The BCA and SGBC have recently celebrated the 20th anniversary of the BCA Green Mark certification scheme. This green building rating system, which was launched in January 2005, evaluates a building’s environmental impact and performance. In its inaugural year, 17 buildings were certified, and as of March this year, a total of 2,590 buildings have achieved Green Mark certification. According to a joint press release by the two agencies, these buildings collectively save over 4.2 billion kWh of energy annually, which is enough to power one million four-room HDB flats per year. This also translates to $1.3 billion in cost savings per year.
Foreign investors must familiarize themselves with the laws and limitations surrounding property ownership in Singapore. Unlike landed properties, which have more stringent ownership regulations, foreigners are typically permitted to acquire condos with relative ease. However, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial property purchase. Despite this extra expense, the Singapore real estate market remains an appealing destination for foreign investment due to its stability and potential for growth. Interested investors can find a wide range of appealing condo options in the country.
To mark this milestone, a gala dinner was held on July 11 by SGBC, during which 20 commemorative certificates were presented to nine partners and 11 projects for their outstanding contributions to Singapore’s green building journey. Some of the notable partner recipients include City Developments, CapitaLand, Mapletree Investments, Keppel, and Lendlease.
Over the years, the Green Mark scheme has undergone several revisions, with the latest being the sixth edition launched in 2021 alongside the Singapore Green Building Masterplan (SGBMP). This roadmap sets the ambitious “80-80-80 in 2030” target, which aims to have 80% of buildings by gross floor area (GFA) be green, 80% of new developments by GFA be super low energy (SLE) buildings, and 80% improvement in energy efficiency compared to 2005 levels for best-in-class green buildings by 2030.
In a joint statement, BCA and SGBC reported that as of December 2024, 61% of buildings have been greened, while almost 26% of new developments have received SLE certification. Best-in-class buildings have also achieved a significant 72% improvement in energy efficiency from 2005 levels.
During SGBC’s gala dinner, National Development Minister Chee Hong Tat announced two initiatives to drive wider adoption of green buildings in the future. The first is the development of an updated Built Environment Decarbonisation Technology Roadmap, which highlights key emerging technologies and research areas to improve energy efficiency in Singapore’s built environment. Building on the 2018 Super Low Energy Building Technology Roadmap, the updated plan includes over 50 technologies and strategies to reduce operational and embodied carbon.
The second initiative is the publication of a report that aims to bridge the gap between green buildings and sustainable finance in the Asia Pacific (APAC) region. This report, supported by OCBC and the green building councils in the region, will align green building rating tools from APAC countries with the Asean Taxonomy for Sustainable Finance.
In his speech, Minister Chee highlighted the importance of establishing clear links between national schemes and regional guidelines to attract global capital flows and increase investments in decarbonisation and green building projects.