TENANTS � PERCEPTION TOWARDS GREEN DEVELOPMENTS

Abstract

This paper investigates the importance of „green amongst other attributes to tenants in green commercial buildings in Singapore. With increasing pressure placed on environmental resources to sustain current economic growth, the need to implement environmental protection requirements to minimise adverse environmental impacts becomes inherently critical. Countries should invest time and effort in research to promote awareness and acceptance of sustainable developments. Green buildings as a form of sustainable development are slowly gaining prominence today as there are substantive benefits to be reaped. Such benefits include potential long-term cost savings through energy and water-efficient features and increase in property value because of operational cost savings. This research highlights the perspective of tenants in green commercial buildings, on the concept of green development. It has been identified that tenants were generally receptive towards green and are aware of the benefits. They cite facilitating reduction in operation and maintenance costs, and provision of better indoor air quality to increase employee productivity as some of the key benefits. However, further promotion on the benefits of green buildings to tenants needs to be done before tenants are willing to pay a premium for the „green factor. For the developers, the market demand for green buildings is gradually rising as the general public begin to place more emphasis on environmental concern. Hence it appears likely that more developers would incorporate green features into their development to make them more appealing and to increase the market value of the development. The research shows that there is indeed a growing market for office and retail developments to go green in Singapore. The benefits from green developments are slowly becoming a cornerstone of sustainable development in Singapore and set the background from which more green buildings can evolve.