The table below outlines our actions in addressing risks and opportunities that are related to the Group’s top 18 material ESG issues identified. They are mapped to 15 relevant UN SDGs and the four pillars of the TCFD and TNFD frameworks. Some of these ESG risks and opportunities are also captured in CDL’s Enterprise Risk Management (ERM) framework, which can be found in the Risk Management section in CDL’s AR 2023.

Legend for TCFD and TNFD Pillars:
Governance (G), Strategy (S), Risk Management (RM), Metrics & Targets (M&T)

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CDL’S Top Material ESG Issues Risks and Opportunities CDL Group’s Responses and Achievements
1. Energy Efficiency and Adoption of Renewables

Supporting SDGs:

TCFD Pillars: G, S, RM, M&T
TNFD Pillars: G, S, RM

In Singapore, clean and renewable energy options are limited. As we chart Singapore’s progress towards achieving its SG Green Plan targets, particularly green energy procurement, the Group remains committed to be early adopters.

Energy consumption contributes a large portion of the Group’s carbon footprint. As a leading green developer, the Group implements low carbon strategies for our managed buildings and continuously sources for emerging solutions that can optimise energy efficiency across our diversified portfolio.

In 2023, the Company achieved three BCA Green Mark Platinum SLE awards for our corporate headquarters, Republic Plaza, and residential developments, Tembusu Grand and Lumina Grand, and one BCA Green Mark GoldPLUS award for The Myst. The BCA Green Mark SLE is awarded to the best-in-class energy performing Green Mark buildings that achieve at least 60% energy savings above Singapore’s Green Mark 2005 building codes for Green Mark energy savings.

Through dedicated tracking, monitoring and improvements in energy efficiency, the Company has achieved cost savings of approximately S$42 million from reduced energy expenses across all our locally managed buildings since 2012. Regular asset upgrading and enhancement efforts since 2004 have helped the Company to maintain good energy performance for our existing managed buildings.

2. Climate Resilience and Adaptation

Supporting SDGs:

TCFD Pillars: G, S, RM, M&T
TNFD Pillars: G, S, RM, M&T

Monitoring stranding risks is critical especially in the property and construction sector, as extreme weather patterns continue to pose devaluation concerns. Embedding climate resilience in line with a low carbon future is therefore key to our sustainable growth strategy.

The built sector contributes to some 40% of global energy-related carbon emissions, and remains heavily reliant on natural resources. Heightened demand for clean energy, cost-efficient and market-ready circular economy solutions are both opportunities and risks to maintaining profitability and sustained growth in the short- to medium-term.

With no significant change to our business operations in FY2023, the Company continued to leverage findings from our third climate change scenario analysis completed in December 2022.

In line with the TCFD Recommendations which were adopted since 2017, the third study focused on the financial impact from potential physical and transition risks based on orderly and disorderly scenarios1 for a 1.5°C and 2°C warmer scenario in 2030. The scope included the Group portfolio comprising hotels, investment properties and new developments across five key markets, namely: United States, United Kingdom, China, Singapore and New Zealand.

The findings supplement the Company’s decarbonisation roadmap in the near term, including our pledge to the WorldGBC Net Zero Carbon Buildings Commitment made in February 2021.2 In 2023, the Company submitted our interim progress to WorldGBC.

The Company’s decarbonisation roadmap aims to achieve a 63% reduction in Scope 1 and 2 emissions, alongside a Scope 3 emissions reduction of 41% in embodied carbon and 58.8% in investments. To achieve our SBTi-validated targets aligned with 1.5°C, the Company’s decarbonisation efforts continue to involve multi-business unit collaborations facilitated by the Green Building, Decarbonisation and Safety department.

3. Innovation

Supporting SDGs:

TCFD Pillars: S, RM
TNFD Pillars: S, RM

Innovation remains one of the Group’s top material issues. It is a key enabler in allowing us to achieve our ESG goals and targets, while future-proofing our business.

Through partnerships and collaborations, the Group has actively sourced for low carbon and innovative solutions to test bed at our development projects and managed buildings. The Company also works on in-house solutions leveraging technology to deliver exceptional value to our customers and prospective homebuyers.

The Company’s GET strategy focuses on leveraging innovative and green solutions for the business to grow, enhance and transform.

