Real estate in the green of things

Sustainability is a hot topic nowadays due to the growing impact of climate change and as the world continues to recover from the pandemic. Preparing for the future is more urgent than ever.

An article by Cheyenne Hollis in mentions property developer Lendlease as seeing more investors reflecting on the effects of climate change in the property sector.

Hollis’ report mentions Eric Chan, head of Practices, Asia and project director of TRX Residences, as saying: “In our conversations with investors over the years, it is very clear more are not just aware of the impact of climate change but also asking what developers are doing to adapt to it. The focus is now about resilience, both in how the asset is equipped to deal with the physical aspects of a changing climate but also how the asset can adapt to corresponding changes in the way society will live, work and play.

“We believe that there has to be a combination of the two elements of built environment and its community to create good levels of resilience,” Chan continues.

Hollis call on property developers to “examine what a developer is doing to ensure their projects have the resiliency necessary to achieve strong returns and capital appreciation both today and well into the future.”

According to Chan, “That is precisely why they need to pay heed to a development’s sustainability credentials because their goal is to secure good returns on their investments over the long run, up to decades. They need to know the buildings they invested in will stand the test of time and are designed to be adaptable, resilient and sustainable.”

Hollis added that climate change is not bound by borders. He surmised, “For a developer like Lendlease that is active in multiple countries, the firm must not only understand how its impact varies from location to location, but they also must consider local regulations.”

The report underscored the importance of keeping the developer’s eye on the premise that people will want to live in such sustainable structures or properties. “Resilience is one aspect of the residential experience. Livability is another important element that needs to be factored into the equation,” Hollis noted.

Developers build properties that will stand the test of time and are designed to be adaptable, resilient and sustainable.

Chan said: “Sustainability is not just about going green. Especially for homes, it should be about placemaking
— to enliven the spaces and communities around the home. This is a collaborative process because every community has its own nuance and quirks, and the development has to mesh seamlessly with the location it sits within to thrive and be a place you want to live in.

“And it goes without saying that homes should be well-connected. There should be provisions for alternate commuting modes to and from the home — not just public transport and roads but end-of-trip facilities if you should choose healthier options like biking or running.”

The report concludes that project developers need to go beyond just going green but also to aim for longevity, creating spaces that will proactively respond to the risks of climate change.

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