The Green Mark Incentive Scheme (GMIS) program aims to help existing buildings in Singapore become more energy efficient. The Building and Construction Authority (BCA) has launched this program to facilitate the use of green building technologies and design practices through incentivised benefits for building owners who adopt these sustainable measures. For these owners, here is all the information you need to stay updated on this new scheme.
1. Incentives for Green Building
Singapore has given green building owners many incentives to adopt sustainable building practices. Among these tax incentives and funding aids lies the GMIS.
With the GMIS, building owners who implement green measures and sustain a Gold Green Mark rating or higher can be eligible for cash incentives to aid their business development goals. Awarded through a fund, it can be enjoyed by owners who satisfy the following criteria for this scheme: having a Gross Floor Area (GFA) of minimally 2,000 square metres, and the development must meet the Gold Green Mark rating or higher to qualify. Those who meet these specifications can enjoy aid through government funding to offset their business development costs.
2. Benefits of the green scheme
Firstly, applying for the Green Mark certification will set building owners well on their way to upgrading their buildings to achieve higher ratings. When obtaining high ratings (Platinum or Gold), building owners can utilise their incentives to save on long-term costs and benefit from increased property values.
Sustainable buildings are booming, contributing to rising mainstay trends in sustainable infrastructure. Architectural styles like biophilic designs blended with contemporary architecture have become very attractive to buyers and add to the long-term investment potential of sustainable buildings within the property market.
Some trademark characteristics of these green properties, such as The NUS Students’ Canteen as depicted in this article, are minimised carbon emissions and energy-saving systems, which can lead to long-term savings through lowered bills and operating costs. These offset the upfront price of retrofitting existing buildings with sustainable methods.
3. Applying for the Green Mark Certification
For building owners looking to apply for the Green Mark certification, submitting an application to the Building and Construction Authority of Singapore (BCA) can kickstart their sustainability journey. Owners should include information about the building’s green strategies, like energy savings systems, water conservation, and indoor environmental quality. Based on these systems, a rating will be given on how sustainable the building is, and benefits will be awarded to those with high ratings.
Building owners can work closely with architects and mechanical and electrical departments to identify opportunities for sustainability-based growth in their infrastructures. These implementations can add to reaching higher ratings and upgrade the building as a whole to be a pillar for green systems.
Steady and consistent sustainability upgrades are appreciated to keep up with ever-improving green features, but the rewards reaped from this are aplenty. The financial incentives awarded, coupled with the intrinsic benefits of green buildings, can aid tremendously with cutting operating costs and increasing property values while helping the environment overall.
4. Potential downsides
There are two sides to every coin. With the advanced sustainability systems that retrofitting and upgrading can bring, exorbitant upfront costs can come with them, too. Especially when aiming for higher Green Mark ratings, it can be expensive to keep up with implementing and maintaining systems, with upkeep needing to be done regularly at times, contributing to costs.
For complete optimisation of systems, specialised personnel, in-house or outsourced, may be required as well to keep the building running at peak performance. While many benefits come with this certification and incentives, consider the advantages and their costs carefully to see if applying is right for you.
Conclusion
With the introduction of the Green Mark Incentive Scheme, building owners in Singapore are now more supported than ever in investing in sustainable infrastructures and systems. These benefits can extend far beyond the immediate government-supported aid but also fall into the long-term growth plans that green businesses provide.
When supporting the sustainability movement and designing green infrastructure, seeking help from commercial and residential architecture firms is always appreciated. Simplify the process with a hospitality architecture firm in Singapore and own the green building of your dreams.
