JTC Corporation (JTC) the lead agency in Singapore overseeing industrial infrastructure development and Glodon Co. Ltd. (Glodon) a leading Digital Building Platforms and Services provider have signed a Memorandum of Understanding (MOU) seeking to drive collaboration and pursue research and development in the areas of cost management system for construction projects.
Providing timely information to improve efficiency and productivity
In line with the Construction Industry Transformation Map, this partnership seeks to improve productivity and efficiency through digitalization.
JTC and Glodon will explore the use of integrating a cloud-based cost management digital platform system with BIM (Building Information Modeling). This allows for more efficient cost management throughout the construction project lifecycle from pre-tender preparation to when a tender is called to the design phase and finally onto the construction phase of the building. This cloud-based platform will enable all parties (Owner, Consultants, Contractors and Operators) to share and input data, encouraging collaboration throughout.
Currently, under BIM, the cost management system has not yet been fully developed and many processes are still manual and time consuming. Hence this partnership will focus on developing technology for a cost management digital platform system to:
Currently, tender evaluation is a highly time-consuming manual and tedious process where relevant cost data must be extracted manually from the tenderer submissions. This data extraction becomes more complicated when tenderers do not submit the price information according to the specified format. Costs information for tender submissions and awarded projects are also often kept within the project teams and are not usually shared or compiled. There was also no central depository to store these costs data where they can then be used as reference for future project budgeting and analysis.
Hence, this project proposes to develop a standardised digital form for unambiguous cost data submission. This approach would greatly improve the productivity of the tender evaluation where cost data can be extracted quickly and accurately. It will also look at developing a new centralised Costs Library to house historical projects and tender submission cost info. This way, cost data can be used more effectively, providing quicker, better and more accurate project budget projection, quotes comparison and price data analysis in a shorter time.
Over the course of a construction period, progressive payments are needed for works to continue which includes variation orders. Currently, this is done through multiple physical hardcopy claims submissions which will have to change hands and go through a few clearance levels. Going forward, with the development of this cost management system, it will help keep track of the payment progress digitally, ensuring transparency in payment and proper documentation. It will also enable project price info to be updated and communicated to relevant stakeholders instantly. Additionally, accurate price data and project cost information can be pulled out from the centralised Cost Library for reference.
As most parties in the construction industry are already using the BIM system, the introduction of this cost management system will not only improve user experience, productivity and transparency but will also encourage collaboration across parties, both upstream and downstream throughout the project life cycle.
Speaking at the virtual MOU signing ceremony, Mr. Zhi Fei, Senior VP of Glodon Company Limited, mentioned “ We are delighted to build a strategic partnership with JTC, this is an important step enabling Glodon and JTC to deepen our cooperation as we work together to achieve our shared vision of transforming the AEC industry through digital innovation and deep tech. I am confident that this collaboration will create new opportunities within the local ecosystem in Singapore.”
Mr. David Tan, Assistant Chief Executive, JTC Development Group added, “ Through this strategic collaboration, we aim to further augment our efforts in digitalising construction delivery by co-developing a new cost integrated Digital Platform that will integrate Digital Cost Management information with our existing pool of data across the entire project lifecycle. This will provide more insightful decision making and greater productivity to the project management teams.”
About Glodon & Cubicost
GLODON is a leading Digital Building Platforms and Services provider in the AEC (Architecture, Engineering and Construction) industry, which has been dedicated to providing whole building lifecycle digital solutions for customers since 1998, and has become TOP 5 high-tech enterprises in the field of AEC industry informatization and digitalization in the world.
Glodon Company Limited was founded in 1998 in China and listed on the Shenzhen SME Board in May 2010. Glodon has around 5,000 employees at more than 50 branches in China and 15 offices in the international market such as US, Finland, UK, UAE, Sweden, Singapore, Hong Kong, Vietnam and Malaysia, Taiwan, India, Indonesia, Philippines, and Thailand.
Glodon focuses on the entire lifecycle of construction projects and delivers first-class products and services to promote modernization and digitalization of the AEC industry.
Cubicost is a new brand of Glodon in the international market. Cubicost BIM suite is comprised of four individual BIM-based software products (TAS, TRB, TBQ, TME) that are focused on different needs of Quantity Surveying and 5D BIM Cost Management business. All these four products together virtually cover all general requirements in the engineering cost estimation and management business. Moreover, the BIM model and related data can be easily transferred between four products, bringing you the most professional, efficient and accurate BIM cost estimation and management experience.
As a BIM solution provider for cost estimation which is different from traditional methods, Cubicost enables data and model sharing among other popular software from upstream to downstream in the industry. Explore more from us, please visit www.glodon.com .
About JTC Corporation
JTC is the government agency championing sustainable industrial development. Together with our partners, we masterplan clean, green and smart estates as attractive destinations for talent and the community. Our estates attract new investment and foster collaborative ecosystems that accelerate business transformation and strengthen Singapore’s position as an advanced manufacturing hub. We also drive innovation in the Built Environment sector. For more information on JTC, please visit www.jtc.gov.sg.
Construction Industry Transformation Map
The Construction ITM, under the Built Environment cluster, is one of 23 ITMs identified under a $4.5 billion Industry Transformation Programme mooted by the Future Economy Council (FEC).
For more information on the Construction ITM, please visit https://www1.bca.gov.sg/buildsg/construction-industry-transformation-map-ITM