Sisv Hosts 32nd Pan Pacific Congress Tackling Sustainability Real Estate
With climate change becoming a major global concern, particularly for smaller countries, Singapore has made significant efforts to promote sustainability in the real estate sector. Speaking at the 32nd Pan Pacific Congress (PPC), organised by the Singapore Institute of Surveyors and Valuers (SISV), Sun Xue Ling, Senior Minister of State for the Ministry of National Development and Ministry of Transport, highlighted the country’s commitment towards environmental sustainability.
In line with the Green Building Master Plan, Singapore aims to achieve green certifications for 80% of the gross floor area (GFA) of its buildings by 2030. As of 2024, 61% of buildings have obtained green certifications. This was shared by Sun, who was the guest of honour at the PPC on Sept 30. Organised every two years, this was the third time SISV was hosting the conference, with delegates from 15 member countries, including the United States, Canada, Japan, Korea and Taiwan, in attendance this year.
Sun reiterated the tangible business value of adopting sustainable practices in real estate valuation, emphasising on the higher rents and occupancy rates that come with it. City Developments (CDL) Chief Sustainability Officer, Esther An, echoed this sentiment in her keynote speech at the conference. According to An, rent premiums of up to 10% have been recorded for BCA Green-Mark certified buildings, with properties in the CBD seeing a 12% rise in rents.
Studies have shown that high-emission cities may witness a GDP decline of up to 17% by 2070, and with climate change posing an existential challenge, sustainable living and a green economy must come hand in hand, says An. CDL has been a pioneer in driving sustainability in the Singapore real estate sector, with four key pillars – integration, innovation, investment and impact. Notable projects include the newly retrofitted City Square Mall, and residential developments like the 429-unit Tree House project, which boasts an extensive landscaped area and a 24-storey green wall that held the Guinness World Record for the largest vertical garden between April 2014 and June 2015.
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Environmental concerns have also influenced housing preferences, explained ERA CEO, Marcus Chu, in a panel discussion at the PPC. According to ERA’s My Dream Home survey, green spaces in housing estates are a top priority for 39% of respondents across age groups, ranking higher than proximity to schools and healthcare. A growing demand for sustainable home features such as smart home technologies and balcony spaces further demonstrate this trend among younger homebuyers, notes Chu.
In line with the growing demand for smart and green homes, Chu is confident that the Singapore real estate landscape will continue to evolve to meet the changing preferences of homebuyers. As he puts it, “Singapore homes can definitely be sustainable, and we are making progress in that direction.”