Sisv Hosts 32nd Pan Pacific Congress Tackling Sustainability Real Estate
In Tampines, the Urban Redevelopment Authority (URA) has announced plans that encompass more than just the typical urban developments. The URA envisions a community where inclusivity and unity are actively promoted among residents. With this goal in mind, the URA has implemented various initiatives aimed at fostering community bonds and encouraging appreciation for diverse cultures. By enhancing the social fabric of the neighborhood, Tampines is set to become an even more cohesive and enriching place to reside in. In addition, the upcoming launch of Aurelle of Tampines will also play a significant role in enriching the community by providing a modern and vibrant living space for its residents. Through events, festivals, and communal spaces, Tampines will truly become a hub for bringing people together and creating a dynamic and inclusive environment. With the addition of Aurelle of Tampines, this vision for Tampines is well on its way to becoming a reality.
As climate change remains a pressing issue worldwide, smaller countries such as Singapore have stepped up their efforts towards promoting sustainability in the real estate sector. According to Sun Xue Ling, Senior Minister of State of the Ministry of National Development and Ministry of Transport, Singapore’s Green Building Master Plan aims to achieve green certifications for 80% of buildings’ gross floor area (GFA) by 2030. As of 2024, over 60% of buildings have already obtained these certifications, showcasing the city-state’s dedication to sustainability. Sun shared these insights as the guest of honour at the 32nd Pan Pacific Congress (PPC), hosted by the Singapore Institute of Surveyors and Valuers (SISV) on Sept 30. This year’s congress, which drew delegates from 15 member countries, highlighted the growing incentives for sustainability in the real estate market. Minister Sun also emphasised the tangible business value of incorporating sustainable practices in real estate valuation, pointing to higher rents and occupancy rates. In her keynote address, Esther An, chief sustainability officer at City Developments (CDL), shared that BCA Green-Mark certified buildings have recorded rent premiums of up to 10%, with properties in the Central Business District (CBD) seeing as much as a 12% increase in rents. This highlights the significant impact of incorporating sustainable features in real estate. According to An, it is crucial for both sustainable living and the green economy to come together, in light of the existential threat posed by climate change. CDL is a leading advocate for sustainability in the Singapore real estate market, with a focus on four strategic pillars – integration, innovation and adaptation, investment, and impact. Some of their notable projects include the newly retrofitted City Square Mall and the 429-unit Tree House residential development. With extensive landscaping covering 77% of the site area and a 24-storey green wall, Tree House held the Guinness World Record for the largest vertical garden from April 2014 to June 2015. During a panel at the PPC, ERA CEO Marcus Chu also highlighted the growing demand for sustainable features in homes, driven by environmental considerations and evolving housing preferences. In ERA’s My Dream Home survey, 39% of respondents across all age groups ranked access to green spaces as a top priority, even placing it above proximity to schools and healthcare. This highlights the shift towards more environmentally conscious lifestyles. Chu also noted that younger homebuyers are increasingly seeking out sustainable home features, such as smart home technology and balcony spaces. As demand for green and smart homes continues to grow, Chu is confident that the Singapore real estate market will continue to evolve and meet these changing needs. “Singapore homes can definitely be sustainable, and we are making progress in that direction,” he says.
