More tenants are choosing buildings with green features as awareness of the effects of climate issues spreads throughout the region
The top five green-rated cities for commercial real estate in the Asia Pacific region are Singapore, Sydney, Wellington, Perth, and Melbourne, according to Knight Frank. These cities benefit from various factors, including multiple green spaces, low urbanisation pressures, and reduction in carbon emissions per person.
“Singapore stands out due to a comprehensive green building certification scheme and an ambitious plan to become a low-carbon built environment,” noted Christine Li, Head of Research in the Asia-Pacific
More tenants are choosing buildings with green features as awareness of the effects of climate issues spreads throughout the region. However, because demand currently outstrips supply, landlords can charge up to a 10 percent premium for sustainably rated structures. Because of this, developers speed up the construction of sustainable structures to meet growing demand.
One-third of the total gross floor area of Singapore’s building stock is “green,” and the city-state’s property sector is well-positioned to capitalise on this growth, according to Real Estate Asia report from last year.
It also mentioned that as of January 2018, about 3,200 buildings in Singapore, which cover more than 94 million sq m, have met the Building and Construction Authority’s (BCA) Green Mark standards.
The Green Mark Scheme is a system for rating the environmental impact of green buildings. The scheme establishes parameters and indicators that guide the design, construction, operation, and maintenance of new and existing buildings to maximise energy efficiency and reduce environmental impact.
Meanwhile, OpenGov reported that Gan Kim Yong, Singapore Minister for Trade and Industry, and YB Dato’ Seri Mohamed Azmin Ali, Malaysia’s Senior Minister and Minister of International Trade and Industry recently met up and agreed to start discussions on Frameworks of Cooperation in their digital and green economies.
Both Ministers concurred that digital and green economies are essential to the sustainable and inclusive prosperity of both nations. The Frameworks of Cooperation would act as the cornerstone for prospective bilateral cooperation initiatives, such as those in the digital and green economies.
The Property Report editors wrote this article. For more information, email: [email protected].
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