313@Somerset: One of Lendlease’s major projects in Singapore. Image taken from www.lendlease.com/sg
Lendlease is pleased to announce the appointment of Keith Low to the role of Head of Asset Management, Asia. Keith brings with him more than 10 years of experience across Asia in retail development, asset management and investment management. Prior to joining Lendlease, he held various roles at CapitaLand Mall Asia.
Most recently, he was based in Malaysia as the General Manager of Retail Development and the head of a joint venture to develop and manage the company’s first greenfield project with Sime Darby Property, one of the largest developers in Malaysia.
Keith’s experience in CapitaLand Mall Asia also covered investment and asset management in Singapore where he worked on several downtown and suburban malls, executing both tactical and strategic asset enhancement initiatives to grow the value of the retail REIT portfolio in Singapore.
Prior to that, he ran the Asia business for one of the largest privately held developers, owners and managers of destination centres in the US, playing an instrumental role in the company’s participation in a development roll-out of second tier city malls in India, a large-scale integrated project in China, iconic mixed-use projects in Vietnam and Malaysia with leading developers, sovereign wealth and institutional funds.
Jyoti Ramchandani, Managing Director of Investment Management Asia, said, “Keith is responsible for the overall performance of the Lendlease-managed assets in Asia through strategic asset management. With our growing portfolio of assets, he will play a vital role bringing with him his deep understanding of Asia real estate and contributing to the Lendlease integrated model.”
The Building and Construction Authority (BCA) projects the total construction demand or the value of construction contracts to be awarded this year to reach between $28.0 billion and $35.0 billion, higher than the preliminary estimate of $26.1 billion for last year.
The projected stronger construction demand is due to an anticipated increase in public sector construction demand from about $15.8 billion last year to between $20.0 billion and $24.0 billion this year. The public sector is expected to contribute about 70% of the total construction demand, boosted by an increase in demand for most building types and civil engineering works.
In view of the current slowdown in the property market and continued economic uncertainties, the private sector construction demand is likely to remain subdued and is projected to stay between $8.0 billion and $11.0 billion this year.
This year’s projects include:
Residential projects: A steady pipeline of new public housing construction, upgrading works for HDB flats, and a number of upcoming sizeable condominium projects earmarked for developments on various Government Land Sales sites at Siglap Road, Martin Place and Anchorvale Lane;
Commercial projects: Redevelopment projects such as Funan DigitaLife Mall at North Bridge Road, Golden Shoe Carpark at Market Street and CPF Building at Robinson Road;
Industrial projects: HDB’s Defu Industrial City and JTC’s Logistics Hub @ Gul;
Institutional and other building projects: More healthcare facilities such as the new National Cancer Centre at Outram and an Integrated Intermediate Care Hub at Jalan Tan Tock Seng as well as various educational facilities. A significant amount of private sector investments in tourist attractions and recreational facilities at Mandai Lake is expected to go ahead this year;
Civil engineering projects: Mega public sector infrastructure projects which include various major contracts for the second phase of the Deep Tunnel Sewerage System (DTSS phase 2), North-South Corridor and Circle Line 6.
Last year, the total construction demand was slightly lower than forecasted mainly due to the re-scheduling of a few major public sector projects to this year, as longer preparation times are needed to implement these large-scale projects. Despite the slight shortfall from the forecast, total public sector construction demand last year was higher than the $13.3 billion in 2015, supported by the strong demand for civil engineering projects.
The total construction output or progress payments made for the work done has continued to remain high at $35.1 billion last year, a slight moderation from $36.4 billion in 2015. BCA expects the total construction output to moderate further to between $30.0 billion and $32.0 billion in 2017
Forecast for 2018 to 2021
The average construction demand is projected to be between $26.0 billion and $35.0 billion per annum in 2018 and 2019 and between $26.0 billion and $37.0 billion per annum in 2020 and 2021.
BCA estimates public sector construction demand to be between $18.0 billion to $23.0 billion per annum from 2018 to 2021, with similar proportions of demand coming from building projects and civil engineering works. Besides public housing developments and more healthcare and educational facilities, public sector demand over the medium term will be supported by various upcoming mega infrastructure projects such as the Jurong Regional Line, Cross Island Line, and various infrastructure developments for Changi Airport Terminal 5.
