Sisv Hosts 32nd Pan Pacific Congress Tackling Sustainability Real Estate
The issue of climate change has become a top priority for many countries, particularly smaller nations like Singapore. In response, the country has taken significant steps to promote sustainability in the real estate sector, according to Senior Minister of State for the Ministry of National Development and Ministry of Transport, Sun Xue Ling.
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Singapore’s Green Building Master Plan, which aims to achieve green certifications for 80% of buildings by 2030, has seen positive results with 61% of buildings already certified as green as of 2024. Minister Sun shared this information as the guest of honour at the 32nd Pan Pacific Congress (PPC) organized by the Singapore Institute of Surveyors and Valuers (SISV) on September 30. SISV hosts the conference every two years and this year’s two-day event welcomed delegates from 15 member countries including Mexico, the United States, Canada, Japan, Korea, and Taiwan.
Minister Sun emphasized the benefits of sustainability beyond just the environment, highlighting the tangible business value for real estate valuation such as higher rents and occupancy rates. This sentiment was echoed by Chief Sustainability Officer at City Developments (CDL), Esther An, in her keynote address at the conference. An stated that buildings certified with the BCA Green-Mark have recorded rent premiums of up to 10%, with properties in the Central Business District (CBD) seeing an increase of up to 12% in rents.
She also referred to research by the Asian Development Bank which projects a potential GDP decline of up to 17% by 2070 in high-emission cities. An believes that with the threat of climate change, sustainable living and the green economy must work hand in hand. CDL has been a leader in sustainability in Singapore’s real estate landscape, focusing on four strategic pillars – integration, innovation and adaptation, investment, and impact. Some notable projects include the recently retrofitted City Square Mall and the 429-unit Tree House residential development. The Tree House features extensive landscaping on 77% of its site area and boasts a 24-storey green wall that held the Guinness World Record for the largest vertical garden from 2014 to 2015.
During a panel discussion at the PPC, CEO of ERA, Marcus Chu, spoke about how environmental concerns are influencing housing preferences. Referring to ERA’s My Dream Home survey, Chu revealed that 39% of respondents of all age groups ranked access to green spaces in housing estates as a top priority, even above proximity to schools and healthcare facilities. He also noted a growing demand for sustainable home features, especially among younger homebuyers, such as smart home technologies and balcony spaces that support environmentally conscious lifestyles.
Chu believes that as the demand for green and smart homes continues to rise, Singapore’s real estate market will respond to these evolving preferences. He asserts that the country is making progress in the direction of sustainable homes and is confident that it can be achieved.