(MENAFNEditorial) The concept of sustainable development is relatively new in Malaysia. Prior to the launch of Green Building Index, Malaysian developers who wished to make green structure were mandated to get certifications through Singapore's Building and Construction Authority.
Green technology has now been identified as a new driver for the country's economic growth as it offers numerous economic opportunities and potential in economic regeneration, innovation and wealth creation. Through the government's green technology fund, major property developers in Malaysia have been able to grab the opportunity in order to enhance the value of property.
The developers in the country have taken steps towards embracing sustainable development for the environment and for the community. Greater efforts have been put on fine tuning the basic design and thus reducing the reliance on high technology products. However, the country still faces hurdles in changing the mindset of the real estate developers to switch to sustainable building methods due to the rising concerns that going green is relatively expensive.
However, according to architects, a building with a combination of active and passive design as well as green technologies only adds a small amount to the building costs. According to an architect in Malaysia, the developers who are embracing sustainable development at present will benefit in the future. It is believed that as the economy of Malaysia is developing progressively, there are buyers who not only demand a typical shell to reside but also seek comfortable dwellings and yet do not compromise on the environment.
The residents of Malaysia have been seeking to reduce their operating costs due to the rising prices of commodities, thus naturally being sustainable also brings down the operating costs. According to the research report, "Malaysia Green Buildings Industry Outlook to 2018- Rising Energy Costs and Depleting Natural Resources to Drive Sustainable Development", highlight the benefits of going green will always outweigh the costs in the long run and might result in the rental rates to increase by 3-5%, tenancy rate might go up to 3.5-5% and the property value by 7.5-10%, while the return on investment can rise by 6-8%.
In addition to this, the overall well being of the individual residing in a green building is also bound to rise. The report provides detailed overview of Malaysia Green Buildings Industry and helps readers in identifying the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, constructors, green materials marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.
Read More: http://www.kenresearch.com/mining-construction-infrastructure/construction-industry/malaysia-green-building-market-research-report/502-97.html
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