“Although the year-to-year fluctuations in the total value of annual construction demand are influenced by the lumpy nature of major infrastructure projects, the overall on-site construction activities or construction output is expected to stay at a relatively high level. The overall construction demand prospects over the medium term as well as the long term will continue to be bolstered by a strong pipeline of public sector construction projects. Companies that are prepared to change, innovate and transform to stay at the forefront of technological innovation, process re-engineering and productivity improvement are more likely to sustain their growth and competitiveness despite the headwinds under challenging economic conditions,” said Dr John Keung, CEO of BCA.
Upon successful completion of the exercise, Rong Shun will become the sixth company acquired by ISOTeam since its IPO in July 2013.
ISOTeam Ltd. (the Company or ISOTeam and together with its subsidiaries, the Group), an established eco-conscious Repairs and Redecoration (R&R) and Addition and Alteration (A&A) specialist in Singapore, has entered into a share sale agreement with Mdm Ting Guak Choo (the Vendor), for the proposed acquisition of Rong Shun Engineering & Construction Pte. Ltd at an aggregate purchase consideration of S$6.45 million (the Purchase Consideration).
Rong Shun is principally engaged in the provision of electrical works including electrical installation, provision of fire alarm system, security system and all wire related works. The proposed acquisition will expand the Group’s capability to offer a full suite of engineering services and solutions such as mechanical and electrical (M&E), air conditioning, mechanical ventilation works, security, fire protection system as well as sanitary and plumbing services, which complement the Group’s existing capabilities in A&A, upgrading and renewable energy installation.
Mr Anthony Koh, Executive Director and Chief Executive Officer of ISOTeam, said, “The acquisition of Rong Shun will transform ISOTeam into an integrated M&E services one-stop provider that is able to offer a complete range of M&E services to various industries including shopping malls, REITS, factories, schools, hospitals, offices and high-end hotels without the need to outsource the job to other M&E contractors, which is what we have had to do in the past.
“By gaining in-house M&E capabilities, we will have tighter control over costs, thereby generating cost savings that we can potentially pass on to our customers, and also better control over work progress, which will be very beneficial especially for A&A projects that are fast-tracked. Not only that, we believe these capabilities will also go a long way to support our renewable energy installation business, which is an area that we are looking to grow.”
Upon successful completion of the exercise, Rong Shun will become the sixth company acquired by ISOTeam since its IPO in July 2013. The first four acquired in October 2014 gave the Group capabilities in landscaping; fire proofing and floor coating; providing R&R services to the private-commercial MCST sector; and supplying work access equipment and services. The fifth acquired in December 2015 enabled the Group to offer architectural and interior construction solutions mainly to the high value commercial sector.
“The proposed acquisition of Rong Shun marks a positive start to 2017 for the Group. We look forward to working together as one entity, leveraging the networks and capabilities of each of the companies we have acquired in order to optimise our business and growth opportunities,” added Mr Koh.
The purchase consideration will be satisfied approximately 57 percent in cash amounting to about S$3.68 million and the remainder through the transfer of treasury shares in the capital of the Company (Consideration Shares) in three tranches. The first tranche about S$1.58 million, or approximately 25 percent of the purchase consideration, will be settled prior to the completion date of the proposed acquisition while the remaining second and third tranches of S$0.6 million (or approximately 9 percent) each, will be settled on the date one and two years after the Completion Date respectively. The transfer price per share shall be equivalent to a premium of 5 percent of the 30-day volume weighted average share price of the Group’s shares traded on Catalist immediately prior to the respective deadlines for the settlement of each tranche.
As of 30 September 2016, the net tangible asset of Rong Shun was approximately S$3.03 million with an unaudited profit before tax of approximately S$3.08 million. The vendor warrants and guarantees to the Group that Rong Shun shall for the period 1 October 2016 to 30 September 2019 achieve a cumulative profit before tax of an aggregate sum representing at least 12 percent of the Existing Order Book as well as maintain the Existing Order Book to be no less than S$13.1 million.
