ZEROIN
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FUTUREVALUEINTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

CONSERVING AS WE CONSTRUCTSINCE 1995
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Dedicated To Sustainability Integration

42021 Sustainability Highlights

5

About CDL

7

Sustainability Accolades & Awards

8

Executive Chairman Statement

10Group CEO Statement

14

Longstanding & Unwavering Leadership Commitment

56 Decarbonising Towards Net Zero

16

Market Review & Performance

58

Enhanced Ambition in the Global Race to Net Zero17

Sustainable Finance

60

Carbon Reduction Strategy & Performance

64

Energy Reduction Strategy & Performance68

Climate Change Scenario Analysis of 1.5˚CWarmer Scenario

127 Annexes

70

Water Reduction Strategy & Performance

127 Report Period & Scope

74

Waste Management Strategy & Performance

129 Key Performance Summary

76

Minimising Environmental Impact on our Communities

133 Breakdown of Environmental Performance in 2021

78

Achieving a Resilient Supply Chain & Sustainable
Sourcing

134 ISO 14064 Reasonable Assurance Statement

81

Protecting Biodiversity & Natural Habitats

18 Delivering Value & Best Practices
19

Creating Sustainable Growth While Deliveringon Purpose

22

On Track to Achieving Future Value 2030 Goals& Annual Targets

24

Dynamic Approach to Materiality Assessment

30

Turning Risks to Opportunities for Sustainability

37

Integrating Sustainability into our Value Chain

38

Best Practices & ESG Commitments

50

Innovation Highlights for Safe, Healthy &Smart Buildings

52

Uplifting Customer Experience through Digital
Engagement

55

Delivering Quality Buildings and High Safety
Standards

40 Driving Innovation & Building Performance

82 Determined To Create A Fair, Safe &Inclusive Business Environment

42

Smart, Sustainable & Super Low Carbon (3S)
Building Framework

84

Corporate Governance85

Corporate Policies & Guidelines

45

Driving Innovation & Digital Transformation

87

47

Championing Innovation through Partnerships

Dedication to Occupational Health, Safety& Well-Being

92

Human Capital & Development

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

99 Developing Sustainable Communities
101 Community Investments
103 International and Local 3P Partnerships andThought Leadership Initiatives in 2021
111 Trade and Industry Associations

114 TCFD, CDSB & SASB Disclosures
114 TCFD Disclosure
121 CDSB Disclosure
122 SASB Real Estate Sector Disclosure

136 Independent Reasonable Assurance Statement(GRI, SASB)
150 Independent Limited Assurance Statement(CDSB, TCFD)
154 GRI Content Index

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GLOSSARY OF
KEY ABBREVIATIONS
3P – People, Public and Private

HR – Human Resource

SEC – Singapore Environment Council

3S Green Building Framework – Smart, Sustainable
and Super Low Carbon Green Building Framework

HODs – Heads of Departments

SERIS – Solar Energy Research Institute of Singapore

IAQ – Indoor Air Quality

SGBC – Singapore Green Building Council

IEQ – Indoor Environmental Quality

SGX – Singapore Exchange

IoT – Internet of Things

SLE – Super Low Energy

IPCC – Intergovernmental Panel on Climate Change

SMM – Safe Management Measures

ISSB – International Sustainability Standards Board

SSA – Singapore Sustainability Academy

MOM – Ministry of Manpower

SUTD – Singapore University of Technology and Design

MSE – Ministry of Sustainability and the Environment

TAFEP – Tripartite Alliance for Fair & Progressive
Employment Practices

ABC Waters – Active, Beautiful, Clean Waters
AFR – Accident Frequency Rate
AI – Artificial Intelligence
ARC – Audit and Risk Committee
BCA – Building and Construction Authority
BIA – Biodiversity Impact Assessment
BIPV – Building-integrated photovoltaics
BSC – Board Sustainability Committee
CDSB – Climate Disclosure Standards Board
CIX – Climate Impact Exchange
CONQUAS – Construction Quality Assessment System
CSO – Chief Sustainability Officer
EC – Executive Condominium
EHS – Environment, Health and Safety
EIA – Environmental Impact Assessment
EIC – Enterprise Innovation Committee
ERM – Enterprise Risk Management
ESG – Environmental, Social, Governance
GHG – Greenhouse gas
GRI – Global Reporting Initiative
HPB – Health Promotion Board

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

NbS – Nature-based Solutions
NCS – Natural Climate Solutions
NEA – National Environment Agency
NGFS – Network for Greening the Financial System
NGO – Non-Governmental Organisation
NLB – National Library Board
PPVC – Prefabricated Prefinished Volumetric Construction
PUB – PUB, Singapore’s National Water Agency
PV – Photovoltaics
raiSE – Singapore Centre for Social Enterprise
REC – Renewable Energy Certificate
R&D – Research and Development
SASB – Sustainability Accounting Standards Board
SBTi – Science Based Targets initiative

TCFD – Task Force on Climate-related Financial Disclosures
TOP – Temporary Occupation Permit
UN SDGs – United Nations Sustainable Development Goals
UNDP – United Nations Development Programme
UNEP – United Nations Environment Programme
UNFCCC – United Nations Framework Convention on
Climate Change
UNGC – United Nations Global Compact
URA – Urban Redevelopment Authority
UVC – Ultraviolet C
VRF – Value Reporting Foundation
WFH – Work From Home
WorldGBC – World Green Building Council
WSH – Workplace Safety and HealthDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary2021 SUSTAINABILITYHIGHLIGHTSCDL CSO invited to speak at COP26 panels;
CDL was the only Singapore company
in attendanceRaised Scope 1 and 2 carbon emissions intensity reduction
target to 63% (from new baseline year 2016),
validated by Science Based Targets initiative

Premier Standing on 13 global sustainability ratings,
rankings and indexes

42% reduction in carbon emissions intensity from2007 levels

Ranked 5th in Global 100 Most Sustainable
Corporations in the World; Top real estate
management and development company globally

114 BCA Green Mark certifications for ourdevelopments and office interiors* – Most awarded
BCA Green Mark Platinum amongst private developers

Maintained Double ‘A’s in CDP for climatechange (since 2018) and water security (since 2019);
CDP Supplier Engagement Leader for 2nd
consecutive year

First BCA Green Mark Platinum Super Low Energy
Certification for Residential Building and Serviced
Apartments, Office and Retail Buildings for 80 Anson RoadGRESB Global Sector Leader and Overall
Regional Sector Leader (Diversified – Office/Retail)>$34 million in energy savings fromenergy-efficient retrofitting and initiatives across all ourcommercial buildings from 2012 to 2021

Only Singapore company awarded the
Terra Carta Seal by HRH The Prince of Wales>$3 billion sustainable financing secured
since 2017

One of 44 signatories globally to pledge to WorldGBC’s
Net Zero Carbon Buildings Commitment coveringwhole life carbon*
4

Includes subsidiaries and associated companies
CDL INTEGRATED SUSTAINABILITY REPORT 2022

$2.6 billion Group revenue in 2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

ABOUT
CDL
City Developments Limited (CDL) is a leading global realestate company with a network spanning 104 locationsin 29 countries and regions. Listed on the Singapore
Exchange, the Group is one of the largest companies
by market capitalisation. Our income-stable andgeographically-diverse portfolio comprises residences,offices, hotels, serviced apartments, shopping malls andintegrated developments.
With a proven track record of over 55 years in real estatedevelopment, investment and management, CDL has
developed over 48,000 homes and owns over 23 million
square feet of gross floor area in residential, commercial
and hospitality assets globally. Our diversified global landbank offers 3.3 million square feet of land area.
Along with our wholly-owned hotel subsidiary, Millennium &Copthorne Hotels Limited (M&C), the Group has over 130
hotels and over 40,000 rooms worldwide, many in key
gateway cities.
Leveraging our deep expertise in developing and managing
a diversified asset base, the Group is focused on enhancing
the performance of our portfolio and strengthening ourrecurring income streams to deliver long-term sustainablevalue to shareholders. The Group is also developing a fundmanagement business and targets to achieve USD 5 billion
in Assets Under Management (AUM) by 2023.

