Prioritising High-Value Upgrades for Existing Buildings – REDAS-CPG-JLL Asset Upgrade Workshop Recap 

On 10 July 2026, REDAS convened a by-invitation Asset Upgrade Workshop at JLL’s Paya Lebar Quarter office, bringing together developers, asset owners, building managers, and public agency representatives for a focused conversation on how to prioritise capital deployment for existing buildings

In his opening address, Mr Raymond Koh, Director & Head of Asset Operations at Keppel Real Estate and co-chair of the REDAS Sustainability Committee, noted that asset owners today are not short of options, the harder question is how to prioritise capital deployment, especially for existing assets where timelines, costs, and performance expectations must be carefully balanced. The session was designed to move beyond broad discussion into practical decision-making, drawing on the expertise of CPG Corporation, JLL, and UOB, alongside the support of government partners.

Raymond Koh, Director & Head of Asset Operations at Keppel Real Estate and Co-Chair of the REDAS Sustainability Committee, delivering his opening address.

The pressures reshaping existing assets 

CPG Corporation’s Gavin Chan, Head of Sustainability, opened with what it termed the “triple squeeze” on asset value: rising and volatile energy costs, a market that increasingly rewards green buildings with higher occupancy and valuation and tightening Mandatory Energy Improvement (MEI) regulation. Illustrating the cost pressure, CPG noted that Singapore’s High Tension Small Supplies (HTS) electricity tariff rose 25% between January and July 2026 alone, translating to over S$500,000 in additional annual OPEX for a typical 30,000 sqm commercial building, with no change in building performance. 

Gavin Chan, Head of Sustainability at CPG Corporation, presenting CPG’s three-strategy framework for improving building performance, alongside case studies on energy savings from lighting and AI-driven cooling optimisation.

To help owners match interventions to their building’s readiness, CPG presented a three-strategy framework: 

Strategy 1 — Improve Visibility & Optimise Existing Performance: low-disruption operational improvements (submetering, HVAC scheduling, LED and lighting controls) typically delivering 5–10% energy savings, suited to buildings not yet ready for major capital investment. 

Strategy 2 — Targeted System Upgrades & Capital Enhancement: selective investment in plant, controls, and envelope improvements for buildings with known performance issues, typically delivering 20–30% savings. 

Strategy 3 — Transformational Retrofit & Asset Repositioning: major capital investment to transform performance, experience, and market positioning, typically delivering 30–50% savings for buildings requiring significant renewal. 

Real-world case studies shared on the day included a 55% reduction in lighting energy consumption from CPG’s own Westgate office refresh, and AI-driven chiller and cooling optimisation projects achieving savings of up to 28.6%. 

The market case for acting now 

JLL’s segment placed Singapore’s building stock in regional context: 82% of Grade A and premium office stock here was built before 2016, and industry-wide retrofitting rates need to increase roughly fivefold to meet 2050 net-zero targets. Kee Wei Hui, Head of Investor and Development Solutions, Southeast Asia, also pointed to a widening rent premium for low-carbon, high-performing assets in mature markets — evidence that sustainability performance is increasingly a market necessity rather than a “nice to have.” JLL shared project references, including a Singapore asset enhancement project that delivered a rental uplift of more than 50%. 

Kee Wei Hui, Head of Investor and Development Solutions, Southeast Asia at JLL, presenting insights on Singapore’s ageing building stock, retrofitting needs and the growing market value of high-performing, low-carbon assets.

Making the numbers work 

UOB Vivian Yang, Head of construction and infrastructure, introduced its U-Energy programme — an integrated energy efficiency financing platform supporting building owners, energy service companies, and green contractors across LED lighting, chiller, HVAC, façade, and elevator upgrades, with financing structured around guaranteed or shared savings models. Speakers also flagged government support available to owners at each stage of the journey, including the Energy Efficiency Grant, GMIS-EB 2.0, and green and sustainability-linked financing options.

Vivian Yang, Head of Construction and Infrastructure at UOB, presenting the U-Energy programme and financing solutions for energy efficiency upgrades, alongside available government support and green financing options.

A diagnostic starting point 

The session closed with a live demonstration of a short diagnostic tool that allows building owners to identify which of the three strategies best fits their asset, based on a five-minute questionnaire. 

The full session, including the opening address, CPG’s industry briefing, JLL’s investment case studies, and the diagnostic walkthrough, is available to view above. For building owners considering Strategy 2 or Strategy 3 upgrades, REDAS encourages reaching out to CPG, JLL, or UOB directly for further discussion. The same tool used at the workshop is available — access the tool here.