Working in green-certified buildings was associated with higher cognitive function scores, fewer sick building symptoms and higher sleep quality scores.
Considering all the time we spend at work, have you ever wondered if the building you are working in is healthy? Or, could make you think better, or be more productive?
Researchers at Harvard T.H. Chan School of Public Health and SUNY Upstate Medical University didn’t just wonder, they set out to answer those questions. Studying 109 workers at 10 buildings in 5 cities across the U.S., they discovered that working in green-certified buildings was associated with higher cognitive function scores, fewer sick building symptoms and higher sleep quality scores.
The study builds on the team’s 2015 COGfx Study– COGfx is shorthand for your brain’s cognitive function – which found significantly higher cognitive function test scores for office workers in a simulated green building environment with enhanced ventilation compared to a conventional building environment.
In the new study, presented pre-publication at the U.S. Green Building Council’s annual Greenbuild conference in L.A., employees in high-performing, green-certified buildings had 26 percent higher cognitive function test scores than those in similarly high-performing buildings that were not green certified, even after controlling for other potential explanatory factors. Among the findings, participants had:
73 percent higher crisis response scores
44 percent higher applied activity level scores, which reflect ability to gear decision- making toward overall goals
38 percent higher focused activity level scores, which reflect capacity to pay attention to tasks at hand
31 percent higher strategy scores
In addition to these statistically significant findings, the study also found that employees reported 30 percent fewer sick building symptoms and had 6 percent higher sleep quality scores compared to those working in high-performing buildings that were not green-certified, indicating that benefits of green buildings may extend beyond the workday.
“Certified green buildings not only deliver environmental benefits, they can have positive impacts on the productivity and thinking of the people in those buildings. That’s a powerful combination that can accelerate the green building movement globally,” said John Mandyck, Chief Sustainability Officer, United Technologies.
Based on their latest findings, the research team believes a holistic approach is needed. “We’re advocating for what we call Buildingomics – a new approach that examines the totality of factors in the building-related environment,” said Dr. Joseph Allen, Assistant Professor of Exposure Assessment Science at the Harvard T.H. Chan School of Public Health, Director of the Healthy Buildings Program at the Center for Health and the Global Environment at Harvard Chan School, and Principal Investigator for the study.
“Through Buildingomics’ multi-disciplinary approach, we aim to better understand the factors that influence health in buildings and unlock the ability to optimise buildings for improved cognitive function and health,” said Dr. Allen.
The full report – “The Impact of Working in a Green Certified Building on Cognitive Function and Health” – will be made available HERE and HERE.
Follow the discussion on Twitter using #TheCOGfxStudy.
Metasys® 8.0 comes with additional IT features to increase productivity, reduce energy costs and enhance security.
Johnson Controls recently introduced Metasys® 8.0 with new system configurations, programming capabilities, and additional Information Technology (IT) features to increase productivity, reduce energy costs and enhance security. This is one of the first building automation systems (BAS) in the industry to be optimised for any mobile device.
This latest advancement in BAS improves ease of use, speeds up troubleshooting, shortens time on task, reduces risk, and supports easier integrations. Metasys 8.0 key enhancements include:
Intuitive graphics optimised for multiple mobile devices
Alarm management enabling alarm prioritisation (the features roll up to the tasks)
Improved scheduling and customised trend viewing
New reporting features making it easier to access trends, alarms, audits and scheduling data
Space authorisation, which allows users to access the system and see only the data they need
Added IT security with secure password management and dormant user account reporting
“The improvements are the result of over 1,000 hours of observational research with building owners and operators. Facility operators can now identify and correct problems more quickly with this new intuitive interface, as information is displayed according to the way they work. Now, the potential problem areas view provides a single interactive report to see all alarms, system overrides and offlines as well as other critical equipment information in chronological order,” said Derrick Kho, director of product and channels for controls, Building Efficiency Asia, Johnson Controls.
Metasys 8.0 builds on Metasys’ ability to maximise building owners’ investments through flexibility and scalability. The system preserves and enhances previous investments in building infrastructure, and its technology and is scalable for facilities of any size and complexity. It enables integration to a wide variety of mechanical and electrical systems, and allows for a progressive replacement of existing field controllers that are becoming obsolete.
