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CDL adopts integrated reporting approach in its latest sustainability report
CITY Developments Limited (CDL) has adopted an integrated reporting approach in its latest sustainability report, to provide more meaningful and all-rounded corporate reporting, becoming the first Singapore property developer to do so.
The new approach aims to give CDL's investors and stakeholders a better understanding of how the link between CDL's business and sustainability performance leads to value creation over the short, medium and long term. It is based on the International Integrated Reporting Council's framework.
In this year's sustainability report, CDL has also included carbon disclosure from key subsidiaries, namely Millennium & Copthorne Hotels, CDL Hospitality Trusts, CBM, City Serviced Offices, Le Grove Serviced Apartments and the Tower Club.
Last year, CDL achieved improved environmental performance in several areas, including a 21 per cent reduction in carbon emissions, a 29 per cent reduction in water usage and a 9 per cent increase in renewable energy generated by CDL-managed buildings.
"Despite challenges in the global and domestic economies, CDL remained resilient with strong earnings of S$770 million for 2014, while maintaining our commitment to corporate social responsibility and sustainable development," said Kwek Leng Joo, deputy chairman.
"2015 is expected to be another challenging year for the Singapore property market, and the outlook of the global economy remains fragile. Nevertheless, we believe that there will be pockets of opportunity," Mr Kwek said.
He added that CDL will capitalise on the downcycle by expanding its know-how, diversifying its products and seeking new opportunities locally and abroad.
As at end-2014, CDL has over 70 BCA Green Mark developments, including 33 Platinum projects.
It has also announced plans to adopt an advanced construction technology, prefabricated prefinished volumetric construction, to develop a new 638-unit executive condominium - which could be a world first for a large-scale residential project. This method will boost productivity by over 40 per cent, saving about 55,000 man days, it said.