What is SS: 554 Standard?

It refers to the Code of practice for indoor air quality for air-conditioned buildings. 

It applies to all air-conditioned premises where air-conditioning is used intermittently or continuously, with the exception of residential premises, factory production areas, hospitals, polyclinics and laboratories. Applies to all types of air-conditioning and air-distribution systems.
Specifies indoor air quality that will be acceptable to building occupants and to minimize the potential of adverse health effects.
Also provides limits for contaminants commonly found in an indoor environment, and limits for parameters that are indicative of the quality of the indoor air.

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What does SS stands for?

Singapore Standard (SS) Singapore is a member in all four of these international standards bodies with SPRING Singapore holding Singapore's memberships in ISO and IEC2. ... Participation in these committees is through the formation of a Singapore national committee to mirror the international standards committee.