The why and how of green real estate
From flash floods to wildfires, the effects of climate change have intensified in recent years.
With the world on the brink of catastrophe, governments and international organisations have set targets to slash carbon emissions by 2030 – a goal that has also been adopted by many industries. The built environment sector in Singapore is no exception.
Buildings account for over 20 per cent of the country’s carbone missions. In order to reduce this figure, the Singapore Green Plan 2030 has called for 80 per cent of existing buildings in Singapore to go green by 2030.
A green building is one that is resource-efficient and environmentally responsible throughout its life cycle, from planning to construction, operation, maintenance, renovation, and demolition.
Common features include renewable energy sources, such as solar panels, and smart building management systems to optimise energy consumption and ensure indoor environmental quality through thermal control and air quality control.
Waste reduction measures such as recycling procedures and low-waste products are also hallmarks of a green building, which often houses a plethora of plants too.
Can money grow on trees?
Planting and maintaining trees, flowers, and shrubs indoors costs money. But greenery can help boost productivity and increase profitability.
It is a well-known fact that poorly ventilated buildings often lead to sick building syndrome, where occupants experience health effects that appear to be linked to the amount of time they spend in a building. This phenomenon is especially prevalent among office workers who spend extended periods of time each day in their office buildings.
The right selection of flora can purify the air within buildings, removing air-borne contaminants that workers would otherwise breathe in. With the addition of smart air distribution and ventilation systems, the air quality and overall indoor environment can improve significantly. Workers are less likely to fall ill, reducing the amount of sick leave they take and in turn boosting productivity.
Besides enhancing work environments, greening your building can also help you save on energy costs.
Employing energy-efficient systems such as sensor-controlled lights, which turn off automatically when no one is around, or tap configurations that reduce the pressure of water flow, can significantly reduce utility costs. These savings in operation costs typically outweigh the premiums that come with sustainable design and construction in the long run.
Green buildings also make for more resilient and profitable assets because of their compliance with growing climate regulations. From building codes to mandatory disclosure of environmental impacts, green buildings are more likely to stand the test of time as the world’s continual battle against climate change trickles down to building regulation.
Growing market demand for sustainable living and working spaces is also pushing up the value of green real estate, with the World Green Building Council stating that green buildings could have up to 7 per cent higher asset values than conventional buildings.
Greening your building
With its environmental benefits, green real estate makes sense – and cents. But how do you green your buildings?
When it comes to new buildings, planning is crucial. Whether it is deciding which sustainable materials to use or which smart low-energy systems to install, green real estate begins even before the foundations of your building are laid.
Existing real estate can also be retrofitted with sustainable technologies. Solar panels and smart lighting are some features that are relatively simple to install in older buildings, while controlling water tap pressures is another easy fix.
While the realm of green real estate is relatively new, many developers have already worked on outstanding sustainable building projects. Learning best practices from such developers can greatly improve your sustainability efforts.
National standards such as the Building and Construction Authority’s Green Mark Certification Scheme, which evaluates a building’s environmental impact and performance, serve as a useful benchmark for your project.
Going green may seem daunting, but leveraging PropertyGuru For Business can help. We offer a suite of insights and marketing solutions to help you keep up with market trends, while connecting you with like-minded stakeholders, enhancing your projects from start to finish.
Green real estate is a growing sector, and staying ahead of the curve will benefit both your business and the environment. Keep track of developments in green real estate technology here.
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