Developing Better
GHG Emissions
The Group adopts a structured and evolving approach to decarbonisation, aligned with regulatory requirements, global best practices and sector-specific pathways.
In 2025, the Group launched our Climate Transition Plan (CTP) that sets out our strategic priorities to reduce GHG emissions across our operations and value chain. The CTP provides a structured and consistent framework that supports regulatory compliance and alignment with international standards to support the advancement of our net‑zero roadmap. More details can be found here.
Our Progress
The Company made steady progress in reducing operational emissions. In 2022, we set a target to reduce combined Scope 1 and 2 GHG emissions by approximately 46% by 2030 from a 2019 base year for our commercial and hospitality properties in Singapore. An interim target to achieve an 8% reduction by 2025 was introduced in 2024 and successfully met at the end of 2025.
In 2025, the Group reported total Scope 1 and 2 GHG emissions of 108,756 tonnes CO2e (tCO2e), with a detailed breakdown by asset class and emission categories presented in the diagram below. Emissions intensity stood at 0.067 tCO2e/m², an 8.2% reduction from the 2024 baseline of 0.073 tCO2e/m². These improvements build on ongoing energy efficiency initiatives and support the recalibration of the Group’s Scope 1 and 2 GHG emissions targets in line with regulatory requirements and global best practices. To drive further reductions, the Group continues to focus on our decarbonisation priorities, including:
- Improving energy efficiency across assets through audits, optimisation and retrofitting initiatives
- Installing onsite solar photovoltaic systems, where feasible
- Procuring renewable energy, where available
- Advancing sustainable design and operational practices across developments and existing assets
The Group continued to enhance our Scope 3 GHG emissions disclosures. Since FY2022, emissions from four Scope 3 categories, fuel- and energy-related activities, waste generated in operations, business travel and downstream leased assets have been reported. Estimated Scope 3 GHG emissions for 2025 amounted to 50,012 tCO2e. In parallel, the Group is strengthening its Scope 3 emissions inventory and is working with a third-party consultant to develop a more comprehensive emissions profile across all relevant Scope 3 categories under the GHG Protocol.
In line with global and national climate commitments and building on our earlier targets, the Group has refreshed our climate target to reduce Scope 1 and 2 emission intensity by 76.8% per m2 GFA by 2035, using 2024 as the base year. This updated target reflects the latest global decarbonisation guidance* for the buildings sector and aligns with a 1.5°C climate pathway.