SINGAPORE - Mainboard-listed City Developments Limited (CDL) announced on Wednesday that its latest sustainability report will disclose more of the company's green efforts that can deliver benefits to its stakeholders.
CDL said that last year it achieved a 21 per cent reduction in carbon emissions, a 29 per cent reduction in water usage and a 9 per cent increase in renewable energy generated by CDL-managed buildings.
The developer has over 70 BCA Green Mark developments, as at end-2014, which together saved $36.5 million in electricity consumption last year.
The group has also announced plans to adopt an advanced construction technology, prefabricated prefinished volumetric construction, to develop a new 638-unit executive condominium - which could be a world first for a large-scale residential project. This method will boost productivity by over 40 per cent, saving about 55,000 man days, CDL said.
Even though CDL has been publishing sustainability reports since 2008, the report now includes carbon disclosures from the group's key subsidiaries - Millennium & Copthorne Hotels plc (M&C), CDL Hospitality Trusts, CBM Pte Ltd, City Serviced Offices, Le Grove Serviced Apartments and the Tower Club.
This is because CDL will adopt an Integrated Reporting (IR) approach for its latest sustainability report, and is the first property developer here to do so.
The report will be based on the International Integrated Reporting Council's framework. It aims to allow stakeholders to see how CDL's business and sustainability performance leads to value creation over the short-, medium- and long-term.
Said deputy chairman Mr Kwek Leng Joo in the statement: "Despite challenges in the global and domestic economies, CDL remained resilient with strong earnings of $770 million for 2014, while maintaining our commitment to corporate social responsibility and sustainable development."
"2015 is expected to be another challenging year for the Singapore property market, and the outlook of the global economy remains fragile. Nevertheless, we believe that there will be pockets of opportunity," he added.
Mr Kwek said CDL will capitalise on the downcycle by expanding its know-how, diversifying its products and seeking new opportunities locally and abroad.