The launch of the standardised ESG framework paves the way for greener projects and enhanced brand reputation
The Malaysian property sector is on the verge of a significant transformation with this year’s launch of the standardised Environmental, Social, and Governance (ESG) framework, reported JD Supra. This framework is set to revolutionise property development practices, ushering in a greener built environment and encouraging projects that have a positive social impact.
Datuk Ar. Ezumi Harzani Ismail, the president of the Malaysian Institute of Architects: 2020-2022 and the chairperson of the judging panel of the PropertyGuru PropertyGuru Asia Awards Malaysia in partnership with iProperty.com.my, agreed, stating: “A standardised ESG framework allows wider transformative effects to the building industry, which will result in the greener built environment and encourages the creation of projects that contribute positively to the social fabric.” He noted that it would also give property developers a competitive edge and enhance their brand reputation.
Implementing an ESG framework offers property developers the opportunity to build their brand and gain a competitive advantage. Prioritising sustainable practices and social responsibility enables developers to attract environmentally conscious investors and discerning homebuyers. The framework will serve as a benchmark for evaluating sustainability performance, fostering healthy competition, and driving industry-wide improvements.
ESG reporting has already begun to drive the adoption of more sustainable practices in the property development and construction sectors, with climate heroes emerging throughout the country, as uncovered by PropertyGuru Malaysia. A standardised ESG reporting framework is expected to accelerate the industry’s progress in embracing environmental, social, and governance considerations.
Ar. Dr Serina Hijjas, the vice president of Malaysia Green Building Confederation and an esteemed member of the Awards judging panel, said: “When selecting the criteria within the framework, focus must be given to enable growth, receive support from government to decouple throughout the supply chain of the built environment carbon emissions, and ensuring all five pillars of the SDG form the basis of the criteria of this ESG developed framework.”
Indeed. The launch of the standardised ESG framework in Malaysia marks a turning point for the real estate industry. By embracing sustainable practices and aligning projects with environmental stewardship, social responsibility, and good governance, developers can contribute to a greener future. The framework will act as a guide for responsible property development, benefiting both the developers and the nation as a whole.
To continue honouring the developers driven to prioritise the environment, as well as its users, the 10th PropertyGuru Asia Awards Malaysia in partnership with iProperty is proud to, once again, grant the Special Recognition in ESG title this year to those that employ environmental features, systems, and technology; and those that adopt social responsibility and diversity approaches, corporate governance, and employee benefits.
Heard of eco-conscious developers in Malaysia? Nominate them for the 10th annual PropertyGuru Asia Awards Malaysia in partnership with iProperty on or before 30 June 2023.
Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: [email protected].
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