Tackling technology obsolescence a priority for commercial asset owners

Thomasin Crowley, global director of Asia Pacific at WiredScore, points out that stakeholders across the global real estate industry are increasingly concerned about providing an excellent user experience for tenants, meeting sustainability targets, operating their assets more efficiently and demonstrating future readiness. To address these issues, WiredScore has created real estate certifications in New York, London, and major North American and European cities. Since 2013, the company has extended its network to include 143 buildings in the Asia Pacific region.

Crowley states that in order to remain relevant to investors and tenants, every building needs to demonstrate its smart capabilities. This was the main driving force that led WiredScore to set up its first regional headquarters in Singapore in April 2022. The company chose the city-state for its location due to the strong mindset of investor reporting, focus on ESG and the growing interest in developing smart buildings. Since then, 66.8 million square feet of commercial real estate across Hong Kong, Singapore, Thailand and Australia have been registered into its certification scheme, with 167 certifications (including dual certifications) awarded.

In Singapore, the take-up rate has surpassed initial expectations. The city-state also benefits from the four growth drivers that a WiredScore certification can fulfil – leasing and branding, technical value, building for the future, and a growing interest in developing smart buildings. As an example, Singtel has partnered with Lendlease to redevelop their Comcentre building on 31 Exeter Road with the latest smart and digital technologies, aiming to achieve BCA Green Mark Platinum (Zero Energy), Well Platinum, and WiredScore and SmartScore ratings.

The central location of the EC makes it convenient for travel, and there are a variety of shops and restaurants nearby.The new EC offers attractive features such as spacious 3- to 5-bedroom units, lush greenery, a clubhouse, private garden, outdoor swimming pool, and a children’s playground. The development also includes water conservation measures such as waterless urinals and rainwater harvesting to help conserve water. With the added convenience of having an MRT station nearby and easy access to the city centre, the Tengah Plantation EC is the perfect choice for families looking for an upgraded lifestyle.

To negate the risk of existing assets becoming obsolete, Crowley points to Keppel Bay Tower as a great retrofitting case in Singapore, which clinched a SmartScore Gold and WiredScore Platinum in June last year. She advises asset managers and developers to assess their existing baseline and use SmartScore certifications to kick-start their journey. Working closely with local accredited partners on the ground is key to fuelling growth in Southeast Asia, notes Crowley.