Click HERE to learn more or click HERE to take a tour of Metasys 8.0.
Visenti’s technologies include real-time leak detection, identification of pipe network assets at risk of failure, operational simulations, meter data analytics and water quality monitoring.
Xylem Inc., a global water technology leader, announced in early November 2016 that it has acquired Visenti Pte Ltd, a Singapore-based smart water analytics company that provides a suite of advanced products and services to enable smart management of water networks.
Visenti was launched out of the SMART research program at the Massachusetts Institute of Technology (MIT) and is focused on supporting water utilities in monitoring their infrastructure and optimising their operations through advanced analytics. Its solutions portfolio is highly complementary to Xylem’s offerings, and targets the growing challenge of non-revenue water loss – treated drinking water that is lost due to leaks, theft or other causes.
Visenti’s technologies include real-time leak detection, identification of pipe network assets at risk of failure, operational simulations, meter data analytics and water quality monitoring. Visenti effectively integrates advanced software and hardware to enable water utilities to reduce energy and water wastage in real-time without compromising water quality and hydraulic standards.
Xylem and Visenti entered into a strategic partnership in 2012 to develop smart optimisation of water networks by utilising energy-efficient technology and smart sensing platforms for large-scale deployment projects in Singapore and Hong Kong.
“With Visenti, we have acquired a strategically valuable asset to strengthen Xylem’s offering in systems intelligence solutions, focusing on non-revenue water. Together, we will be able to help customers around the world solve one of their most significant and costly water challenges,” said Steve Leung, Senior Vice President and President, Emerging Markets, Xylem Inc. Visenti was founded in 2011 and has 30 employees.
The USG Boral team receiving the Global Gypsum Awards in Bangkok. From L-R: Christophe Blanc (Product and Systems Development Director), Regis Humbert (Regional Manufacturing Director), Patrick Desmond (Vice President, Intellectual Property), Cesar Chan (Technology Program Director, R&D), Ivan Kovarik (General Manager, Thailand), Nimitr Damkham (Saraburi Plant Manager), David Song (Vice President, Plasterboard Category).
Leading building materials supplier USG Boral was awarded three prominent industry awards at the 16th Annual Global Gypsum Conference and Exhibition, held in Bangkok, Thailand, from October 25-26, 2016. The Global Gypsum Conference is the largest and most established event in the gypsum industry. Since 2006, the Global Gypsum association presents several awards annually to recognise outstanding companies and products within the gypsum industry.
This year, USG Boral was nominated in three different categories, including two nominations within the ‘Global Gypsum Plant of the Year’ category. A judging panel as well as public votes award winners in each category. The three awards won were:
Global Gypsum Company of the Year, USG Boral Open to plaster and wallboard companies worldwide, USG Boral emerged victorious under the stringent judging criteria including management strategy, employee relations, customer and supplier relations, environmental performance, safety record, manufacturing excellence, productivity, use of technology and market results.
Global Gypsum Plant of the Year, USG Boral – Saraburi, Thailand Judged based on plant safety, productivity, innovation, quality consistency and environmental performance, the USG Boral Saraburi plant in Thailand topped the cohort among the hundreds of gypsum-wallboard plants across the globe.
Global Gypsum Product of the Year, USG Boral SHEETROCK® Plasterboard With an enhanced lightweight core structure that allows for light and easy installation, the USG Boral SHEETROCK® Plasterboard is recognised as the leading product in innovation, quality and effectiveness of product, as well as the fit to market need.
Frederic De Rougemont, Chief Executive Officer of USG Boral, said, “We are tremendously delighted to be recognised for our work across Asia, Australia and the Middle East through the prestigious Global Gypsum Awards. This is an accomplishment that is ought to be shared with our stakeholders, employees and partners who unwaveringly stood by our core values of safety, integrity, innovation, excellence and collaboration. It is our commitment to continue developing solutions for walls and ceilings that contribute to safe and healthy buildings.”
“The awards are a great recognition of our efforts over the years to create an elite plasterboard operation. We are proud to have such a professional and dedicated team at Saraburi,” said Joe Holmes, Chief Operation Officer of USG Boral.
