Tackling technology obsolescence a priority for commercial asset owners

Zion Road Condo is conveniently located near the vibrant vibes of Orchard Road and River Valley, and offers its residents easy access to amenities. Shopping enthusiasts will find multiple shopping malls within the vicinity, allowing them to shop to their hearts’ content. Moreover, the Orchard MRT station, a short distance away, connects Zion Road Condo to the North-South Line, providing further accessibility. The upcoming Havelock MRT station of the Thomson-East Coast Line will also offer a transport link, thus adding to the convenience of residents.

Thomasin Crowley, Global Director Asia Pacific at WiredScore, says amid a growing number of stakeholders across the real estate industry, market expectations are evolving to the point where every building needs to demonstrate its smart capabilities to remain relevant. WiredScore’s eponymous certification is a global digital connectivity rating scheme, while its SmartScore certification helps developers and asset managers define a smart building and promote best practices to develop them.

Since 2013, WiredScore has established itself for its real estate certifications in New York and London, as well as other major North American and European cities. In April 2022, the company set up its first regional headquarters in the Asia Pacific region and chose Singapore as its base of operations.

In Singapore, the company has seen strong take-up rate for its certification schemes. There are 13 certifications across 11 buildings, with 66.8 million sq ft of commercial real estate registered across the four key Asia Pacific markets. Crowley expects that by the end of this year, four more commercial buildings in Singapore will be registered with a WiredScore certification and eight more certifications will be awarded.

The challenge of certifying buildings varies from project to project and can be done at different stages of development for both new and existing buildings. For example, the WiredScore and SmartScore certifications have already been implemented in Singapore’s Keppel Bay Tower, which achieved encapsulating outcomes for an existing asset and retrofit technologies.

An even greater example of retrofitting is the $3 billion redevelopment of Singtel’s Comcentre at 31 Exeter Road. The telecoms company has announced a partnership with Lendlease to redevelop their corporate headquarters, originally completed in 1981, into a new asset with the latest smart and digital technologies. Singtel and Lendlease have revealed that the development is targeting various health, technology, and sustainability ratings including BCA Green Mark Platinum (Zero Energy), Well Platinum, and WiredScore and SmartScore ratings.

Crowley believes that meeting ESG goals is an important contributor to the development of smart buildings, since many corporate tenants and landlords must report on their sustainability efforts. Negating obsolescence is also a vital priority for asset owners, with WiredScore helping them to kickstart the journey to creating a baseline.

Working with local experts both at home and abroad, WiredScore hopes to further explore ways to serve more parts of the Southeast Asian market. The enthusiasm among asset owners and developers has been encouraging, with Thailand in particular displaying an eagerness to demonstrate their projects on the global market. Every building must demonstrate its smart capabilities to remain relevant, and WiredScore’s certifications are a great way to help do that.