In 2023, the Company intensified our use of innovative and viable green building technology and decarbonisation solutions. At Irwell Hill Residences, we initiated CarbonCure Concrete pilot, a novel carbon removal technology where recycled carbon dioxide is introduced into fresh concrete and becomes permanently embedded in it. This creates sustainable concrete without any compromise on performance.

The Company also piloted several cross-functional business solutions, including an electrostatic filtration system which reduces energy consumption for air handling units (AHUs); carbon dioxide solutions to reduce carbon dioxide in aircon space; in-room energy management system with room control units; hybrid cooling fan to reduce the reliance on aircon; digital room inspection management for hotel rooms; and a smart water valve to reduce water-related costs.

The Company’s in-house developed app, CDL Homes Sale was designed to provide homebuyers with a more transparent and efficient purchasing experience. It was awarded the Digital – Real Estate Award at the 2023 SBR Technology Excellence Awards.

4. Cyber-readiness, Security and Data Privacy

Supporting SDGs:

TCFD Pillars: G, RM

The number of security breaches have risen with the evolving cyberthreat landscape. Cybersecurity is now a financially material issue that must be diligently managed to protect corporate value.

Ensuring the security and resilience of the Group’s networks and information systems is critical. Strengthening the Group’s capabilities to protect ourselves and respond to cyber-attacks is vital in preventing data theft, financial loss, and disruption of operations.

The Group has established holistic IT governance structures and developed robust detection and mitigation measures to protect our critical business systems and data. The Company’s response plans are tested by internal auditors and an external professional firm and aligned with industry best practices.

The Group has adopted a robust Cybersecurity Framework that aligns with industry best practices to protect the confidentiality, integrity, and availability of our digital assets. This framework includes updated policies and standards that ensure our processes and technologies remain relevant in addressing the current threat landscape. The Company’s Computer Security Policies and Standards were updated in early 2024 to reflect the latest cybersecurity practices.

Our employees’ IT security awareness and vigilance remains heightened through a series of in-person and online cybersecurity training courses, which are further reinforced by periodic phishing attack simulations.

5. Occupational Health, Safety and Well-being

Supporting SDGs:

TCFD Pillars: S, RM, M&T
TNFD Pillars: S, RM

The safety, health and wellness of the Group’s employees and contractors’ workers are consistently ranked amongst our top priorities.

In line with Singapore’s Workplace Safety and Health (WSH) 2028 Roadmap, the Group collaborates with appointed contractors, where possible, to promote good WSH practices onsite and in our offices, contributing to a strong EHS culture.

The Company complies with ISO 14001 and ISO 45001 Integrated Environmental and Occupational Health and Safety Management System for our key operations in Singapore to effectively manage the safety, health and well-being of our employees and workers.

Established since the early 2000s, the Company’s Environmental, Health and Safety (EHS) Policy and CDL 5-Star EHS Assessment have been continually enhanced in standard and scope. The CDL 5-Star EHS Assessment also recognises and awards contractor companies that are exemplary in EHS excellence and workers’ welfare, and workers who exhibit good safety behaviour. All seven project sites average above 90% of the total score for their EHS performance. One of our main contractors achieved the Safety and Health Award Recognition for Projects (SHARP) for Amber Park.

In 2023, representatives of the Company’s ExCo, senior management and key executives from business units visited workers and employees across our project sites, managed buildings and corporate office to dialogue on WSH, aligned with Singapore’s Ministry of Manpower (MOM) recommendations for WSH standards. The Company also tailored a WSH leadership programme for our Group CEO, Board of Directors, representatives of the Company’s ExCo, senior management and key executives from business units to enhance their WSH knowledge. At our subsidiary, CBM Pte Ltd, the CEO and senior management conducted regular site visits to ensure occupational health and safety awareness.

To promote employee wellness, the Company adopted an employee wellness app designed to boost mental health, increase productivity, and cultivate a positive workplace environment.

The Company continues to be recognised as a long-serving bizSAFE Mentor. In 2023, we completed our recertification audit and continued to be certified under the ISO 14001/ISO 45001 Integrated Environmental and Occupational Health and Safety Management System. The Group will continue to leverage industry best practices to ensure that our occupational health and safety standards are maintained at the highest levels.