VISION, MISSION AND VALUES
Since the 1990s, sustainability has been integrated into
CDL’s corporate vision and mission to create enhanced
value for our business and stakeholders. Our sustainability
vision and mission support CDL’s business objectives andgrowth strategy as we evolve into the global real estate
conglomerate of today.
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CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI 2-1

CORPORATE VISION AND MISSIONCORPORATE VALUES

We aim to be recognised by customers, employees
and peers as an innovative creator of quality andsustainable spaces.

Innovationis crucial to our success

We will:Conceptualise spaces and solutions
Respect planet EarthCollaborationis the best way to achieve exponential results
Integrity
is at the core of everything that we do

Encourage diversity of people and ideas
Advance the communities we operate inTake prudent risk for sustainable returns

CORPORATE ETHOSConserving as We Construct

Embrace a forward-looking mindset

SUSTAINABILITY VISION

Changing the Climate. Creating Sustained Value.

SUSTAINABILITY MISSION

Harnessing our capitals with strong ESG performanceto create long-term value for our business, stakeholders,
and the environment.

D E D I C AT E D T O

S U S TA I N A B I L I T Y
I N T E G R AT I O NDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

SUSTAINABILITYACCOLADES & AWARDS

Only Company in Southeast Asia &Hong Kong to Maintain Double ‘A’s for
Climate Change (since 2018) & Water
Security (since 2019); Only Singapore
Company to Score an A in 2021

ESG Global 50 Top Ratedand ESG Industry Top
Rated in 2021

Top 8% Amongst
CDP Participants for
Supplier Engagement
on Climate Change

Only Singapore
Real Estate Company
since 2018

World's Top Real Estate Management& Development Company; Top
Singapore Company; Only Singapore
Company Listed for 13 Consecutive
Years; Ranked 5th Overall

Global Sector Leader &Overall Regional Sector Leader(Diversified - Office/Retail)Since 2018

Dow Jones Sustainability Indices(World and Asia Pacific) since2011; S&P Global Sustainability
Yearbook 2022 Member‘AAA’ rating since 2010

Since 2014

Rated Prime
since 2018

Since 2002

ESG Leaders Index
ESG Transparency
Index since 2016

OTHER ACCOLADES AND AWARDS:
Asia Sustainability Reporting Awards 2020
• Best Integrated Report – Gold• Best Integrated Report (Design) – Gold• Best Carbon Disclosure – Gold• Best Materiality Reporting – Gold• Best Environmental Reporting – Silver

HR Asia Awards 2021
• Best Companies to Work for in Asia

DADs for Life & Centre for Fathering• Great Companies for Dads AwardIDC Future Enterprise Awards 2021
• Best in Future of Connectedness

Equileap Gender Equality 2021 Global Reportand Ranking• Top-ranked Singapore company

President’s Challenge• Token of Appreciation

Human Resources Director Asia
• 5-Star Employer of Choice Awards 2021
– Winner

Royal Society for the Prevention of Accidents(RoSPA) Awards 2021
• Order of Distinction (for 16 consecutive Golds)– Water Management– Waste Productivity and Materiality– Climate Change and Emissions– Stakeholder Management
Significant Achievement– Business Ethics and Responsibility– UN SDGs

Singapore Governance and Transparency Index
2021• Ranked 4th out of 519 companies•

Sustainable Business Awards 2020/21• Overall Winner (Large Corporation)• Winner– Sustainability Strategy– Energy Management

Terra Carta Seal
• Only Singapore company awarded
Workplace Safety and Health Awards 2021
• WSH Developer Award

This list is not exhaustive. For a full listing of CDL corporate and project awards, please refer to www.cdl.com.sg. For a full listing of CDL sustainability awards, please refer to www.cdlsustainability.com
The use by CDL of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute sponsorship, endorsement, recommendation, or promotion of CDL by
MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

EXECUTIVE CHAIRMANSTATEMENTIn this decade of urgent action, CDL
will continue to raise the bar for ESG
integration and set new benchmarks
for a greener, more inclusive world.
Kwek Leng Beng
Executive Chairman

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dear Stakeholders,

Maintaining Operational Resilience

2021 has been a year of recalibration. It saw us navigate
the winds of change towards a “new normal” and accelerate
towards a net zero world. In a year characterised by
global economic, climate and social disruptions, the world
has shifted its focus towards recovery and resilience.

Amidst global uncertainties and challenges, CDL remains
convicted to integrating Economic, Environmental, Socialand Governance factors into our core business. This
has enabled us to pre-empt and mitigate enterprise risk,
contributing to the long-term success of our company.

The harsh reality is that climate change has not ceased
during the COVID-19 pandemic and has continued tothreaten humanity and our living environment. Extreme
weather has already destroyed homes, businesses, andlives causing trillions of dollars in damages. Despite
these, discussions at COP26 were heartening. Countries
have agreed to review their plans to align with the Paris
Agreement target of limiting global warming up to 1.5ºC
compared to pre-industrial levels. The global climate summit
also saw the unprecedented commitments to net zero goals
and the pledging of trillions of dollars required to fund thetransition towards a more sustainable future in the private
sector. CDL is proud to be one of the companies which
has committed to a zero-carbon future, through our World
Green Building Council (WorldGBC) Net Zero Carbon
Buildings Commitment made in February 2021.

Due to the prolonged impact of COVID-19, the roadto recovery remains uneven. However, the accelerated
vaccine deployment across the world and the gradualeasing of border restrictions serves as light at the end of thetunnel. Despite these challenges, the Group has returned
to profitability for 2H 2021 and FY2021. With hotel
operations showing significant improvement, the hospitality
sector’s rebound is imminent. The property development
segment contributed almost half of the Group's total
revenue, propelled by strong performing Singapore
projects such as Whistler Grand, Amber Park, The Tapestry
and Irwell Hill Residences, as well as overseas projects,
including Shenzhen Longgang Tusincere Tech Park, andcontribution from New Zealand land sales.

As the world continues to adapt to the disruptions caused by
COVID-19, transformation is key for corporates to transition
towards a greener future. At CDL, sustainability has been
integral to our business strategy for the past two decades.
With the support of multiple stakeholders, we have achieved
great progress. However, the deep urgency of climatechange is imminent, and we must continue to do more.

With the tightened social and workplace measures overthe past two years, our global tenants remain significantly
impacted. Since the beginning of the pandemic in 2020,
we have provided over $40 million in property tax andrental rebates, operational and marketing support to our
tenants to help them navigate through these challenging
times. Millennium & Copthorne Hotels Limited (M&C), our
hospitality arm, also rolled out support programmes tofrontline healthcare workers and displaced guests.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

With COVID-19 being a “wake-up call” for decision
makers to prioritise a more sustainable approach toinvestment, ESG has now become a competitive advantage
for companies. Leading asset managers BlackRock1 andMorgan Stanley2 have published data that sustainable funds
have outperformed their non-ESG peers, and Bloomberg
reported that ESG assets may hit US$53 trillion by 2025,
which is more than a third of projected global AUM.3

Pressing Onward

Our Leadership Commitment to a
Net Zero FutureWith effect from 1 January 2022, Mr Philip Yeo has
stepped down as a Board Sustainability Committee (BSC)
member. On behalf of the Board, we thank him for his
stewardship and strategic guidance in contributing to
CDL’s sustainability leadership. Effective on the same date,
we also welcomed two new BSC members – Mrs Wong
Ai Ai and Mr Chong Yoon Chou, who will help raise ourclimate governance.

