Climate Change and Millennials Drive Sustainable Home Market

Climate Change and Millennials Drive Sustainable Home Market

Singapore’s property developers have been quite successful in implementing sustainable building techniques ( #Implementing sustainable building techniques ), at a time when climate change and the millennial generation are driving demand up, as Lee Nai Jia, deputy director of the Institute of Real Estate and Urban Studies at the National University of Singapore, explains.
Lee is a member of a panel of judges at the EdgeProp Singapore Excellence Awards 2020, an annual event hosted by EdgeProp Singapore for the purpose of recognizing excellence in the local real estate market.
This year’s awards have more than 20 categories, including sustainability ( Learn moredevelopment.
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Focusing on Sustainability
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The awards have consistently recognized sustainability and green building development in new private residential developments in Singapore.
As Lee explains, the market “has widely adopted a range of sustainable building techniques.” Singapore’s government “has led this push with higher-quality public housing, but the private market also faces intense competition with more foreign developers in the mix.”
Private property developers have placed more emphasis on the quality of the residential product they are developing. This has led to a focus on sustainability, and developers are even going beyond the expected Green Mark standards to look for innovative ways to save energy and reduce the overall carbon footprint.
Lee explains that a focus on residents’ wellness has emerged and gained prominence, and developers are creating more green space. This trend is likely to continue and become the norm.
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Innovation Excellence
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Property developers in Singapore face considerable constraints: there is not much land on the island, and standards – not only from the government but in terms of buyers’ tastes – are high.
As a result, developers have had to become creative. The award winners this year, especially the architects, landscape designers, and interior designers, have showcased innovative solutions to overcome these challenges.
This year, the EdgeProp Singapore Excellence Awards is also recognizing excellence among mixed-use developments, which Lee believes will become more common in Singapore in future.
“Urban planners are trying to minimize travel movement,” Lee explains. The challenge is to maintain the separation of users, but still retain a design harmony throughout the building.
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Move Toward Sustainability
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Lee says that the rising importance of sustainability and green buildings is one of the more important changes in the sector. Lee explains that achieving sustainability in real estate “means making sure that we do not over-consume resources, and that we limit the overall carbon footprint of the built environment.”
Climate change has been a key driver toward sustainable building. The Singaporean government is concerned about rising sea levels – a significant concern for a small island nation – and millennial Singaporeans share the concerns of many of their peers in other nations about a green and sustainable future.
Lexicon:
Implementing sustainable building techniques ( https://www.edgeprop.sg/property-news/climate-change-and-millennials-driving-demand-sustainably-built-homes ): source from edgeprop website

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