Going green: Home owners, builders 'willing to pay more'

Local home owners and developers are willing to pay more for green buildings in recognition of their benefits, according to a survey released by the Building & Construction Authority (BCA) yesterday.

More than 70 per cent of home owners acknowledged that green buildings have a better resale value and about half of them were willing to pay 3 to 4 per cent more for a green building that is certified by the BCA Green Mark.

As for developers, 72 per cent said they would prefer to invest in or purchase a green building over a non-green one, and were willing to fork out up to 5 per cent more.

Over 90 per cent of those polled said that green buildings result in lower utility bills, reduced environmental impact and better health benefits. The survey reached 2,200 home owners, office tenants, property agents, facility managers and developers.

The results of the survey reinforce the business case for green buildings in Singapore, said BCA.

Its CEO Hugh Lim said: "Meeting the strong demand for green buildings domestically has enabled many Singapore built environment firms to develop specialised capabilities in green building design for the tropics.

"The greater interest in sustainable buildings abroad has also presented new business opportunities to our firms, especially in developments which have adopted BCA's well-regarded Green Mark assessment."

BCA noted that to date, close to 300 projects in 80 cities overseas have BCA's Green Mark certification.

A version of this article appeared in the print edition of The Straits Times on November 16, 2017, with the headline 'Going green: Home owners, builders 'willing to pay more''. Print Edition | Subscribe