EXECUTIVE CHAIRMANSTATEMENTIn spite of the global pandemic and the resurgenceof infections, the Group will continue to forge ahead
with resilience and agility, accelerating our creation of
innovative and green solutions. Our strong focus on capital
recycling and our prudent corporate strategy continue to
put us in good stead to emerge stronger.

Building Climate Resilience
While the world races towards its net zero goals,
Singapore has been steadfast in its commitment. In her
national statement at COP26, Minister for Sustainability
and the Environment, Ms Grace Fu, highlighted theSingapore Green Plan 2030 as a nationwide movement
to fight climate change, emphasising Singapore’s resolve
to contribute to international climate action. In February2022, the government cemented these commitments,
announcing that Singapore would raise its ambition toachieve net zero emissions by or around 2050. There arealso plans in the pipeline to progressively increase carbon
tax from 2024 to 2030, to help achieve these goals.
Singapore further demonstrated this commitment bystrengthening the regulatory requirements for reporting
disclosures. In August 2021, the Singapore Exchange
Regulation proposed a roadmap for climate-related
disclosures to be mandated for listed companies in
Singapore, and for greater efforts to enhance board
diversity. This is amid “urgent demand for such informationfrom lenders, investors, and other key stakeholders”,
demonstrating clear stakeholder demand for relevant,comparable, and consistent disclosures from companies.

1
2
3
9

It is our long-standing belief that sustainability is a journey,
and one that we are proud to have begun since 1995.
At this critical juncture in history, we recognise that
corporates play a crucial role in helping the world achieve
its net zero goals.
CDL’s recognition in multiple ESG indices and awards is atestament to the dedication of our management team andstaff. In 2021, we are honoured to remain listed on 13
global ratings, rankings and indices. We have maintained
double ‘A’s in the 2021 CDP Global A List for corporate
climate action and water security and are the only
company in Southeast Asia and Hong Kong to score ‘A’ forcorporate climate action for four consecutive years.

The Board continues to support management’s unwaveringcommitment to green buildings and setting ambitious
targets and strategies under the CDL Future Value 2030
Sustainability Blueprint, with a desire to move the needle in
the race to net zero. In this decade of urgent action, CDL
will continue to raise the bar for ESG integration and set
new benchmarks for a greener, more sustainable world.

With our management’s unwavering support and tirelessdedication in driving corporate sustainability, we haveranked 5th on the Corporate Knights 2022 Global 100 Most
Sustainable Corporations in the World and emerged as the
top real estate management and development company
globally. This marks our best performance since 2010.

Kwek Leng Beng
Executive Chairman

Sustainable investing is the future. iShares by BlackRock.
Sustainable investing during coronavirus. Morgan Stanley, 24 February 2021.
ESG assets may hit US$53 trillion by 2025, a third of global AUM. Bloomberg Professional Services, 23 February 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

As the saying goes, the only constant in life is change.
While the pandemic has brought disruptions andchallenges, we have chosen to turn these into opportunities
for innovation and collaboration. Decarbonisation andcreating positive impact that is aligned with the UN SDGs
will remain a key focus for our business.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GROUP CEOSTATEMENT
Dear Stakeholders,Zeroing in on Future Value

The world is in a dire climate emergency. The warmest
period in the past 170 years is the last seven years1,
making the past 10 years from 2012 to 2021 the warmest
decade on record. South Asia countries such as India,
China, Thailand and Myanmar continued to experience
raging floods. Closer to home, Singapore was hit with flash
floods incidents and warmer temperatures.

CDL is well placed to navigate the ever-evolving
sustainability landscape and rising investor expectations
globally. Our Environmental, Social and Governance(ESG) strategy, coupled with our ethos of “Conserving as
We Construct", has positioned us well in the race to zero.
We remain committed to achieving three deliverables:“Decarbonisation”, “Digitalisation & Innovation” and“Disclosure and Communication”. Our value creation
business model, anchored on four key pillars—Integration,
Innovation, Investment, and Impact has helped us establish
a strong foundation for further advancement.

In 2021, the Intergovernmental Panel on Climate Change’s
6th Assessment Report was deemed a “code red forhumanity”.2 Embracing sustainability is no longer a choice,but a critical necessity.

CDL is well placed to navigate
the ever-evolving sustainability
development and rising investor
expectations globally and locally. Our
Environmental, Social and Governance(ESG) strategy and ethos has
positioned us well in the race to zero.
Sherman Kwek
Group CEO10

CDL INTEGRATED SUSTAINABILITY REPORT 2022

The World Economic Forum’s (WEF) Global Risks Report
2022 reported that environmental risks were perceived to be
the five most critical long-term threats in the next 10 years.
Climate action failure was deemed the most critical, withmost commentators positing that too little was being done.3
WEF even asserted that the COVID-19 pandemic pales incomparison to the long-term risks of climate change.4 Thissignals the severity of climate change concerns.
It is no longer just about short-term profitability forcompanies across the globe. For companies to retain theircompetitive advantage and create enduring value, leaders
must first accept that sustainability is material to a company’s
long-term growth. Integrating sustainability into their businessstrategies is critical to building resilience and being ready for
unprecedented challenges.
However, COP26 gave renewed hope for global
collaboration to galvanise change for a 1.5°C warmer
scenario by 2030.
1
2
3
4

As a demonstration of our commitment, in February
2021, CDL signed the World Green Building Council(WorldGBC)'s Net Zero Carbon Buildings Commitment,
and is the first real estate conglomerate in Southeast
Asia to do so. This is our pledge to achieve net zero
operational carbon by 2030. In November, we expanded
our commitment towards a net-zero whole life carbonbuilt environment, which will include reducing embodied
carbon. This decision marks a leap forward in ourdecarbonisation journey, and we will continue enhancing
our emissions pathways to reach this ambitious goal.
We have also stepped up our decarbonisation commitment,aligning ourselves with even more ambitious carbon
emissions reduction targets that have been assessed andvalidated by the Science Based Targets Initiative (SBTi). The
revised targets will help accelerate climate action to limit
global warming to 1.5°C and support CDL’s WorldGBC
Net Zero Carbon Buildings Commitment.

2021 Among Earth’s Hottest Years, UN Says as Climate Meetings Start. Bloomberg, 31 October 2021.
Climate change: IPCC report is 'code red for humanity. BBC, 9 August 2021.
The Global Risks Report 2022, 17th Edition, World Economic Forum.
Global Risks Report 2022: What you need to know. World Economic Forum, 11 January 2022.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GROUP CEOSTATEMENTIn November 2021, through the pilot auction of Climate
Impact X (CIX), CDL successfully secured high-quality
carbon credits for offsetting greenhouse gas emissions
from our operations. These credits, which are sourced
from natural climate solutions, will be utilised over the next
three years to offset an estimated 6% to 7% of emissions
from our operations per year to complement CDL’s net zerotargets by 2030. We will continue to explore more of suchinnovative solutions to support our decarbonisation efforts.
Whilst we have made good progress over the past two
decades, there is always room to do more. CDL willcontinue to embrace change, transform our business, andchampion innovative solutions to future-proof our businessand create value for our stakeholders. Racing to net zero
as one will remain the cornerstone for our sustainability
strategy in this decade of action.
INTEGRATION:
Ensuring Strong Fundamentals for Business andClimate Resilience
Climate risks are investment risks, and the business casefor sustainability reporting has never been stronger. CDL
was the first Singapore company to publish a dedicatedsustainability report in 2008. Since then, we have released
15 sustainability reports covering an increasingly wider
scope and aligning ourselves to the best market standards
each time. Target setting, tracking, and reporting havehelped us to align ourselves with global and local goals,
identify gaps and commit to strategic action for better
deliverables. CDL also continues to cultivate responsible
business values and supports the United Nations Global
Compact’s initiatives, upholding its Ten Principles.
To emphasise the urgency and importance of climate
action, the Singapore Exchange Regulation announced inAugust 2021 that climate-related disclosures guided by
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CDL INTEGRATED SUSTAINABILITY REPORT 2022

the recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD) would be progressively mademandatory in the coming years. Additionally, in October
2021, the GRI Standards were strengthened, setting a
new global benchmark for corporate transparency built
on concepts of impact, material topics, human rights due
diligence and stakeholder engagement. In February 2022,
the Singapore government announced an enhanced climate
ambition and commitment for the country to achieve net zero
emissions by or around 2050. The Singapore Budget 2022
also included plans to progressively increase carbon tax from2024 to 2030, to help achieve the national net zero goal.
The CDL Future Value 2030 Sustainability Blueprint
established in 2017 maps out our strategic goals and ESGtargets and is effectively integrated into CDL’s businessstrategy and operations. Since then, we have continued to
track and report our performance quarterly and annually.
To address the changing stakeholder expectations, tackle
emerging risks, and future-proof our business, we haveconducted annual materiality assessments since 2014.
Today, the top five issues comprise: climate resilience,
energy efficiency and adoption of renewables, innovation,
stakeholder impact and partnerships, as well as product/
service quality and responsibility.
INNOVATION:
Digitalisation and Sustainable Technologies
for a Green Revolution
A low-carbon future is not possible without smart andsustainable solutions. Innovation has been one of CDL’s
top ESG issues since 2017. In 2021, it was once again
ranked as one of the top three material issues. In thepast year, we have prioritised and intensified our search
and application of viable green technology solutions,whilst tapping on the power of cross-sector partnerships.

"Racing to net zero as one willremain the cornerstone for oursustainability strategy in thisdecade of action."
CDL’s strategic R&D partnership with the NUS Collegeof Design and Engineering to develop smart homeinnovations continues to deliver impactful results. CDL
piloted the Acoustic Friendly Ventilation Window at
Irwell Hill Residences in 2021. This provides four times
better ventilation as compared to an open conventional
window, and reduces environment noise up to four times
more than usual. CDL also invested in Taronga Ventures,an APAC-based PropTech VC fund, to accelerate theimplementation of sustainability-focused innovations thatwill support our commitment to achieve net-zero operational
carbon by 2030 for new and existing wholly-owned
assets and developments under our direct operational andmanagement control.
To further complement CDL’s net zero goal, CDL introduced
a Smart, Sustainable and Super Low Energy (3S) Green
Building framework in 2020. This was established to
expand CDL’s green procurement guidelines and isaligned with BCA’s Super Low Energy (SLE) programme
requirements, as well as international standards foradvancing health and well-being in buildings. In 2021,
in alignment with the expanded WorldGBC Net Zero
Carbon Commitment, we updated the 3S Green Building
Framework to include embodied carbon management.
From encouraging Electric Vehicle (EV) adoption via deploying
EV chargers at our properties to greening our city, we are
well placed to accelerate Singapore’s national sustainability

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GROUP CEOSTATEMENT
agenda. We will continue to search for and adopt sustainablebuilding technologies to support the national vision for asmarter, greener and more liveable Singapore.
INVESTMENT:
Building Leverage for the Future via Sustainable
Finance
CDL Group reported a return to profitability with net
attributable profit after tax and non-controlling interest(PATMI) of $129.7 million for the second half-year 2021
(2H 2021) and $97.7 million for the full year ended
31 December 2021 (FY 2021). Revenue for 2H 2021
increased by 38.4% to $1.4 billion (2H 2020: $1.0
billion) and 24.5% to $2.6 billion for FY 2021 (FY 2020:$2.1 billion). For 2H 2021, the Group saw a jump inrevenue contribution from its hotel operations segment
across all regions, particularly in the US and Europe,
driven by accelerated global vaccine distribution and thegradual relaxation of travel restrictions.
As the demand for green financing grows in theacceleration towards climate action, companies withstrong ESG performance will gain better access to ESG
investment funds, and sustainable finance. In September
2021, CDL became a proud signatory of the UN Principles
for Responsible Investment (PRI), an investor initiative inpartnership with UNEP Finance Initiative and the UN
Global Compact. As of November 2021, the total AUM
of companies that are committed to PRI was more than
US$121 trillion, signalling a rapidly accelerating transition
towards sustainable assets.
In December 2021, we rolled out our Sustainable
Investment Principles (SIP). This reinforces CDL’s commitment
in taking proactive action in assessing potential portfolio
risks and opportunities for sustainable investment decisions.
12

CDL INTEGRATED SUSTAINABILITY REPORT 2022

The SIP complements our existing ESG policies andguidelines. Furthermore, the SIP is formulated in line with
the Glasgow Climate Pact and aligned with the global
best practices laid out in the United Nations Sustainable
Development Goals (UN SDGs), UN PRI, TCFD, United
Nations Environment Programme Finance Initiative (UNEP FI)
and other relevant frameworks.
Since issuing our first green bond in 2017, we have amassed
more than $3 billion of sustainable finance, including
various green loans, a green revolving credit facility, and asustainability-linked loan. In April 2021, CDL’s South Beach
Consortium secured a 5-year green loan totalling $1.22
billion – one of Singapore’s largest green loans to date. In
August 2021, CDL and its JV partner jointly secured green
loans amounting to $847 million for the financing of two
upcoming developments in Singapore – Piccadilly Grandand Tengah Garden Walk EC. As a green developer, we areheartened that our strong sustainability track record enables
CDL to tap into the fast-growing sustainable financing pool tobenefit our joint venture projects, sharing our green vision of alow-carbon future with our like-minded partners.
For our successful R&D and pilot of DigiHUB, CDL secured
a discount on the SDG Innovation Loan provided by DBS
Bank, making us the first Singapore entity to achievea discount on a sustainability-linked loan through the
adoption of an innovative project that supports the UN
SDGs on a large-scale basis. More information can befound on page 17 of this report.

"In September 2021, CDL
became a proud signatory of the
UN Principles for Responsible
Investment (PRI), an investor
initiative in partnership with
UNEP Finance Initiative and the
UN Global Compact."
What gets measured gets managed. Tracking the impactof our corporate sustainability efforts drives continuous
improvement. We are glad that our performance has been
affirmed by leading global sustainability benchmarks andrankings. For the full listing, please refer to page 7 of thisreport for more details:• Global 100 Most Sustainable Corporations in theWorld by Corporate Knights: Ranked 5th in 2022,
maintaining ranking as the world’s most sustainable realestate management and development company for the
fourth consecutive year as well as the only Singapore
Company listed for 13 consecutive years• CDP: The only company in Southeast Asia and Hong
Kong to maintain double ‘A’s for climate change (since2018) and water security (since 2019)

IMPACT:• Dow Jones Sustainability Indices (DJSI): Recognised as
an index component in the DJSI World and DJSI Asia
Pacific Indices since 2011

From aligning with global agendas to our recognition as athought leader, CDL continues to be a driving force in thesustainability landscape.

• MSCI ESG Research: Maintained ‘AAA’ leader rating
since 2010

A Nexus for Change

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GROUP CEOSTATEMENT• Global Real Estate Sustainability Benchmark (GRESB)
2021: Global Sector Leader (Diversified – Office/
Retail) and Overall Regional Sector Leader (Diversified– Office/Retail)• Bloomberg Gender-Equality Index (GEI): Listed on the
Bloomberg GEI 2022 since 2018
• Sustainalytics: 2022 Industry Top-Rated and Regional
Top-Rated
We are also proud to be one of 45 global companies
and the only Singapore company to receive His RoyalHighness The Prince of Wales’ Terra Carta Seal. This sealis part of the Sustainable Markets Initiative and recognises
sustainability leaders in the private sector with globally
recognised and credible decarbonisation roadmaps.
Building a sustainable future requires the collaboration of alarger ecosystem and value chain. Through the years, CDL
has amplified its impact by investing time and resources
into thought leadership and partnerships.
In 2021, CDL actively hosted, moderated, and participatedin a record of 124 speaking engagements from global
forums to webinars in partnership with esteemed
institutions. We were proud to have Ms Esther An, ourChief Sustainability Officer, represent both the Singapore
private sector and CDL at COP26, where she was invited
to take part in the Built Environment Leaders Panel that was
jointly hosted by United Nations Framework Convention
on Climate Change, the World Business Council for
Sustainable Development and the World Green Building
Council. Youth empowerment to fight climate change
has always been CDL’s belief and in partnership with theSingapore Youth for Climate Action, CDL curated a series of
initiatives under the Keep Calm & Love our Planet campaign
to turn climate anxiety amongst youths into positive action.

