Thailand’s property developers are lagging behind their regional counterparts when it comes to acknowledging, measuring and managing sustainability risks.
According to research published by CSR-Asia.com, leading property developers in Singapore and Hong Kong extensively disclose their performance in the area, whereas those in the kingdom fail to disclose basic sustainability data beyond policy statements and PR-focused CSR (corportate social responsibility) activities.
The report noted that there are just 22 LEED (Leadership in Energy and Environmental Design) and TREES (Thailand’s Rating of Energy and Environmental Sustainability) certified green buildings in Thailand. This compares to more than 2,000 Green Mark (the local standard) buildings in Singapore.
“This trend does not seem like it will change anytime soon, with only a handful of the Thailand’s largest 25 property developers mentioning that they aim towards achieving green building ratings,” the news report said.
The sector is a significant part of the Thai economy, with 25 percent of the SET 100 companies being property developers or construction companies.
Despite their heavy environmental footprint, the majority of property companies fail to disclose even the most basic environmental performance data. Only two companies reported extensively on their carbon emissions, energy and water consumption, and waste production. Other companies merely acknowledge environmental issues but minimally demonstrated their performance and commitment.
The scathing findings noted that currently no Thai property developers put any emphasis on creating an inclusive environment for people of all ages and abilities. Additionally no company demonstrated its commitment to universal design.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Catch up on news you need to know from last week
Thailand Coup: Why property prices will not decline
Bangkok is vulnerable to earthquakes: BMA report
Office rental rates up 4.1%
Border condo markets on the rise
Luxury property prices up 0.8% in Q1
Why the banks of the Chao Phraya are buzzing
The 300% mass transit property premium
If you have a news story or comment for publication about Thailand property or real estate email andrew@propertyguru.com.sg