Business Times: Going green pays off for developers
A recent article in the Business Times (reproduced here) reported that :
“If buildings meet certain Green Mark standards, owners can apply for additional Gross Floor Area (GFA) beyond the master plan gross plot ratio control.
Developments with the Platinum rating can receive up to 2 per cent more GFA (capped at 5,000 sq m), while those with the Gold Plus rating are eligible for up to one per cent more (capped at 2,500 sq m).”
In land-scarce Singapore, this is a powerful incentive. At current record land prices, an extra 5,000 sqm is easily worth millions of dollars to the developer, even though a development charge has to be paid to the government.
There are currently 4 levels of Green Mark ratings:
| Green Mark Rating | Green Mark Points |
|---|---|
| Green Mark Platinum | 90 and above |
| Green Mark GoldPlus | 85 to <90 |
| Green Mark Gold | 75 to <85 |
| Green Mark Certified | 50 to <75 |
There is now greater impetus to strive for the next Green Mark level, especially for buildings at the Green Mark Gold Plus level. Only 5 points separate this from the highest Green Mark Platinum level, making it an attainable goal.
With the 2008 revision of the Green Mark programme, developers can score points by using Green Label certified products such as our bamboo flooring. Under this category, there is a total of 1.5 points available. Any extra building costs is more than offset by the extra GFA available.
When a mere 5 points could equate to a difference of millions of dollars, every little bit helps.