13

CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL’s commitment to building sustainable communities
across sectors and countries remained undeterred during
the pandemic in 2020 and 2021. Designed and built
in 2017 as the first ground-up and zero-energy facility
in Singapore, the Singapore Sustainability Academy(SSA) has been a key platform for CDL’s advocacy workin climate action aligned with the UN SDGs. Despite
tightened measures to mitigate the spread of COVID-19,
we adopted virtual and hybrid event formats at the SSA
to remain connected and expand our impact beyond
geographical borders and communities, reaching out tothousands of participants locally and overseas in 2021.
Some of our key initiatives included The Conscious Festival
by Green is the New Black, Sustainable Fashion 2.0, thesecond instalment of My Tree House’s Eco-StorytellingContest, and our Youth4Climate Concert 2021.
Amidst growing demands for ESG training, CDL and
Global Green Connect (GGC) launched Sustainability
Connect, a platform to connect and empower sustainability
professionals. Leveraging on CDL’s and GGC’s global
network of experienced sustainability professionals fromdiverse sectors and industries, Sustainability Connect aims
to equip practitioners with the necessary skills to transformand help their employers future-proof their businesses forlong-term success by using workshops, panels and othertraining initiatives.
Active collaboration with the public sector continues tobe critical in CDL’s sustainability drive, as seen in ourpartnership with National Parks Board to hold our “Change
the Present, Save the Future” exhibition in support of the
Ministry of Sustainability and the Environment’s Climate
Action Week 2021 and the Singapore Green Plan 2030,
which has been attracting an average of 2,000 visitors
per month. We will be launching the second edition of our
Climate Action Exhibition series in April 2022, themed“Change the Present, Save the Oceans”, focusing on
marine biodiversity, plastic pollution, and sustainable living.

LOOKING AHEAD – Winning the Race to Zero,
Adding Purpose to the Triple Bottom LineAs Singapore’s real estate pioneer and green building
leader, CDL steadfastly aligns our business with global andnational goals to mitigate the negative impact of climatechange. With CDL’s Future Value 2030 Sustainability
Blueprint as the bedrock for our ambitious ESG goals andstrategies, we are well placed to accelerate our net zero
goals. Contributing to a sustainable future will remain the
purpose of our business.
The pandemic has challenged us to continuously push theenvelope with climate-focused strategies and reinforced ourconviction towards climate action. Climate threats on theplanet have a severe impact on people and the performanceof businesses, and no one can thrive without a healthy planet.
In closing, I would like to thank everyone who hasjourneyed alongside us for your continued support of
CDL’s vision in creating a more sustainable planet. The
cooperation and encouragement we have received from all
stakeholders has played a vital role in future-proofing ourbusiness and pushing the green agenda.
It is time to turn ambition into action.
Sherman Kwek
Group Chief Executive OfficerDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

LONGSTANDING & UNWAVERINGLEADERSHIP COMMITMENT
Sustainability Governance Structure

Integrating sustainability at the highest governance levelin CDL enables strategic oversight of ESG issues forlong-term value creation. Since 2017, the leadershipspearheaded by CDL’s Board Sustainability Committee has
been critical in delivering CDL’s sustainability purpose,
integration, and performance that add business andeconomic value to the company.
CDL has established the longest history of having a
dedicated Sustainability portfolio amongst Singapore
companies, headed by the Chief Sustainability Officer(CSO) since 2014. The CSO reports directly to the Board
Sustainability Committee (BSC), which comprises three
independent directors, and CDL’s Executive Director /Group CEO. The BSC has direct advisory supervision on
CDL’s sustainability strategy, material ESG issues, work
plans, performance targets and sustainability reporting. It
convenes meetings at least twice annually to discuss CDL’s
sustainability plans and review its performance. Throughout
the year, the CSO updates the BSC on CDL’s ESG
performance and initiatives, as well as global and local
ESG trends through the quarterly sustainability reports andmeetings, when necessary. CDL’s sustainability governancestructure, practices and disclosures, which have been inplace for years are in line with SGX’s mandate on climate
and board diversity disclosures.1
To achieve effective integration of sustainability throughout
CDL, the CSO chairs the Sustainability Committee,
which comprises members across all departments andoperational units. Heads of Departments (HODs) andtheir line managers are held accountable for their ESG
performances, which are captured in their annual
performance appraisal that is linked to their remunerationand promotion.

1

14

SGX mandates climate and board diversity disclosures. Singapore
Exchange, 15 December 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Board of Directors
Board Sustainability Committee
Chief Sustainability Officer
Sustainability Committee AcrossBusiness and Operational Units

Environment

Corporate
Governance andFair Operating
Practices

LabourPractices andHuman Rights

Advisory Panel(Senior Management)

Stakeholder
Engagement
and Consumer
IssuesCommunity
Involvement andDevelopment

Board Sustainability Committee

Sherman Kwek Eik Tse
Executive Director andGroup Chief Executive
Officer

Philip Yeo Liat Kok
Non-Independent
Non-Executive Director

Daniel Marie
Ghislain Desbaillets
Independent
Non-Executive Director

Tang Ai Ai
Mrs Wong Ai Ai
Independent
Non-Executive Director

Chong Yoon Chou
Independent
Non-Executive Director

More information on CDL’s Board of Directors is available on CDL’s corporate website.
Note: From 1 Jan 2022, Mr Philip Yeo Liat Kok stepped down from the BSC, and Independent Non-Executive Directors Ms Tang Ai Ai Mrs Wong Ai Ai and Mr Chong Yoon
Chou were appointed as BSC members.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

role of board members indriving companies’ ESG
performances. The richand diverse experiences
and backgrounds ofpanellists from various
industries and sectors
provided a robust andwell-rounded discussion
on best practices insustainability.

Mr Sherman Kwek, CDL Group CEO, gave a speech at
the launch event. He emphasised the importance of active
collaboration between borders and sectors, and called for
visitors to join the global effort in protecting our planet andcreating a more sustainable future.

LONGSTANDING & UNWAVERINGLEADERSHIP COMMITMENT

8th Hong Leong and CDL Group Annual
Sustainability Forum
Since 2014, CDL has organised the Hong Leong and CDL
Group Annual Sustainability Forum to keep the Group's
directors and senior management abreast of the latest
sustainability trends and best practices.
Themed “Sustainability Mainstreamed into the Boardroom
Agenda”, the 8th Hong Leong and CDL Group Annual
Sustainability Forum focused on Singapore Exchange
Regulation’s (SGX RegCo) latest proposals for mandatory
climate reporting, external assurance, and the key roles
boards play in driving ESG integration.
The panel discussion, moderated by CDL CSO Ms EstherAn, covered a wide range of ESG issues, ranging from theharmonisation of sustainability reporting standards to the15

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Attended virtually on
13 October 2021 byover 110 directors,
management, and staff
from the Hong Leong and
CDL Group of companies,
the forum featured
expert speakers from
SGX RegCo, NUS Business School, Singapore Institute of
Directors, Ernst & Young and PwC Singapore.

