Easier to justify construction greening costs in Singapore: Lendlease CEO, Asia

LENDLEASE strategically focuses on larger projects in more expensive markets like Singapore as they are better able to absorb the additional cost associated with greening the built environment, said Lendlease’s chief executive officer (CEO) for Asia, Justin Gabbani.

A test is the land cost make-up of a development’s capital value, he said, pointing out that any increase in construction cost would be more acutely felt where the land cost component is low.

Gabbani considers Singapore favourable as 60 to 70 per cent of a building’s cost in Singapore is the land itself, versus places like Malaysia and Sydney, where the land cost is about 20 per cent.