Asia beats N. America in green real estate survey
PROPERTY investment portfolios in Asia are more sustainable than those in North America, a survey by CBRE revealed.
Based on the findings of the Global Real Estate Sustainability Benchmark (GRESB) 2014 survey, the overall GRESB score for Asian participants was 46 per cent - surging 23 per cent over the past year. By overtaking North America's 44 per cent, Asia now ranks third, after Europe and the Pacific.
The survey comprised 92 real estate investors and developers in Asia, mainly from Japan and China, and 13 from Singapore.
The region performed well in the area of "monitoring and environmental management system", but in terms of green-building certification, it lagged behind North America and Europe.
Leading Asia for the "Asia/diversified/large cap" sectors in this year's survey is CapitaLand, one of Asia's largest real-estate companies.
CapitaLand's local and overseas properties are designed, built and operated according to its green-building guidelines, said Tan Seng Chai, group chief corporate officer of CapitaLand.
CBRE's head of sustainability in Asia, Tim Shen, said the region's significant performance improvement from last year is "very encouraging".
"It shows that this sustainability is not a fad in real estate but a strategic issue with long-term implications," Mr Shen said.
THE BUSINESS TIMES