Officially launched by Ms Grace Fu, Minister for
Sustainability and the Environment of Singapore, theopening ceremony was accompanied by a high-level panel
discussion on the topic “Building a Sustainable Future– Collaboration Beyond Borders and Sectors”. Minister
Grace Fu, who shared further details on the Singapore
Green Plan 2030, was joined by distinguished panellists
Ms Lynn McDonald, High Commissioner of Canada toSingapore; Mr R Raghunathan, World Wide Fund for
Nature Singapore Chief Executive Officer; and Mr Max
Loh, Singapore and Brunei Managing Partner, EY ASEAN
IPO Leader, Ernst & Young. Ms Esther An, CDL CSO was
the moderator for the panel discussion.

Reinforcing Global Collaboration through the"Change the Present, Save the Future" Climate
Action Exhibition
In July 2021, in partnership with NParks, CDL launched“Change the Present, Save the Future”, an exhibition onbuilding climate resilience through global collaboration.
Held in support of the Ministry of Sustainability and theEnvironment's Climate Action Week 2021, the exhibition
ran from 15 July 2021 to March 2022 at the CDL Green
Gallery, and called for action to support both global andnational climate efforts. The exhibition also reinforcescollaborative efforts between private and public sectors.

 CDL Group CEO, Mr Sherman Kwek, providing his opening remarks at
the “Change the Present, Save the Future” exhibition launch event.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

MARKET REVIEW &PERFORMANCE
Business as usual is no longer an option. The new climate
and pandemic economy are testing the foundations ofcompanies and challenging how economic value is generated
and distributed. Businesses that can navigate successfullyin the new normal will prove their resilience in adapting
to the ever-changing economic, social and environmental
landscape. For over two decades, CDL has built a strong
foundation through effective sustainability integration. We
will remain resilient against headwinds and continue tocreate sustained value for our business and stakeholders.
CDL Group reported a return to profitability with net
attributable profit after tax and non-controlling interest (PATMI)of $129.7 million for the second half-year 2021 (2H 2021)
and $97.7 million for the full year ended 31 December
2021 (FY 2021). Revenue for 2H 2021 increased by 38.4%
to $1.4 billion (2H 2020: $1.0 billion) and 24.5% to $2.6
billion for FY 2021 (FY 2020: $2.1 billion). For 2H 2021,
the Group saw a jump in revenue contribution from its
hotel operations segment across all regions, particularly in
the US and Europe, driven by accelerated global vaccine
distribution and the gradual relaxation of travel restrictions.
For FY 2021, the property development segment contributed
48% to total revenue, propelled by strong performing
Singapore projects such as Whistler Grand, Amber Park,The Tapestry and Irwell Hill Residences, as well as overseas
projects, including Shenzhen Longgang Tusincere Tech
Park which the Group acquired in February 2021, andcontribution from New Zealand land sales. In Singapore,
the Group and its JV associates sold 2,185 units including
Executive Condominiums (ECs), with a total sales value of$4.3 billion in FY 2021 – the highest annual property sales
achieved in the Group’s history2 (FY 2020: 1,318 units witha total sales value of $1.8 billion). This was largely attributed
to two successful launches in 2021: Irwell Hill Residences
2
3
4
16

CDL Group’s Key Financial Information
YEAR
RevenueTax paid
Staff costs
Profit/(Loss) before tax
PATMI
Return on equity
Net asset value per share
Basic earnings per share
Ordinary dividend per share- Final- Special interim- Special final- Distribution in specie of units
in CDL Hospitality Trusts

2017$3,829 m$162 m$831 m$763 m$522 m
5.6%$10.3356.0 cents2018$4,223 m$211 m$850 m$876 m$557 m
5.6%$11.0759.9 cents2019$3,429 m$244 m$887 m$754 m$565 m
5.4%$11.6060.8 cents2020$2,108 m$76 m$517 m($1,791) m($1,917) m(22.5)%$9.38(212.8) cents

2021$2,626 m$100 m$542 m$228 m
$98 m
1.2%
$9.28
9.3 cents

8.0 cents
4.0 cents
6.0 cents–

8.0 cents
6.0 cents
6.0 cents–

8.0 cents
6.0 cents
6.0 cents–

8.0 cents–
4.0 cents–

8.0 cents3
3.0 cents
1.0 cents3
19.1 cents4(540 units) and CanningHill Piers (696 units), which are
77% and 86% sold to date respectively, as well as sustained
steady sales of its existing inventory. Residential projects
Piermont Grand EC and Whistler Grand are fully sold.
Despite a challenging economic backdrop, the committed
occupancy of the Group’s Singapore office portfolio
remained resilient at 93.3%, above the island-wide
occupancy of 87.2%. Republic Plaza, the Group’s flagship
Grade A office building, achieved a healthy committed
occupancy of 96.4% and registered positive rental reversion
in Q4 2021. The tight Central Business District (CBD) officesupply situation coupled with the improved business outlook
are expected to support rental rate growth in the near term.
The Group’s retail portfolio was also resilient, with committed
occupancy at 93.8%, above the national average of 91.9%.

While the operating challenges of COVID-19 continued to
be felt in 2021 as international travel restrictions were stilllargely in place, the Group’s hospitality business progressedon its road to recovery. Regions with strong domestic
markets, like Europe and the US, led the recovery in 2H 2021
with significant improvements in revenue per available roomand gross operating profit. The Group expects this trend tocontinue in 2022.
As at 31 December 2021, the Group has cash reserves of$2.2 billion and a strong liquidity position comprising cash
and available undrawn committed bank facilities totalling$3.9 billion. Net gearing ratio (after factoring in fair value
on investment properties) stands at 61%.

The last annual high was achieved in FY 2007 with $3.4 billion in total sales value with 1,655 units sold.
Final and special final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2021 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
Illustrative valuation based on CDLHT unit price of $1.20.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

SUSTAINABLE
FINANCEIn attaining our key ESG goals and in our transition to a
net zero business, CDL has been tapping on sustainablefinance since 2017. Our solid grounding and track recordin sustainability has helped us gain access to fast-growing
sustainable finance. This advances our adoption of green
building innovations to design, build and maintain our assets.
In 2021, South Beach Consortium, a CDL-led consortium,
secured a $1.22 billion green loan for the refinancing of
the South Beach mixed-use development – a double GreenMark Platinum development. In addition, CDL and our
JV partner jointly secured green loans of $847 million tofinance the development of two Government Land Sales
sites at Piccadilly Grand and Tengah Garden Walk. Bothdevelopments will obtain the BCA Green Mark GoldPLUS
rating, with Tengah Garden Walk EC set to be one ofSingapore’s first new SLE private residential developments.
Aligned with good practices, our Sustainable Finance
Framework has embraced leading global frameworks
including the Green Bond Principles, Green Loan Principles
and Sustainability Linked Loan Principles. It demonstrates

17

good governance of CDL’s sustainable financing andcontributes to building sustainable and climate-resilient
cities and communities.

SECURED MORE THAN
$3BN SUSTAINABLE FINANCING
SINCE 2017
Sustainabilitylinked Loan
$250 million

Green Bond$100 million

Green Loans$3.04 billion

CDL is Signatory ofUN-convened Principles for
Responsible Investment (PRI)

From January 2022, CDL CSO was appointed asa member of PRI’s inaugural Real Estate Advisory
Committee, which succeeds the Property Working Group
coordinated by UNEP FI.

In September 2021, CDL was accepted as a signatory of
the UN PRI, an investor initiative in partnership with UNEP
Finance Initiative (UNEP FI) and the UN Global Compact.
The PRI is the world’s leading proponent of responsible
investment and supports its international network ofinvestor signatories in incorporating ESG factors into theirinvestment and ownership decisions. As an asset ownerand manager, integrating PRI’s Six Principles into how CDL
invests will have a profound impact beyond financial value.

