‘Green buildings’ save Hong Kong developers New World, Swire Properties a fortune on electricity

Swire Properties and New World Development (NWD) said they have saved a combined HK$86 million (US$11.09 million) on electricity in the last financial year

Banks like Standard Chartered have bolstered the sector by offering lower interest rates on loans earmarked for construction of environmentally-friendly buildings

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Ellie Tang, head of sustainability at New World Development, photographed on the roof of K11 Atelier King’s Road in Quarry Bay. Photo: Edmond So

Published: 7:30am, 16 Dec 2020Updated: 7:30am, 16 Dec 2020

Major developers in Hong Kong, and their tenants, have hit a proverbial gold mine in the form of “green buildings” across the city that are handing them huge savings in power costs.

Swire Properties and New World Development (NWD) said they have saved a combined HK$86 million (US$11.09 million) on electricity in the last financial year.

Banks have helped to bolster the sector by offering lower interest rates on loans earmarked for the construction of environmentally sustainable buildings.

Swire Properties, which owns 14.4 million square feet of investment property in Hong Kong including prime office space at One Taikoo Place in Quarry Bay, said it has set a target to reduce power usage by 64 million kilowatt-hours (kWh) per year in 2020 from its 2008 level.

“In 2019 alone, via our energy-management strategy, we have already reduced energy consumption by 26.9 per cent or 62.7 million kWh. This is equivalent to savings of HK$74.6 million on electricity,” said a written reply from Swire Properties.