DETERMINING THE EFFECTIVENESS OF SINGAPORE �S GREEN MARK SCHEME FOR INDUSTRIAL BUILDINGS

Abstract

Part of a global environmental and sustainable development strategy has been to conceptualise building standards that would ensure that better materials, processes, and building designs can help the environment. Whilst the focus has been on residential and commercial buildings, industrial buildings really need more attention due to their environmental impact and because those within these sectors are concerned about the perceived sunk and new costs involved in converting to green buildings. One area of the world that has focused on encouraging green buildings as standard practice in order to set the bar higher on how a sustainable city can be developed and managed is Singapore with its best practices Green Mark Scheme, which has pushed green building standards even higher. Despite all the attention the government and organisations are giving green buildings in Singapore, success will not come without having the full co-operation of its citizens and businesses, including developers and investors who may feel that these new buildings will be more expensive and not something that they feel will give them a good return in terms of value. This research study aims to determine the effectiveness of Singapore’s Green Mark Scheme for industrial buildings through primary research by surveying 100 industrial building investors (green and non-green) in Singapore to assess what types of factors would most likely motivate them to consider investing in green buildings as well as pinpoint the types of challenges that may prohibit them from making this change. The results indicate that investors are primarily motivated by specific factors that directly relate to their business viability in terms of cost savings, return on investment, higher profitability, and greater real estate value or higher rents. As such, key recommendations that address these motivating factors are presented along with further research endeavours into this specific research topic.