As an extension of our commitment towards sustainable
investments, the Board approved the CDL Sustainable
Investment Principles (SIP) to steward responsible capital
allocation and investments decision-making. The SIP isaligned with the Glasgow Climate Pact, UN SDGs andother global best practices and frameworks such as UN
PRI, TCFD, UNEP FI. It also complements CDL’s existing
ESG policies and guidelines, including the Climate

CDL INTEGRATED SUSTAINABILITY REPORT 2022

In the same year, CDL Group Chief Financial Officer(CFO), Ms Yiong Yim Ming, joined UNGC’s CFO Taskforce
for the SDGs, joining other C-suites and CFOs of leading
companies in unlocking private capital and creating amarket to mainstream SDG investments.

CDL ACHIEVES INTEREST RATEDISCOUNT ON SDG INNOVATION
LOAN
In 2021, through the successful R&D and pilot of
DigiHUB, a Facilities Management digital platform
developed by our wholly owned subsidiary, CBM
Pte Ltd, CDL achieved an interest rate discount on the$250 million SDG Innovation Loan, a sustainabilitylinked loan secured from DBS Bank in 2019. CDL
was the first in Singapore to adopt and apply SDG
Innovation linked finance on a large-scale basis.

Change Policy, EHS Policy, Green Building Policy,
Biodiversity Policy and Human Rights Policy.

DELIVERING

VA L U E &BEST PRACTICES

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICES
Sustainability integration is critical in our strategy to create
long-term value and future-proof our business. In the faceof global climate, health and economic challenges, ourearly adoption of ESG integration has enabled CDL toremain steadfast as a responsible business, being able toweather disruptions, whilst driving our pursuit of long-termvalue beyond short-term profits.

INTEGRATING UN SDGS HAS ADDED PURPOSE
FOR A MORE BALANCED TRIPLE BOTTOM LINE FOR CDL

P

LE

NET

PEO

LA

CDL’s value creation business model is anchored on our
ethos of “Conserving as We Construct” since 1995. The
model encapsulates our role as a developer, an asset
owner and a corporate citizen, and guides us in creating
sustained value for our business and our stakeholders.
Leveraging on six capitals – financial, organisational,
natural, manufactured, human and social & relationship,
our business operations and sustainability advocacy is wellaligned with 14 UN SDGs.

P

CREATING SUSTAINABLE GROWTH
WHILE DELIVERING ON PURPOSEPROFIT19

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESCDL'S VALUE CREATION MODEL
Aligned with 14 UN SDGs

FUTURE PROOFING
BUSINESSESG INTEGRATION
SINCE 1995
FINANCIALCAPITAL

Build Sustainable
Profitability while
Conserving theEnvironment

NATURALCAPITAL

Build Quality,
Green andInnovative Spaces
SOCIAL &RELATIONSHIPCAPITAL

Build Organisational
Resilienceand Employee
Commitment

CONSERVINGAS WE CONSTRUCTSINCE 1995

INTEGRATEDAPPROACH SINCE2015

MANUFACTUREDCAPITALSUSTAINABILITY
BLUEPRINT:CDL FUTURE
VALUE 2030

ORGANISATIONALCAPITALHUMAN
CAPITALCOMMITMENTTOWARDS NET
ZERO CARBON1

Build Partnerships
and Bonds with
the Community

Aligned to Global Standards & Goals

Since
20

2005

2008

2010

2013

2015

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2016

2017

Over the years, CDL’s robust sustainability reporting has
evolved into a unique blended model using GRI Standards
as its core since 2008, CDP since 2010, Global Real
Estate Sustainability Benchmark (GRESB) since 2013, Value
Reporting Foundation’s Integrated Reporting Framework
since 2015, SDG Reporting since 2016, TCFD framework
since 2017, and SASB Standards since 2020. To enhancedata credibility and instill confidence in readers, external
assurance of our Integrated Sustainability Report (ISR)
started since 2009. ISR 2022’s external assurance
has been further elevated in its scope against the GRI
Standards, SASB Standards, as well as the TCFD and
Climate Disclosure Standards Board (CDSB) frameworks.
As an experienced reporter using multiple sustainability
reporting frameworks and standards, CDL supports theformation and meaningful efforts of the International
Sustainability Standards Board (ISSB) in providing a unified
sustainability reporting framework that aims to fulfil theneeds of investors and multiple stakeholders for credible,
consistent and comparable data.
Established in 2017, the CDL Future Value 2030
Sustainability Blueprint sets goals for our integrated
sustainability strategy towards 2030 – a milestone year
for UN SDGs and the net zero climate agenda. Since July
2017, we have also been voluntarily publishing an online
quarterly sustainability report that updates stakeholdersof our progress towards key goals and targets that are set
under the CDL Future Value 2030 Sustainability Blueprint.

1

2018

2020

2021

CDL has pledged to achieve net zero operational carbon by 2030,
covering new and existing wholly-owned assets under our direct
management and operational control. We expanded the commitment toachieve maximum reduction of 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. Please refer topage 59 of ISR 2022 for more details.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESIn 2018, CDL Group embarked on the GET strategy — focusing on Growth, Enhancement and Transformation, to renew and reposition our business, sharpen our value proposition and expand
our asset portfolio to deliver performance improvements and superior outcomes. Our sustainability efforts are complementary and integrated within the GET strategy.

GET Strategy

What This Means For Our Corporate Strategy

G• Build development pipeline and recurring income
streams

What This Means For Our Sustainability Strategy• Apply the CDL Sustainable Investment Principles to steward responsible capital
allocation and investments decision-making• A signatory with UN Principles for Responsible Investment (PRI) as an investor
committed to the six principles

GROWTHE• Enhance asset portfolio through asset
enhancement initiatives, asset repositioning andredevelopment• Drive operational efficiency• Transform business via new platforms− Strategic investments− Fund management− Innovation and venture capital

TRANSFORMATION
21• Lower carbon footprint of new or retrofitted assets
E.g. Stepping up new developments and existing assets to be BCA Green MarkSuper Low Energy (SLE) by accelerating the adoption of carbon-friendly designs
and materials and transitioning to renewable energy.
• Continued advocacy to attract rising ESG investors and tap into sustainable finance

ENHANCEMENT

T• Enhance the building and corporate sustainability performance of existing assets
E.g. Energy-saving retrofitting works and technologies to improve energy
efficiency; improving indoor air quality and facilities management performance.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

• Impact investing in PropTech funds, start-ups and scale-ups to uncover and testbedbuilding innovations for our properties• Alignment of new platforms with CDL's ESG standards. E.g. Privatisation of M&C in
November 2019
• Ability to launch ESG-focused fund management initiatives

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

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TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

Legend: Progress Tracking
Meeting interim targets, maintain performance towards meeting 2030 targets.
Falling short of interim target for one year, review current practices.
Falling short of interim target for more than two years, review and revise targets (if necessary).

