Sustainability is integral to our business and operations

Can you please tell us about City Developments Limited?

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 106 locations in 29 countries and regions. Listed on the Singapore Exchange, the group is one of the largest companies by market capitalisation. Our income-stable and geographically diverse portfolio comprises 24 million square feet of residences, offices, hotels, serviced apartments, shopping malls and integrated developments.

How long have you been leading the company’s sustainability strategy?

In 1995 I joined CDL with the main task of setting up its public relations portfolio to enhance CDL’s branding and image. As a company’s reputation, branding and goodwill are built on good corporate governance, risk mitigation, sound ESG performances and product responsibility, it was a natural progression for me to grow from a PR practitioner to a CSR and sustainability professional.

With growing concern and knowledge about the threats of climate change and the global paradigm shift to a low-carbon economy, my portfolio has grown by leaps and bounds over the past two decades and in 2014 I assumed my current role as CDL’s Chief Sustainability Officer.

How important is ESG to City Developments Limited?

Sustainability is integral to CDL’s business and operations, as illustrated in and aligned with our ethos of “Conserving as we Construct” since 1995. Our company has proved that the strategic integration of ESG presents a strong business case, establishing a unique value proposition for CDL, while strengthening our reputation and trust amongst stakeholders and the community. Our early adoption of green buildings and innovation has placed us in a strong position to address present and future climate challenges. The progress we made in integrating ESG strategically across our value chain has earned CDL global recognition on 12 leading sustainability benchmarks. We are proud to have earned a number of prestigious accolades which recognise our climate strategy and commitment, and underscore CDL’s positioning as a sustainable investment of choice.

How would you articulate the company’s approach to ESG?

Our ESG-centric vision has built a sound foundation to mitigate climate-related business risks and is set to unlock new capital and business opportunities as we enter a new decade. Research has shown that more corporations are using ESG considerations as a lever to lower risk and thus factoring it into their acquisitions. 2020 is also a crucial year for addressing the Sustainable Development Goals (SDGs) that set targets for the world to become safer, healthier, fairer and more sustainable by 2030. To achieve these ambitious goals, both policymakers and businesses share the same level of responsibility to mitigate and adapt to the climate emergency, which makes it vital for all to work together to form a strong force for good. As a pioneering force in sustainability, CDL’s strong track record in ESG performance, guided by our four key pillars of strategy – integration, innovation, investment, and impact – will enable us to forge ahead in the new climate economy, future-proofing our business and sustaining growth in the right manner.
Which of your developments do you think best encapsulates your approach to sustainability?
Based on its international profile and awards it continues to receive, CDL’s flagship building Republic Plaza (RP) in Singapore has set a benchmark for green buildings and represents our longstanding commitment to sustainability. Since its completion in 1996, RP has maintained its Green Mark Platinum standard via regular tracking and enhancements.

In 2019, RP was revamped after an extensive SGD 70 million Asset Enhancement Initiative (AEI). The renovation involved a major makeover, with sustainability a key consideration in the AEI, as increased lift operations reduced energy consumption by 18%, while saving 4,000,000 kWh of energy, or an annual saving of SGD 870,000.

How has the company adapted its ESG focus during the COVID-19 pandemic?

In these challenging times, supporting vulnerable families and communities is vital. To support Singapore’s social service agencies in delivering critical services to vulnerable communities, CDL made a SGD 400,000 donation to The Invictus Fund. We also committed over SGD 30 million in rental relief and support for our tenants. 

Our hospitality subsidiary, Millennium & Copthorne Hotels Limited (M&C) pushed out its global campaign “We Clean. We Care. We Welcome.” to ensure guests have a safe hospitality experience.

Where do you see the future of ESG for the company?

The global pandemic and climate emergency have accelerated the global ESG movement. Driven by investors, financial institutions and consumers, this transformation has seen climate and ESG funds outperform their peers in the recent market downturn.

To further build resilience and long-term sustainability for the environment, communities and people, we remain committed to setting ambitious targets and building a larger ecosystem by extensive engagement with the value chain and the community.