6. Responsible Supply Chain

Supporting SDGs:

TCFD Pillars: G, S, RM, M&T
TNFD Pillars: G, S, RM, M&T

With future mandatory reporting on Scope 3 emissions required by the ISSB Standards, businesses must act responsibly by building capacity within their supply and value chains to contribute to the Race to Zero.

The Group upholds our ESG performance and reputation with established processes and regular engagement with our suppliers to procure sustainably sourced and safe building materials, ensure fair labour human rights practices for workers and provide healthy buildings for building occupiers.

The Company has long-established responsible sourcing guidelines for our supply chain. This includes the implementation of the Responsible Procurement Guidelines3 since 2008 and the Green Procurement Guidelines for property developments since 2009.

In line with the Company’s corporate EHS Policy established in 2003, which is updated regularly, these guidelines encourage the use of eco-friendly and recycled materials that have been certified by approved local certification bodies, such as the Singapore Green Building Council and Singapore Environment Council.

In 2023, the Company’s Supplier Code of Conduct was updated to align with international best practices. All suppliers are required to agree to the terms under the Code of Conduct, which provides comprehensive guiding principles for EHS compliance.

The Company continues to engage our main contractors and consultants of active project sites to share industry knowledge at our quarterly CDL EHS 5-Star seminars, while the Company’s annual EHS Sports Challenge was organised for contractors and workers to enhance EHS awareness through sports and other interactive activities. In 2023, monthly engagements with representatives of the ExCo, senior management and relevant key executives from business units were also conducted across active project sites, managed buildings and our corporate office to assess site conditions, workers’ and employees’ well-being, as well as address WSH concerns. The Company also supports our main contractors in the tabulation of carbon emission data associated with building materials requirement outlined in ISO 14064 greenhouse gases standards, contributing to the sustainability proficiency of our contractors.

7. Future-ready Workforce and Talent Retention & Attraction

Supporting SDGs:

TCFD Pillars: S, RM

Successfully attracting and retaining talent allows companies to have a strong competitive advantage in corporate performance.

The Group strives to be ahead of the curve in ensuring employee satisfaction, productivity and well-being, and building a workforce with skill sets that future-proof our business.

The Group has championed a culture of continuous learning and development, prioritising ongoing training and development programmes, which is key to building a future-ready workforce. The Company enhanced our in-person training programmes, covering diverse topics from sustainability to health and wellness. These initiatives have led to significant improvements in employee engagement and experience, resulting in lower-than-industry turnover rates.

Our commitment to holistic employee development has been recognised industry-wide, with the Company proudly receiving top employer awards in 2023 (e.g., TIME World’s Best Companies 2023; The Singapore HR Awards 2023 for employee experience and well-being, and workplace culture and engagement; HR Asia Awards 2023 for Best Company to Work For in Asia), a testament to our strong employer branding and excellence in human resource practices. Our subsidiary, CBM Pte Ltd, was also recognised as one of Singapore’s Top 30 Best Employers in 2023 by The Straits Times.

8. Product/Service Quality and Responsibility

Supporting SDGs:

TCFD Pillars: S, RM
TNFD Pillars:S, RM

As an asset owner and manager, the Group takes pride in ensuring a safe, green and healthy environment for our building users. We also remain committed to delivering safe and high-quality products and services for our homebuyers and tenants with smart building and energy-efficient features. To ensure compliance to Design for Safety Regulations, the Company has a robust process guided by the regulations to identify design risks and assess the severity of EHS impacts throughout the construction stages of our developments.

The Virtual Unit Handover initiative, piloted in 2020, continues to serve the Company well for future projects that obtain TOP. In 2023, many homebuyers of our projects, Piermont Grand and Sengkang Grand Residences experienced a virtual handover.

We engage homebuyers in other aspects as well. In 2023, the Company’s Customer Experience team engaged homebuyers of Sengkang Grand Residences and Amber Park via webinars, to prepare them for the handover of their property. To further engage homebuyers, five webinars on home renovation, interior design/furnishing and health and well-being were also organised. Three lifestyle events tied up with exclusive brands and three online contests were organised as well.

