human and financial resources, commercial motivation, and access to fit-for-purpose technological infrastructure are highlighted by respondents as the top barriers to progressing Scope 3 emissions reduction agendas and initiatives.
However, there are differences in impact, based on segment status. For instance, while high and moderate adopters identify a lack of human resources or expertise as the biggest barrier to reducing Scope 3 emissions, low adopters and emerging adopters cite a lack of technological infrastructure as the biggest.
Yoon Young Kim, Cluster President, Schneider Electric Singapore and Brunei said, “Scope 3 presents the next frontier of emissions management and still unchartered territory for many organisations in Singapore. Education is critical for advancing Singapore’s green agenda. We see correlations throughout the findings of this study that a lack of understanding of key areas of management of greenhouse gas (GHG) emissions leads to a lower level of planning, target setting, and ultimately action.
“At Schneider Electric, we are deeply committed to meaningful and thorough emissions management, and we are constantly growing our capacity to help partners strategise, digitise, and decarbonise. But as with all initiatives to tackle climate change, everyone needs to be in lockstep on this journey: government and private sector businesses of all sizes and across all industries. Schneider Electric, together with ISCA, hopes this report shines a light on the most pressing areas that must be addressed if we are to make the changes that will facilitate Singapore’s path to net zero.”
Accountants are Poised to Play Key Role in Sustainability Reporting
Accountancy and finance professionals are well-placed to take on the role of sustainability reporting. As corporate reporters, they already have fundamental skills in financial reporting. They are also familiar with applying accounting standards and ensuring that reporting is transparent, verifiable, comprehensive, independent, and fair. In addition, accountancy and finance professionals are proficient in data collation and analysis to provide meaningful explanations for informed decision-making. These skillsets are transferable to sustainability reporting, including Greenhouse Gas scope 3 reporting.
Kang Wai Geat, Divisional Director, Professional Standards, ISCA said, “Sustainability is a megatrend that is reshaping the accountancy profession. Increasingly, organisations are turning to the accountancy profession for sustainability reporting and assurance. To take full advantage of the opportunity to help organisations advance their emissions agenda, accountants must upskill and reskill to keep up with the latest developments in sustainability.
“The accountancy profession is key to reporting sustainability performance to shed light on how companies earn their profits. Having consistent and comparable sustainability reporting will help stakeholders make informed decisions in support of sustainability. ISCA is delighted to collaborate with Schneider Electric to delve deeper into GHG scope 3 emissions management and reporting.”
