{"id":59150,"date":"2017-06-28T09:55:21","date_gmt":"2017-06-28T02:55:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/s800mil-fund-to-help-contractors-adopt-new-technology\/"},"modified":"2017-06-28T10:00:05","modified_gmt":"2017-06-28T03:00:05","slug":"s800mil-fund-to-help-contractors-adopt-new-technology","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/s800mil-fund-to-help-contractors-adopt-new-technology\/","title":{"rendered":"S$800mil fund to help contractors adopt new technology"},"content":{"rendered":"


\n\u00a0
\nThe government has promised to allocate millions of dollars to help construction firms adopt new building technologies to make them more efficient and competitive, reported The Straits Times.
\nThis is because using technologies such as prefabricated construction and virtual building design is costly, especially for smaller companies.
\nLast week, Second Minister for National Development Desmond Lee emphasised that they want all construction firms regardless of their size to join in the government\u2019s technological push.
\nAs such, the Building and Construction Authority (BCA) has established a S$800 million productivity and capability fund for this purpose, with 90 percent of its beneficiaries being small and medium-sized enterprises.
\nTo help offset some of the expenses in making use of virtual design and construction methods, companies can also apply for a separate BCA fund, from which each applicant can get up to S$30,000.
\nAccording to Lee, this would benefit about 8,000 small and medium-sized contractors, which have usually adopted a wait-and-see approach to major technological changes.
\nBesides letting these firms stay relevant in this changing time, these new construction techniques would enhance their productivity and reduce their costs in the long run.
\nThis is particularly important as construction companies have been slashing their fees to secure a dwindling number of work contracts amidst a weak property market. In fact, the BCA tender price index declined in Q1 2017 to its lowest level since 2007.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…S0mil fund to help contractors adopt new technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 The government has promised to allocate millions of dollars to help construction firms adopt...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-59150","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-fo2","jetpack-related-posts":[{"id":57820,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-public-building-tenders-to-place-greater-emphasis-on-quality-over-price\/","url_meta":{"origin":59150,"position":0},"title":"New public building tenders to place greater emphasis on quality over price","date":"June 14, 2017","format":false,"excerpt":"\r \u00a0 National Development Minister Lawrence Wong on Tuesday (13 June) unveiled plans to pilot a new type of public tender which place greater emphasis on quality over price, reported The Straits Times. This comes as the property downturn has seen firms bidding at excessively low rates just to win\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117424,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-1-36bil-support-package-for-the-construction-sector\/","url_meta":{"origin":59150,"position":1},"title":"Government unveils $1.36bil support package for the construction sector","date":"June 29, 2020","format":false,"excerpt":"\r Dubbed the Construction Support Package, the fund aims to help construction firms offset additional compliance costs due to COVID-19.\u00a0 With migrant workers in dormitories comprising the majority of COVID-19 cases in Singapore, the government has set up a $1.36 billion fund to help construction firms resume work safely and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-to-award-more-firms-for-advocating-new-construction-methods\/","url_meta":{"origin":59150,"position":2},"title":"BCA to award more firms for advocating new construction methods","date":"June 9, 2017","format":false,"excerpt":"\r CDL and contractor Teambuild used the Prefabricated Pre-finished Volumetric Construction method for the Brownstone EC. Singapore\u2019s Building and Construction Authority (BCA) is set to honour a record number of companies for pioneering the adoption of advanced and efficient construction methods, reported the Straits Times. It will confer the Construction\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70384,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/big-players-still-unwilling-to-accept-new-technologies\/","url_meta":{"origin":59150,"position":3},"title":"Big players still unwilling to accept new technologies","date":"October 30, 2017","format":false,"excerpt":"\r Despite their desire to make a change in the construction industry, mid-sized contractors face various obstacles in adopting new technologies, reported Channel News Asia. This comes as some of the big players still prefer traditional construction methods over new building technologies, said Kang Choon Boon, managing director at B19\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54399,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-tap-vr-tech-to-market-projects\/","url_meta":{"origin":59150,"position":4},"title":"Developers tap VR tech to market projects","date":"May 11, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Paya Lebar Quarter by Lendlease. Property developers are making use of virtual reality (VR) technology to assist them in marketing their new projects, reported Channel NewsAsia. For instance, Australian developer Lendlease is utilising a three-dimensional modelling platform to showcase the upcoming Paya Lebar Quarter to potential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58326,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/large-contractors-harness-prefab-tech-as-small-contractors-keep-old-ways\/","url_meta":{"origin":59150,"position":5},"title":"Large contractors harness prefab tech as small contractors keep old ways","date":"June 19, 2017","format":false,"excerpt":"\r \u00a0 While several large construction firms have embraced technological advancement, such as the use of prefab technology, as an opportunity, most small and medium-sized enterprises (SMEs) are still resistant to change, reported The Straits Times. \u201cConventional construction is facing many challenges. We knew that the (foreign worker) levy was\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/59150"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=59150"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/59150\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=59150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=59150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=59150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}