CBM Pte Ltd adopts a pro-active approach in developing rapport with its clients and customers to ensure effective communication and feedback management. An annual customer satisfaction survey is conducted, with a target of achieving a score above 80%.

9. Green and Healthy Buildings

Supporting SDGs:

TCFD Pillars: G, S, RM, M&T
TNFD Pillars: G, S, RM, M&T

Green and healthy buildings positively impact the health and well-being of occupants. Investing in green buildings rewards businesses with improvements such as occupant satisfaction and increased staff productivity.

The Group creates quality and sustainable spaces that embed green features and promote healthy lifestyles in our office buildings and residential developments. Creative design and technology optimise overall well-being and create a shared sense of community.

The Group recognises that people are our greatest asset, and their health, safety and well-being are of utmost importance. It is therefore our responsibility to provide a safe and healthy environment for our employees, customers, and workers.

The Company has a dedicated Green Building Policy since 2020 that supplements our EHS policy. In 2021, the Company updated our 3S Green Building Framework to align with the latest BCA Green Mark 2021.

The Company also attained the Elite Level in Eco-Office Certification by the Singapore Environmental Council in 2023. The Elite Level is awarded to businesses that demonstrate outstanding environmental efforts, maintain high-quality indoor environments for comfort, and promote a culture of sustainability among their employees. Similarly, for our efforts in creating energy- and resource-efficient and healthier interior spaces, the Company received the BCA-HPB Green Mark for creating a Healthier Workplace.

Eight Group properties also achieved the WELL Health-Safety Rating certification across different portfolio types. The certified assets were assessed based on their building performance in sustainability, health and well-being via a global rating system developed by the International WELL Building Institute.

10. Stakeholder Impact and Partnerships

Supporting SDGs:

TCFD Pillars: G, S
TNFD Pillars: G, S

Building goodwill in the community provides the Group with a strong social license to operate. Through collaborations with like-minded partners, the Group has pioneered and developed partnerships that multiply our outreach and impact on climate action and the UN SDGs. In June 2023, in partnership with National Parks Board (NParks) and Ocean Geographic, the Company launched the third instalment of the Climate Action Exhibition series, themed “Melting Ice, Sinking Cities: An Urgency to Change the Present and Save Humanity”. The exhibition highlighted the interconnectedness of climate change and the health of our ocean, people and the planet. It also commemorated the reopening of the refurbished CDL Green Gallery and the continuation of the major collaboration between the Company and NParks with our second 10-year MOU.

In 2023, the Company held more physical events to continue our engagement efforts. Key events include the continuation of our major initiatives such as the Youth4Climate Festival, My Tree House “We Love Our Planet” Storytelling Contest, CDL-GCNS Young SDG Leaders Award, and more. Read more about our stakeholder engagement initiatives in Chapter 5 of CDL’s ISR 2023.

11. Ethical and Transparent Business

Supporting SDGs:

TCFD Pillars: G, RM

An ethical and transparent business builds and maintains a company’s trust with its stakeholders and promotes investor confidence, customer loyalty and long-term sustainable business growth.

The Group takes a firm stance on our zero-tolerance policy towards fraud, bribery and corruption. This leads to greater opportunities such as access to capital and mitigates risks associated with legal, financial and reputational damage.

The Company benchmarks our practices with the voluntary Singapore Standard ISO 37001 Anti-Bribery Management Systems to minimise gaps. We operate according to industry standards. Anti-money laundering workshops are conducted annually for our employees. In 2022, the Company started to provide mandatory training for all new hires on key risk management-related topics (namely Anti-Money Laundering and Combating the Financing of Terrorism, Data Privacy, and Incident Escalation).

The Group implements clear and transparent policies, risk management systems, and ESG disclosures to continuously monitor and validate business processes. Within the Company’s robust EHS Management System, applicable legal requirements are regularly monitored and evaluated for compliance. Incentives and penalties are also implemented to strengthen contractors’ site management.

Our corporate and sustainability policies and guidelines are published on our corporate websites, sustainability microsite and staff intranet, CDL360.

