Property developers in Singapore have to set the pace for industry transformation in the postpandemic world, where an increasing premium will be placed on sustainability and resilience.
Calling on developers to build a sustainable, caring and liveable city, Deputy Prime Minister and Finance Minister Heng Swee Keat yesterday urged them to "step up the pace of transformation and bring other industry players along".
Speaking at the Real Estate Developers' Association of Singapore's (Redas) anniversary celebration, held at The Ritz-Carlton, Millenia Singapore, he added: "Thankfully, we have strong foundations to build on."
In his speech, which was streamed online, Mr Heng said Singapore must set its sights beyond Covid-19 and ask itself what it should do differently, especially in relation to its industry transformation maps (ITMs).
"We will need to refresh our ITMs, and explore how we can work and collaborate differently to innovate better," he said.
One approach for innovation involves adopting a "start-up mindset" similar to what the eight Alliances for Action under the Emerging Stronger Task Force have done.
These industry-led coalitions are focused on speed and action, rapidly prototyping new ideas and scaling up those that are successful. For instance, Redas is leading a trial with a digital dashboard that allows developers to monitor building projects based on live data, Mr Heng said. If successful, this dashboard project will be extended to all developers.
Other issues require sustained investment and effort over many years to yield an impact, he added.
He gave the example of making the built environment more climate-resilient, noting that studies have shown that Singapore is heating up twice as fast as the rest of the world.
Although greenery - which many developers have incorporated into their designs - helps to a certain extent, Singapore needs to do more, Mr Heng said.
"New solutions could include the use of cool paints and reflective glass coatings to lower absorption of heat energy from the sun. If the sector can grow its capabilities in sustainability, it will give you a competitive edge when you expand overseas," he said.
Mr Heng noted that the Government has consistently invested about 1 per cent of its gross domestic product on research and innovation, with urban solutions and sustainability one key area in the Research, Innovation and Enterprise Plan for the next five years.
"Beyond the investment by the Government in our research efforts, I hope to see our industry taking the lead," he said.
Redas president Chia Ngiang Hong, who also spoke at the event, called 2020 a "time of awakening" for the industry.
The Covid-19 pandemic drastically changed the real estate landscape and forced a "reality check" on many businesses, he said.
"Some businesses will have to think anew about how best to crisis-proof their operations and strategise sustainable business practices that can prepare them for the new normal and take them to a better future," Mr Chia added.