The new showroom will demonstrate construction applications that support the development and use of modern construction solutions in Vietnam.
WACKER, the Munich-based chemical company, is strengthening its presence in Vietnam by opening a second sales office, but this time in the north of the country. The new office in Hanoi will cater to the needs of customers and partners in the fast-growing northern region.
Focusing on WACKER’s silicone and polymer products, the new office will support customers not only in construction, decorative coatings, adhesives, and electronics, but also textiles, chemicals and the rubber industry. Additionally, WACKER is opening a dry-mix mortar showroom in Ho Chi Minh City in cooperation with COSIC (the Ho Chi Minh City Construction Service and Information Center).
The new showroom – or “Application House” – will demonstrate a range of construction applications that support the development and professional application of modern construction solutions in Vietnam. The decision to open a sales office in Hanoi reflects the rapid growth of Vietnam’s economy in the north, where the construction sector is expanding especially strongly.
“With the government boosting the economy in the north, we want to provide our customers and partners there with tailor-made solutions that perfectly match their requirements,” explained Patrick de Wolf, managing director of WACKER South East Asia. Vinh Long Bui, who has been active for WACKER in North Vietnam for several years, will head the new office.
As the construction industry across Vietnam is growing at such a fast pace, WACKER has additionally decided to open a dry-mix mortars showroom in Ho Chi Minh City, the so-called “Application House.” The new facility will take account of regional raw materials and rising building standards in Vietnam. “The facility will help us not only to transfer our extensive expertise in sustainable building materials, but also to increase awareness of the advantages and market prospects of construction chemicals,” stressed Long Nguyen, technical manager for Construction Polymers at WACKER.
Located at the COSIC building in Ho Chi Minh City, the new showroom will offer opportunities for conducting indoor and outdoor application tests on polymer powders, dispersions and construction silicones – with applications ranging from skim coats, tile adhesives and self-leveling flooring compounds to water-proofing membranes, silicone sealants and adhesives. The “Application House” will host training courses for customers, end users and students. Its goal is to introduce and promote high-quality, efficient construction materials and techniques in Vietnam.
In total, WACKER now has 27 sales offices in Asia, with seven of them located in South East Asia: Bangkok (Thailand), Hanoi and Ho Chi Minh City (Vietnam), Jakarta (Indonesia), Manila (the Philippines), Kuala Lumpur (Malaysia) and Singapore, which also is the company’s regional headquarters.
The construction industry, currently a $9.5 trillion market expected to nearly double by 2030, is among the least digitised industries
FINALCAD, a global leader in mobile construction apps and predictive analytics for the field, today announced that it has raised $20 million in Series B round led by Serena Capital, Caphorn Invest and Aster Capital. Investment will fuel international business growth, expansion into new sectors and advanced research and development.
The construction industry, currently a $9.5 trillion market expected to nearly double by 2030*, is among the least digitised industries**. “In five years, FINALCAD has responded to tremendous demand for mobile apps for the field, in Europe, Asia and Americas.” said Jimmy Louchart, co-founder and CEO of FINALCAD. “With this new round of funding, FINALCAD is poised to scale for this growing demand happening within a growing global market.”
FINALCAD is planning to use the funding for international business development, as well as expanding new sectors such as civil infrastructures and energy.
New funding will also fuel research and development for furthering advanced fields: smart data analytics, artificial intelligence for objects recognition, augmented reality linked to BIM models, digitisation of lean construction processes, and open API interoperability.
Launched 5 years ago, FINALCAD has seen rapid growth*** globally with more than 10,000 projects delivered to date in 30 countries, totalling more than 20 million jobsite observations and nearly 10 million photos. FINALCAD is used by global contractors such as Bouygues, Daewoo Engineering & Construction, Eiffage, Fujita Corporation, Shimizu Corporation, Takenaka Corporation, VINCI, infrastructure operators like RATP Group, as well as architects, and owners, such as Capitaland and Swire Properties. FINALCAD’s customers improve quality on their projects, save time and budget costs.
FINALCAD was built upon five founding pillars that are driving its design and worldwide, massive adoption:
#GLOBAL: available in 30 languages, FINALCAD is by far the mobile construction app that has the largest global footprint.