12. Water Management

Supporting SDGs:

TCFD Pillars: G, S, RM, M&T
TNFD Pillars: G, S, RM, M&T

In Singapore, it is increasingly more expensive to produce and supply water. Projected pricing hikes will be introduced in April 2024 and 2025. Due to climate change, more investment is also required in local water infrastructure to prepare Singapore for drier days ahead. The Company is proud to maintain our inclusion in the 2023 CDP A List for water security. This marks our fifth consecutive year of receiving an ‘A’ score.

Our developments are designed with a life cycle approach to water sustainability. We adopt technologies to raise water efficiency such as rainwater harvesting, which are implemented at many of our commercial and residential developments.

The Company addresses Singapore’s water challenges through water conservation and rainwater harvesting, where feasible. The Company partners with PUB, Singapore’s national water agency, annually for Singapore World Water Day, by engaging our corporate staff, tenants and members of public on the “Make Every Drop Count” water conservation campaign.

13. Human Rights and Labour Conditions

Supporting SDGs:

TCFD Pillars: G, S, RM
TNFD Pillars: G

Creating a workplace that provides a decent work environment, fair remuneration, security in the workplace, freedom of expression, work-life balance and career growth, is critical to building a sustainable workforce.

The Group is committed to respecting and promoting the rights and dignity of our employees, workers and communities.

The Company engages our contractors and suppliers to abide by our principles and policies such as the Supplier Code of Conduct, Human Rights Policy, and Universal Design Policy. Since 2001, the CDL 5-Star EHS Assessment – an independent audit tool to assess, measure, and improve our main contractors’ EHS management and performance – has been in place to ensure a comprehensive, audited, and appraised approach. At our subsidiary, CBM Pte Ltd, EHS matters are discussed at management and risk management committee meetings to ensure timely updates to all business units.

The Company and CBM Pte Ltd conduct a biennial employee engagement survey to understand our employees’ concerns and engagement levels, enabling us to perform as an employer of choice.

14. Waste Management and Circularity

Supporting SDGs:

TNFD Pillars: G, S, RM, M&T

With increased regulation, changing consumer behaviour and shifting corporate practices, accelerated momentum towards greener water and waste practices are expected in the short- to medium-term. The Singapore Government has implemented a Zero Waste Masterplan since 2019 with targets to improve national recycling, reuse and reduction rates as the nation transits towards a circular economy. This includes 2030 targets to increase non-domestic recycling rates to 80% and domestic recycling rates to 30%.

At the Company’s commercial and retail properties, recycling bins and facilities are provided to encourage the recycling of paper, plastic and metal by shoppers and tenants.

We also source for circular solutions through innovation partnerships and startup competitions. In 2023, our Incubator For SDGs onboarded Moonbeam, a local startup, into our sustainability ecosystem. Moonbeam reduces waste by upcycling spent grains from breweries to make sustainable granola products.

At the Company’s corporate office, trainings are conducted to raise awareness amongst employees on circularity, and various waste management including construction waste. These initiatives include workshops, learning trips, and seminars that aim to instil a ‘waste-less’ mindset amongst all employees.

15. Sustainable Finance

Supporting SDGs:

TCFD Pillars: G, S
TNFD Pillars: G, S, RM

The rise of ESG investing and responsible banking has unlocked alternative financing streams and granted the Group access to a wider pool of ESG-centric investors and lenders.

Companies which lag in their ESG performance could be penalised through higher cost of debt financing and face divestment from shareholders.

As of 31 December 2023, the Company has completed over S$6.3 billion of sustainable financing, including green bonds, green loans, and sustainability-linked loans with S$4.6 billion of the Company’s sustainable finance amassed deployed to finance our existing investments and/or assets.

In December 2023, the Company secured £200 million (approximately S$338.2 million4) from the OCBC 1.5°C loan, Singapore’s first net-zero-aligned loan for corporates to drive transition to a low carbon economy. In October 2022, the Company renewed our S$250 million SDG Innovation Loan which was first secured in 2019. In 2021, CDL and our joint venture (JV) partner jointly secured green loans of S$847 million to finance the development of two Government Land Sales sites at Piccadilly Grand / Piccadilly Galleria and Copen Grand. South Beach Consortium, a CDL JV, obtained a S$1.22 billion green loan for the refinancing of South Beach — a double BCA Green Mark Platinum mixed development.

