Several studies on green building in Singapore and other South-east Asian countries proved cost is the main barrier for developers to achieve their goal.
In a survey conducted by Jones Lang LaSalle (JLL) and CoreNet Global, though most property executives from corporations perceive sustainability and energy as a must for business, they are less willing to pay now for green offices compared last year.
A research from BCI Asia also agrees that cost is the barrier in the attempt of developers to go green in most Asian countries, including Singapore. BCI reported the upfront cost premium is the main obstruction in green projects across the Asia-Pacific. More than half of the respondents believe that the price of a green building will be 10 percent higher than a regular building, and approximately 27 percent of respondents think that the cost for premium buildings could be 20 percent or more than the cost for traditional ones.
In Singapore, the government made an R&D fund worth $50 million to increase the progress of green building technology because the energy costs in the country is continuously rising.
According to president of the Real Estate Developers’ Association of Singapore (Redas) Simon Cheong, “Sustainable development is not a choice. We just do not have the luxury as a small country to ignore it. The faster we get there, the better it is for us all.”
In February 2009, Singapore is projected to design a blueprint for sustainable development that is expected to come for the next 10 to 15 years.