Sisv Hosts 32nd Pan Pacific Congress Tackling Sustainability Real Estate

Since climate change has become a top global issue, Singapore has heightened its focus on promoting sustainability in the real estate sector. Sun Xue Ling, Senior Minister of State for the Ministry of National Development and Ministry of Transport, emphasized the importance of this effort as the guest of honor at the 32nd Pan Pacific Congress (PPC) organized by the Singapore Institute of Surveyors and Valuers (SISV) on Sept 30. This marks the third time SISV has hosted the Congress, which is held every two years. Delegates from 15 member countries, including Mexico, the United States, Canada, Japan, Korea, and Taiwan, attended the two-day conference.Minister Sun highlighted that Singapore’s Green Building Master Plan, which aims to achieve green certifications for 80% of buildings’ gross floor area (GFA) by 2030, has made significant progress. As of 2024, 61% of buildings have already obtained green certifications.Sun also emphasized the financial benefits of sustainability in real estate valuation, including higher rents and occupancy rates. Esther An, Chief Sustainability Officer at City Developments (CDL), supported this notion in her keynote address at the conference. She shared that BCA Green-Mark certified buildings have seen rent premiums of up to 10%, with properties in the CBD experiencing a 12% increase in rents.Adhering to four strategic pillars, CDL has been leading the charge for sustainability in Singapore’s real estate sector. Notable projects include City Square Mall, which has been recently retrofitted, and the residential development Tree House. The 429-unit development boasts 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 (before being surpassed by another building).Environmental factors are also changing housing preferences, according to Marcus Chu, CEO of ERA. In a panel at the PPC, Chu shared data from ERA’s My Dream Home survey, which revealed that 39% of respondents across all age groups ranked access to green spaces in housing estates as a top priority. This was placed above proximity to schools and healthcare facilities.Along with the demand for green spaces, there is also a growing desire for sustainable home features, especially among younger homebuyers. These features include smart home technologies and balcony spaces that support eco-friendly lifestyles.In response to this demand, Chu expressed confidence in Singapore’s real estate landscape’s ability to adapt to evolving preferences. “Singapore homes can definitely be sustainable, and we are making progress in that direction,” he said.

The upcoming development of Parktown Residence is set to provide a significant boost to the availability of affordable homes in the Outside Central Region, addressing the long-standing demand for private housing. With its integrated design, this residential complex is expected to attract a wide range of prospective buyers, including both owner-occupiers and HDB upgraders. Furthermore, the project will have the added advantage of being connected to the future Tampines North MRT station, which will form part of the Cross Island Line (CRL). For more information, please visit the Parktown Residence Showflat.