As an investor, the Company is a signatory to the UN PRI. We have also developed the CDL Sustainable Investment Principles to steward responsible capital allocation and decision-making for investments.

16. Diversity, Equity and Inclusion 

Supporting SDGs:

TCFD Pillars: G, S

Embracing diversity, equity and inclusion contributes to a positive work culture and improved productivity, as employees feel valued and respected regardless of their gender, age, race and accessibility needs.

Socially responsible businesses should embed diversity and inclusion principles into recruitment practices, opportunities for advancement and remuneration policies.

The Group has established a robust recruitment process grounded in non-discrimination and fairness, ensuring equal opportunity for all candidates regardless of gender, ethnicity, religion, or age.

Reflecting our commitment to meritocracy, our compensation and rewards policies are performance-based, promoting a culture of fairness and motivation. We monitor and address gender pay gaps, ensuring equitable remuneration across various staff levels.

Our workforce’s diversity is further enriched by our inclusive workplace culture, with employees hailing from a variety of ethnic backgrounds. In 2022, our commitment to advancing DEI was strengthened when the Company’s CSO became an advocate for the G20 Alliance for Empowerment and Progression of Women’s Economic Representation.

17. Economic Contribution to Society

Supporting SDGs:

TCFD Pillars: G, S

The Group’s financial performance impacts the vested interests of our employees, shareholders, investors and supply chain.

The generation of employment contributes to the economic growth of the markets that the Group operates in and the livelihoods in our supply chain.

Direct donations to the community are part of the Group’s community investments strategy to give back to the community.

As the Group remains resilient against the economic, political and social challenges in a post-COVID-19 era, we continue to uphold high standards of ethical business practices. We maintain strong branding and deliver quality products to return profits and provide optimum returns for investors in our fiduciary duty as stewards of capital.

A long-standing partner of Assisi Hospice since 1999, the Company continued to support the hospice’s fundraising efforts using virtual platforms in 2023. Together with M&C, we provided donations-in-kind, including shopping, F&B and hotel vouchers towards the event’s lucky draw and game prizes. Through the CDL Challenge, an in-house fundraising campaign that rallied donations from stakeholders (namely staff and business partners), and our support of Assisi e-Fun Day activities and its Gala Dinner, over S$170,000 was raised.

18. Biodiversity Conservation

Supporting SDGs:

TCFD Pillars: G, S, RM
TNFD Pillars: G, S, RM, M&T

The Global Biodiversity Framework’s target 15 calls for businesses to assess and disclose biodiversity dependencies, impacts and risks, and reduce negative impacts.

As a leading green developer, the Company embraces biophilic design across our assets and incorporates nature-based solutions (where applicable) via green roofs and walls or active green spaces. Land bids are done in compliance with regulatory requirements with BIAs conducted when activities are taking place in both protected areas and areas of high biodiversity value outside protected areas.

In 2023, the Company updated our Biodiversity Policy, first established in 2020, to include more details on our Biodiversity Management System and the interconnectivity of land ecosystems with marine biodiversity and ecosystems.

Aligned with Singapore’s “City in Nature” vision encapsulated in the Singapore Green Plan 2030, the Company’s development projects incorporate a significant amount of greenery, including conservation of heritage trees if found onsite during development.

Since 2010, the Company has made it a standard practice to conduct a BIAs on greenfield sites located within or adjacent to natural habitats before construction. In 2016, the Company piloted an EIA study for our Forest Woods residential development project, expanding the usual scope on biodiversity impact to cover the development’s potential impact on traffic, public health, heritage, and the environment. Based on this learning experience, the Company is exploring possibilities of applying it for future developments.


1 Orderly scenario: climate policies introduced early and gradually tightened. Disorderly scenario: climate policies introduced later and more abruptly from 2030 resulting in higher transition risks.
2 In February 2021, CDL committed to achieve net-zero operational carbon by 2030 for our new and existing wholly-owned assets and developments under our direct operational and management control. In November 2021, this commitment expanded to include maximum reduction in embodied carbon in new developments, compensating for any remaining residual operational and upfront embodied emissions via offsetting for new developments by 2030 and for all buildings to be net-zero carbon by 2050.
3 Renamed from Green Procurement Guidelines in 2020.
4 Based on an exchange rate of £1 = S$1.6909