CBRE makes international foray with first NABERS project in Hong Kong
CBRE’s Asia Pacific sustainability team has secured an industry-first appointment to provide NABERS energy assessments in Hong Kong.
The assessments are being undertaken on 143,000 square metres of selected assets in Link REIT’s retail portfolio in Hong Kong, to benchmark building performance, as well as identify energy saving opportunities and help improve the portfolio’s efficiency.
Link REIT is the first real estate investment trust in Hong Kong and the largest in Asia in terms of market capitalisation, with a portfolio comprising more than one million square metres of retail space.
CBRE director of sustainability, Pacific, Emma McMahon says the project is evidence of the growing importance of sustainability in real estate.
“This pilot project is indicative of the growing number of owners and fund managers in Asia seeking proven approaches to verify the sustainability performance of their portfolios – largely as a response to institutional investor demand,” McMahon says.
Calvin Lee Kwan, Link’s general manager of sustainability comments on the project: “Since 2010, Link has implemented a comprehensive and ambitious energy management strategy which has so far achieved over 26 percent reduction in total energy consumption across the portfolio.
“The NABERS pilot will allow us to assess the energy performance of our assets using a tried and tested methodology and to benchmark asset performance internally as well as externally.”
CBRE will initially rate nine shopping centres over several locations, looking at specific features such as floor layout, opening hours, energy consumption, car park provisions and vacancy rates.
The assets undergoing NABERS assessments include; Lok Fu Plaza; Chung Fu Plaza; Leung King Plaza; Hau Tak (II) Shopping Centre; Wong Tai Sin Plaza (Temple Mall South); Lung Cheung Plaza (Temple Mall North); On Ting Commercial Complex (also known as H.A.N.D.S); Yau Oi Commercial Complex (also known as H.A.N.D.S); and Stanley Plaza.
McMahon says the project marks a major milestone for real estate.
“The appointment marks the first project to be rated by the NABERS scheme in this market, representing an exciting development of the tool, and one step closer to the internationalisation of energy benchmarking in real estate,” McMahon explains.
The pilot project will see the assets assessed using the Australian Queensland postcode and associated climatic algorithms – the most similar existing climatic algorithm to Hong Kong in the NABERS scheme.
“This pilot project will be pivotal in establishing the framework for NABERS in similar markets, understanding the challenges this poses, where the rules need to be adapted to suit that market, and where there needs to be more investigation,” McMahon explains.