Case Analysis

Sustainability of Sustainable Real Property Development
Authors

Kwame Addae-Dapaah, Liow Kim Hiang, and Neo Yen Shi, Sharon
The paper investigates commercial buildings users’ perception of the benefits of green buildings and how this perception influences their decision to occupy and/or invest in them. A survey of 400 commercial real estate users in Singapore reveals that they are aware of, and appreciate the benefits of green buildings. However, they are not willing to occupy and/or invest in green buildings as they are concerned with monetary returns. Price, reliability, and effectiveness of green features, as well as apathy towards environmental issues, are impeding the sustainability of sustainable commercial real estate in Singapore. Notwithstanding, since it was found that cost saving and higher property value benefits statistically influence respondents’ willingness to invest in, or occupy green buildings, turning the sustainability advocacy into realistic economic advocacy could ensure sustainability of sustainable real estate development.

Abstract

The concern about the ability of the land resource base to meet, indefinitely, the ever increasing demand for ‘‘land’’ because of the rapid pace of technological advancement and socio-cultural and economic developments, vis-a-vis global ` warming, has made sustainable development a hot topic worldwide. Environmental concerns have plagued mankind for ages. As early as the nineteenth century, Marsh (1864:36) made this telling observation: ‘‘Man everywhere is a disturbing agent. Wherever he plants his foot, the harmonies of nature are turned to discord.’’ The Ecologist (1972:15) states: ‘‘The principal defect of the industrial way of life with its ethos of expansion is that it is not sustainable...We can be certain, however, that sooner or later it will end (only the precise time and circumstances are in doubt) and it will do so in one of two ways: either against our will, in a succession of famines, epidemics,

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