SISV hosts 32nd Pan Pacific Congress tackling sustainability in real estate
Sun Xue Ling, Senior Minister of State of the Ministry of National Development and Ministry of Transport (centre, in grey blazer); Lim Lan Yuan, Pan Pacific Congress president; and the chief delegates (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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With climate change at the forefront of global issues, particularly for smaller countries, Singapore has ramped up efforts to promote sustainability in the real estate sector, says Sun Xue Ling, Senior Minister of State of the Ministry of National Development and Ministry of Transport.
Following the introduction of the Green Building Master Plan, which aims to achieve green certifications for 80% of Singapore buildings’ gross floor area (GFA) by 2030, Sun notes that 61% of buildings have obtained green certifications as of 2024.
She shared these insights as the guest of honour at the 32nd Pan Pacific Congress (PPC) organised by the Singapore Institute of Surveyors and Valuers (SISV) on Sept 30. This is the third time SISV has hosted the conference, which is held every two years. This year’s congress, which spanned across two days, drew delegates from 15 member countries, including Mexico, the United States, Canada, Japan, Korea and Taiwan.
Minister Sun notes that 61% of buildings have obtained green certifications as of 2024 (Photo: Samuel Isaac Chua/The Edge Singapore)
Growing incentives for sustainability
Beyond environmental benefits, Minister Sun emphasised the tangible business value of incorporating sustainable practices in real estate valuation, pointing to higher rents and occupancy rates.
Esther An, chief sustainability officer at City Developments (CDL), echoed this sentiment in her keynote address at the conference. According to An, BCA Green-Mark certified buildings have recorded rent premiums of up to 10%, with properties in the CBD seeing as much as a 12% increase in rents.
CDL's An: With climate change posing an existential threat, sustainable living and the green economy must come together (Photo: Albert Chua/The Edge Singapore)
An cited research by the Asian Development Bank, which estimates that high-emission cities could see a GDP decline of up to 17% by 2070. “With climate change posing an existential threat, sustainable living and the green economy must come together,” she says.
CDL has been at the forefront of sustainability in Singapore real estate, anchored by four strategic pillars — integration, innovation and adaptation, investment, and impact. Notable projects include the newly retrofitted City Square Mall, and residential developments such as the 429-unit Tree House. The development features extensive landscaping across 77% of its site area and a 24-storey green wall, which held the Guinness World Record for the largest vertical garden from April 2014 to June 2015.
The 429-unit Tree House features extensive landscaping across 77% of its site area and a 24-storey green wall (Photo: City Developments Limited)
Evolving housing preferences
Speaking during a panel at the PPC, Marcus Chu, CEO of ERA, highlighted how environmental considerations are also reshaping housing preferences. Citing ERA’s My Dream Home survey, Chu notes that 39% of survey respondents across all age groups ranked access to green spaces in housing estates as a top priority — placing it above proximity to schools and healthcare.
This comes alongside a growing demand for sustainable home features, especially among younger homebuyers. These include smart home technologies and balcony spaces that support environmentally conscious lifestyles.
Read also: Philip Yeo to step down as CDL director
ERA's Chu: Singapore homes can definitely be sustainable, and we are making progress in that direction (Photo: Samuel Isaac Chua/The Edge Singapore)
As the demand for green and smart homes continues to grow, Chu is confident about Singapore's real estate landscape responding to the evolving preferences. “Singapore homes can definitely be sustainable, and we are making progress in that direction,” he says.
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