A collaboration to accelerate the pace of digitalisation of the Built Environment sector
SINGAPORE, 16 November 2020 – Real Estate Developers’ Association of Singapore (REDAS) and KPMG in Singapore signed a collaboration agreement towards the creation of a developer-centric Integrated Digital Delivery (IDD) dashboard. Aligned with the direction and focus of Building and Construction Authority (BCA) IDD Steering Committee and Digitalising Built Environment (BE) Alliance for Action (AfA), this collaboration aims to quicken the pace of digitalising the entire BE sector collectively and effectively. Guest-of-Honour, Minister of State in the Prime Minister’s Office and the Ministry of National Development, Mr Tan Kiat How witnessed the signing ceremony of the Memorandum of Understanding for this partnership as the parties inked the agreement at a joint webinar held today.
REDAS has been working closely with BCA to drive Singapore’s Construction Industry Transformation Map (ITM) since 2015, by facilitating many private development projects to adopt Building Information Modelling (BIM) and Virtual Design and Construction (VDC) to digitalise their operations. The dashboard project, which sees REDAS working closely with BCA, Enterprise Singapore, KPMG in Singapore and industry partners, seeks to provide assistance and support for the small and medium-sized developers to adopt BIM and VDC, thereby hastening transformation of the entire BE sector. In today’s context, COVID-19 has created a greater and urgent need for the value chain players to adopt IDD for more optimal outcomes.
The IDD dashboard which is planned as a proof of concept project, is expected to extract key relevant data from various digital platforms used across the four stages of design, fabrication, construction and asset management and operations to allow for developers to manage the lifecycle of their project at a single glance. The dashboard intends to incorporate elements of benchmarking against industry norms as well as use of Artificial Intelligence to prompt for a call for action in areas of concern.
KPMG is assisting REDAS to evaluate technology providers which can provide REDAS with the optimal solutions required to develop the dashboard, as well as strategise the initial go-to-market plan.
Mr Chia Ngiang Hong, President, REDAS shared,
“REDAS can play a vital and constructive role to help facilitate and accelerate the pace of digitalisation by private sector developers. Today, more than 90% of the Gross Floor Area (GFA) of new projects have gone into digitalisation. But as they are mostly larger projects of more than 5,000 square metres, these make up less than 20% of total number of projects and they are largely undertaken by the bigger and more established private developers and the public sector. The smaller and mid-sized developers will need some assistance and support and the REDAS Developer-Centric IDD Dashboard initiative seeks to achieve that. With KPMG’s strong track record and expertise in digitalisation, the collaboration on the survey will contribute useful and valuable inputs to support development of the REDAS Dashboard. I hope that this Dashboard will encourage more collaborative use of IDD by developers and their value chain and ease the IDD on-boarding process by more developers at affordable cost.”
The IDD dashboard is significant as it employs an industry-led bottom-up approach, with KPMG ensuring strong relevance to its intended users via a survey that gathers the data on challenges faced by stakeholders in the adoption of digitalisation. REDAS, with KPMG, will use the data from this survey as the underlying foundation for the development of key features for the IDD dashboard. In addition, KPMG targets to publish the findings of the perspectives in a publication expected to be completed in early 2021, as part of KPMG’s Thought Leadership series. The publication is also expected to provide an overview of the areas to improve upon and what may be needed to undergo the digital transformation journey to gain a global advantage in the new reality.
Mr Ong Pang Thye, Managing Partner, KPMG in Singapore concluded,
“KPMG is delighted to partner with REDAS on this meaningful thought leadership publication, which leads into the IDD dashboard development. This joint project intends to drive digital transformation in and elevate Singapore’s BE sector by closing the gaps that are currently in IDD adoption. The publication’s findings when concluded, will assist Singapore’s BE sector in gaining a better understanding of the gaps, accelerating digitalisation and thus emerging stronger in the new reality. This joint webinar represents KPMG’s commitment to work closely with the Singapore Government, REDAS and various associations to be part of the country’s vision of an integrated, future-ready built environment.”
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Founded by a small group of visionary real estate developers in 1959, the Real Estate Developers' Association of Singapore (REDAS) has evolved to what it is today - Singapore’s premier business association of developers of quality real estate and an active partner in the transformation of Singapore into a global city.
REDAS actively engages regulators, policy makers and stakeholders to promote best practices and to support the growth of a vibrant and progressive real estate industry in Singapore. REDAS Members’ continual commitment to high standards of environmental responsibility remains the cornerstone of their forward role in the building of our nation. The Association also organises seminars and courses to strengthen capabilities and competencies of members as well as events and study & business trips to facilitate connection and explore opportunities.
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