WiredScore launches in Thailand with APAC Land, Frasers Property, MQDC, Muang Thai Life Assurance, One Bangkok, and Siam Motors among first adopters
In conjunction with the launch, WiredScore publishes its Asia Pacific real estate investment report “Investing in the future: exploring the cost of technical obsolescence”
30 March, 2023, Bangkok: WiredScore, the global company behind the internationally-recognised digital connectivity rating platform for real estate, today announced its official launch in Thailand. This expands the firm’s Asia Pacific footprint following successful launches in Singapore and Hong Kong last year, as well as in Australia in 2019.
As part of the expansion, APAC Land, Frasers Property (Thailand), Magnolia Quality Development Corporation (MQDC), Muang Thai Life Assurance, One Bangkok and Siam Motors have been named the first landlords and developers in Thailand to pursue WiredScore and SmartScore certifications for their buildings.
Commenting on the launch, Thomasin Crowley, Global Director of APAC at WiredScore, remarked: “Thailand is set to embark on a rapid digital transformation journey as part of its Thailand 4.0 strategy, and our offerings readily support this journey. Our certifications highlight the importance of integrating in-building technologies and smart features in real estate assets to unlock their potential and deliver a best-in-class user experience for tenants. We are thrilled to bring our expertise to the market and work with local stakeholders to make building portfolios across Thailand smarter and better-connected.”
Notably, One Bangkok has committed its five commercial towers to the WiredScore and SmartScore certifications, with MQDC’s Cloud 11 project and Siam Motors’ Siam Patumwan House development also committed to both certifications. In addition, Frasers Property has committed five buildings under its portfolio including Park Ventures Ecoplex, Sathorn Square, FYI Center, Samyan Mitrtown, and Silom Edge to the WiredScore certification while APAC Land’s APAC Tower and Muang Thai Life Assurance’s 66 Tower are also currently undergoing WiredScore certification.
Appraised through the WiredScore certification, a global digital connectivity rating scheme, landlords and developers work with WiredScore to assess, improve, benchmark and promote their buildings. WiredScore also provides the SmartScore certification, which defines what smart buildings are, and how to create them, allowing global landlords to understand, improve and communicate the user functionality and technological foundations of their assets.
Lim Hua Tiong, Chief Executive Officer, One Bangkok, commented: “In keeping with our vision for One Bangkok, we are committed to developing the district into a prime centrepiece, the ideal urban district that will set new benchmarks for the industry and elevate Bangkok to become one of the world’s great metropolises. Recognising that the foundation of today’s premium real estate is a strong technology-enabled backbone, we actively seek to incorporate best-in-class practices in the development of our buildings and are therefore delighted to be working with WiredScore to deliver a tech-first approach across our keystone project.”
Keerin Chutumstid, Chief Operating Officer, MQDC, said: “MQDC is committed to helping drive the transformation of South Sukhumvit into Southeast Asia’s largest innovation district. MQDC launched the cutting-edge Cloud 11 project this year with a focus on the growing Creator Economy. With a concept of ‘Empowering Creators’, Cloud 11 will become Asia’s largest hub for content creators. We aim to incorporate innovation and pioneering technology, so we’ve sought out international smart building standards to give content creators, production studio tenants, and office workers the best experience. WiredScore and SmartScore are among the standards we trust and apply.”
Resilience, technological capabilities and sustainability lead the way in real estate
Alongside the firm’s launch in Thailand, WiredScore released its “Investing in the future: exploring the cost of technical obsolescence” report to unveil the priorities of Asia Pacific real estate investors amidst an ever-evolving digital and physical landscape.
Beyond the usual consideration of location and rental yield, results found that the long-term relevance of a building was the most important for over half of the respondents when deciding where to invest their funds. In fact, all the respondents (100%) in Thailand agreed that it is important for a building to have a recognised certification that validate steps have been taken to ensure the building’s resilience for the future.
Investors continue to recognise the importance of technology adoption to keep buildings up-to-date, with 58% of respondents not willing to invest in properties that lack high quality digital infrastructure and 43% not keen on pursuing properties without smart technology. Though not at the top of their priority list, sustainability remains a key consideration as 41% of respondents deem sustainable buildings enabled by technology as a factor affecting their investment decisions.
Commenting on the findings, Crowley added: “Our research findings highlight that real estate investors in Asia are increasingly putting more emphasis on other aspects of a building beyond just the rate of return. This is true for all the Thailand respondents who shared the same sentiment on the need for buildings to have a recognised certification. Ensuring buildings are future-proof and ready for any challenge will be key to retaining relevance. We are pleased to be working with landlords in Thailand who recognise this opportunity and are taking action now to propel themselves forward as a leader in real estate.”
The Investing in the future: exploring the cost of technical obsolescence report is based on a survey of 100 real estate investors across Australia, Hong Kong, Singapore, and Thailand. The full report is available here.
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WiredScore is the organisation behind the WiredScore and SmartScore certifications: the internationally recognised digital connectivity and smart building rating systems for real estate, helping landlords design and promote buildings with powerful digital connectivity and smart capabilities. WiredScore was founded in New York in 2013 by leaders in real estate, technology and telecommunications, with an endorsement from Mayor Bloomberg, to improve the city’s technology infrastructure, and support its entrepreneurs who are driving technological advances and creating jobs. Since then, more than 800 million square feet (75 million square meters) of commercial and residential space has been committed to WiredScore certification, impacting more than eight million people across 37 markets.
For more information on WiredScore, SmartScore or to find WiredScore and SmartScore certified buildings, visit: www.wiredscore.com.