#MOBILE: FINALCAD is a mobile-first app developed natively on all major platforms (iOS, Android and Windows) for tablets and smartphones.
#BIM: FINALCAD is the only context-based mobile app enabling BIM on the field, integrated with BIM leading solution Autodesk Revit, and Open BIM standards.
#SMARTDATA: FINALCAD stands out with its data-driven features, from in-app suggestions of corrective actions to on-demand analytics reports.
#CONSTRUCTION: FINALCAD is designed by construction professionals for construction professionals. The team is composed of former site managers, engineers and architects that are dedicated to the digital transformation of the industry.
“Since our initial investment in FINALCAD, the company’s performance and ability to execute has exceeded our expectations” said Nicolas Louvet, Partner at Serena Capital. “Over the past two years, FINALCAD has delivered product innovation, field adoption, and significantly expanded the share of its international clients. This is why we decided to lead this second round of funding.”
“We reckon the construction industry is lagging behind in digitisation, with tremendous needs lying ahead. FINALCAD clearly embodies this huge opportunity. CapHorn Invest is committed to helping the company accelerate its growth taking advantage of the CapHorn Network of subscribers.” said Laurent Dumas-Crouzillac, Partner at Caphorn Invest.
“We were particularly impressed with the global mindset and international business development demonstrated by FINALCAD, especially in Europe and Asia. It will be a natural fit with the global coverage of Aster Capital’s team and investment portfolio,” said Jean-Marc Bally, Managing Partner at Aster Capital.
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*Global Construction 2030 Report, by Global Construction Perspectives and Oxford Economics.
**McKinsey Global Institute Industry Digitization Index
***FINALCAD has been ranked in the top tier of Deloitte’s Fast 500 EMEA and Fast 50 France rankings with a cumulated growth of 827 percent over four years.
LEED-certified buildings can use arc to improve and benchmark against other certified buildings around them.
Green Business Certification Inc. (GBCI) announced a new technology organisation called arc during the U.S. Green Building Council (USGBC) International Summit held at the 2016 Greenbuild International Conference and Expo. Officially launching later in 2016, arc will further the performance of the green building industry and the built environment as a whole.
Scot Horst, USGBC’s chief product officer, has been named arc’s incoming CEO. He will transition from his role with USGBC and LEED at the end of 2016.
“As the leaders of the green building movement over the last two decades, USGBC and GBCI have gathered more green building data and its related business intelligence than any other organisation in the world,” said Rick Fedrizzi, CEO and founding chair, USGBC. “Through this data we have begun to measure, monitor and score building performance in real time. We developed arc as a way to provide new and more transparent ways to share this information.”
“Scot’s leadership of this new venture is a testament to his expertise and vision. He’s led LEED’s continued evolution through LEED 2009 and v4, its globalisation and its shift from a design tool to a performance metric. We welcome him to his new role,” continued Fedrizzi.
Arc is a state of the art platform that will allow any building to participate and immediately start measuring performance, make improvements and benchmark against itself. The goal of arc is to support the missions of USGBC and GBCI. LEED-certified buildings can use arc to improve and benchmark against other certified buildings around them. Buildings that have not certified yet will be able to use arc to make incremental sustainability improvements and eventually achieve LEED certification.
“The LEED rating system revolutionised the design, construction and operations of green buildings more than 16 years ago,” said Scot Horst, incoming CEO, arc. “Arc’s goal is to transform green performance technology and bring data, mobility and the most disruptive technologies available today to support a holistic approach to building our future. It will connect actions through a single platform that delivers a higher quality of life.”
The arc platform is a complement to LEED and other green building rating systems, standards, protocols and guidelines and allows buildings and spaces to connect to the built environment in a new way by comparing performance metrics and connecting them to green building strategies. Arc eliminates complexities and barriers to behavioural change.
Arc was developed by GBCI, which is the only certification and credentialing body within the green business and sustainability industry to exclusively administer project certifications and professional credentials and certificates for various rating systems. Arc is an open platform built to integrate the current and future standards, guidelines, protocols and systems that enable a higher quality of life.
