Whether is it Gardens by the Bay or the thousand Green Mark buildings in Singapore, it is evident that our highly advanced city lives up to the reputation of being a Garden City. In recent years, we have seen an increasing number of new developments with eco-friendly features, plants, green roofs, vertical gardens and much more. This too, is linked to the value of your property.
Beyond proximity to MRT stations and reputable schools, it is likely that proximity to greenery has a impact on your property’s value too. According to a study in 2014 on HDB resale flats, it was found that HDB flats situated in areas with much greenery were able to fetch up to 3% more. This was a study done by Richard Belcher from the Future Cities Laboratory at the Singapore-ETH Centre and Ryan Chisholm, Assistant Professor at the Department of Biological Science at the National University of Singapore.
More than being surrounded by greenery, the eco-friendliness of the property also means greater savings and value for your property. Launched by the Building and Construction Authority (BCA) in 2005, the Green Mark scheme certifies buildings according to five main criteria: energy efficiency, water efficiency, environmental protection, indoor environment quality and other green and innovative features. Having the Green Mark certification means savings in utility bills. According to a BCA report in 2016, a property in a Green Mark Awarded development is expected to enjoy energy savings of 7,383 kWh and water savings of 103 m3 per year, which amount to about $156 savings each month. It is not surprising then that one is willing to fork out more for the flat for long-term savings.
Au-yong, R. (2018). Green the colour of money where property is concerned? Retrieved from https://www.straitstimes.com/singapore/green-the-colour-of-money-where-property-is-concerned
Fesselmeyer, E. (2018). Green Mark Awards and Property Prices. Retrieved from https://www.straitstimes.com/opinion/green-mark-awards-and-property-prices