The Government of Singapore (GOS) has gone into high gear to encourage the local construction industry to adopt green features in their projects. The GOS has committed approximately $47 million worth of incentives for creating a green built environment. These incentives, together with the commitment by the government to adopt Building and Construction Authority (BCA) Green Mark certification for new public buildings, are part of the overall Green Building Masterplan that BCA had developed to drive the promotion and demand for green buildings in Singapore. Separately, the Singapore Economic Development Board is committing US$234 million for the green energy push. Singapore is a signatory to the Kyoto Protocol, through which the island city-state is committed to cutting 5.0% of greenhouse gas emissions by 2012.
The market potential in Singapore for technologies, systems and equipment used in the construction of environmentally sustainable buildings (green buildings) is becoming stronger. This covers all types of systems and products to improve energy and water efficiency of a building, technologies and equipment that improve indoor air quality, construction systems that reduce noise and air pollution, as well as recyclable building materials.
Construction demand in 2008 is estimated to have reached a record high of $23.1 billion due to strong demand for private residential and commercial developments as well as public residential and civil engineering works. With public sector projects leading new construction works in 2009, the total construction demand is projected to reach between $14.7 billion and $18.7 billion. Based on these projections, there are many opportunities to supply green construction technologies and materials to the local construction industry. The Government of Singapore’s strong encouragement of local industry to adopt green technologies is providing an added boost in line with its commitment to reduce greenhouse gas emissions under the Kyoto Protocol.
This market assessment is based upon the private and public construction sector demand and its impact on the green building market.
By Haw Cheng Ng