ON TRACK TO ACHIEVING FUTURE VALUE 2030 GOALS AND ANNUAL TARGETS
Established in 2017, the CDL Future Value 2030 Sustainability Blueprint sets out our strategic ESG goals. Our key 2030 and interim annual goals, targets and progress are tracked
and reported quarterly and annually. All target years are fiscal year-end. All reporting data is through fiscal year 2021 (31 December 2021), unless otherwise stated.
FUTURE VALUE 2030 GOALS

2030 TARGETS

INTERIM 2021 ANNUAL TARGETS

Goal 1:

Achieve Green Mark certification for 90% of CDL owned andmanaged buildings1≥ 85%

Maintain 100% retail and office tenant participation in CDL Green
Lease Partnership Programme

Achieve 100%

Maintain high level of commitment to adopt innovations andtechnology of green buildings

Average of two innovation andtechnology applications per year

Maintain high level of sustainability engagements and advocacy
activities

Average of ≥ 36 engagement and advocacy
initiatives and activities per quarter

Achieve science-based target of reducing carbon emissions intensity
by 59% from 2007 levels2

42% reduction

Building Sustainable Cities
and Communities

Goal 2:
Reducing
Environmental Impact

FY2021 PERFORMANCE
85% achieved
100% maintained
1. Plastic Neutrality Certification
2. DigiHUB
Average of 75 engagement and advocacy
initiatives and activities per quarter
42% reduction3

Asset Management (AM) – Office & Industrial :2

Reduce energy use intensity by 45% from 2007 levels

Energy use intensity: 37% reduction

Reduce water use intensity by 50% from 2007 levels4

Water use intensity: 43.5% reduction

Reduce waste intensity by 16% from 2016 levels4,5

Waste intensity: 14% reduction

Energy use intensity: 48% reduction
Water use intensity: 56.9% reduction
Waste intensity: 29% reduction

Asset Management (AM) – Retail2:
Reduce energy use intensity by 18% from 2010 levels

Energy use intensity: 18% reduction

Reduce water use intensity by 9% from 2010 levels

Water use intensity: 8% reduction

Reduce waste intensity by 12% from 2016 levels5

Waste intensity: 10.7% reduction

Notes:
1 Calculated based on % of total gross floor area (aligned with BCA’s calculation of green buildings).
2 Intensity figures were calculated based on per unit net lettable floor area.
3 Reduction value includes the RECs purchased and retired for the year 2021.
4 Water use and waste intensities include water use and waste disposed of by CDL Corporate Office.
22

CDL INTEGRATED SUSTAINABILITY REPORT 2022

5
6Energy use intensity: 31% reduction
Water use intensity: 44% reduction
Waste intensity: 16.4% reduction6

Waste intensity figures are for non-recyclable waste.
Waste intensity performance for retail assets does not factor in footfall during the COVID-19 pandemic due to exceptional
fluctuations in footfall in the retail sector.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESFUTURE VALUE 2030 GOALS

Goal 2:
Reducing
Environmental Impact

2030 TARGETS
Corporate Office:

INTERIM 2021 ANNUAL TARGETS

Reduce energy use intensity by 31% from 2007 levels

Energy use intensity: 29% reduction

FY2021 PERFORMANCE

Energy use intensity: 37% reduction

Property Development (PD)7:
Achieve an energy use intensity of 95 kWh/m2

Energy use intensity: ≤105 kWh/m2

Achieve a water use intensity of 1.54m3/m2

Water use intensity: ≤1.75 m3/m2

Achieve a waste intensity of 40 kg/m

Waste intensity: ≤50 kg/m

Ensure 100% of appointed suppliers8 are certified byrecognised EHS standards≥90% of suppliers appointed by AM;
100% of main contractors and ≥90% of key
consultants appointed by PD

Reduce embodied carbon of building materials by
24% compared to their conventional equivalents

7% reduction for new projects awarded from2018 onwards

Maintain zero corruption and fraud incidents across
CDL’s operations

Zero

Maintain zero fatality across
CDL’s operations and direct suppliers in Singapore

Zero

Maintain zero occupational disease across CDL’s operations
and direct suppliers in Singapore

Zero

Maintain a Major Injury Rate (Major IR)10 of 10.0 across
CDL’s operations and direct suppliers in Singapore≤16.7

Maintain a Minor Injury Rate (Minor IR) of 250.0 across
CDL’s operations and direct suppliers in Singapore≤354.7

2

Goal 3:
Ensuring Fair, Safe andInclusive Workplace

Notes:
7 Under Property Development, the finalised energy use intensity for the completed project, The Tapestry, has marginally
missed the interim 2021 target. Moving forward, CDL has started piloting a smart energy storage system to replace thetraditional diesel-powered generator to reduce our carbon footprint.
8 These refer to suppliers appointed by AM, and main contractors and key consultants (architects, civil and structural
engineers, mechanical and electrical engineers) appointed by PD.
9 Based on the lifecycle of CDL’s project developments, embodied carbon data for building materials is only available three
to four years after a project has been awarded. Data reporting has been restated from end-2021 to end-2022 due to adelay in construction activities caused by COVID-19.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Water use intensity: 0.70 m3/m2

2

10

23

Energy use intensity: 107.09 kWh/m2

Waste intensity: 45.79 kg/m2
Environmental performance reported for The Tapestry,
which obtained TOP status in February 2021
93% of AM appointed suppliers; 100% of
main contractors and 100% of key consultants
appointed by PD
Performance is on track to meet target. Data will bereported at end of 20229 when projects obtain TOP.
Zero corruption and fraud incident
Zero fatality
Zero occupational disease
35.1 Major IR11
175.5 Minor IR

10 Major and Minor IR refer to the number of major and minor workplace injuries per 100,000 persons employed,
respectively. For the definition of Major and Minor IR, please refer to the Ministry of Manpower's (MOM) website.
11 There was one reported Major Injury (as per MOM definition) that occurred at Whistler Grand in Q4 2021. Corrective
action was implemented on site and reviewed.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESGRI 3-1

DYNAMIC APPROACH TO MATERIALITY ASSESSMENT
Anchored on double materiality and multi-stakeholder approaches, CDL’s 2021 materiality assessment provides a holistic inside-out and outside-in perspective on our financial and ESG impacts
on our stakeholders and business. Global developments have caused shifts in our stakeholders’ priorities, allowing us to achieve greater alignment between our pursuit of sustainable growth andstakeholders’ needs, amidst the pandemic and climate change.
Since 2014, CDL started conducting materiality
assessments annually, which is facilitated by a third party,
to determine the key economic, environmental, socialand governance (EESG) issues that are important to ourstakeholders. These issues are foundational to CDL’s annual
sustainability reporting. Corresponding EESG targets,metrics, initiatives, and progress are reviewed by theManagement team, reported to the BSC and the Board forapproval, before they are published annually in the ISR.
Due to COVID-19, we conducted more comprehensive
materiality assessments both in 2020 and 2021, to be incloser alignment with the shifting priorities and expectationsof our stakeholders.
An extensive macro scanning exercise was performed
to determine the preliminary list of material issues1. The
exercise determined the actual and potential impactsof these issues on CDL’s long-term value creation, andconversely, CDL’s impact on them. To gather stakeholder
feedback, online surveys were circulated to key stakeholder
groups, including the BSC. More than 300 responses were1
24

received. Through interviews with selected management
staff, regulators, industry and sustainability experts, tenants
and suppliers, we obtained additional insights into how
CDL can work towards our net zero carbon commitment,
and strategically address risks and opportunities for our

PHASE

1

Identify
and define initial listof material issues

We will be validating our list of material ESG issues with the latest GRI Sector Standard for our industry when it is published by GRI.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

PHASE

2

Prioritisematerial issues
through stakeholder
engagementbusinesses while continuing to deliver long-term value for our
stakeholders.
The preliminary material issues were validated by CDL’s
Senior Management and approved by the BSC thereafter.

PHASE

3

Validation
by SeniorManagement

PHASE

4

Approvalby BSCDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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Glossary

DELIVERINGVALUE & BEST PRACTICES
2021 MATERIAL ESG ISSUES
Our findings revealed an increased prioritisation ofenvironmental issues by our stakeholders. “Climate
Resilience” was the top material issue in 2021. The rise inranking of environmental-related issues, such as “Energy
Efficiency and Adoption of Renewables” and “Water
and Waste Management” could be explained by global
climate action momentum in 2021 (e.g. COP26) and theacceleration of climate-related agreements and commitments.

Social issues including “Occupational Health, Safety
and Well-being”, “Healthy Buildings” and “Future-ready
Workforce” decreased in significance. Despite this,stakeholders emphasised the importance of managing thesesocial issues on a consistent and ongoing basis.

Highly critical material issues
1. Climate Resilience 
2. Energy Efficiency and Adoption of Renewables 
3. Innovation
4. Stakeholder Impact and Partnerships 
5. Product/Service Quality and Responsibility

Critical material issues
6. Economic Contribution to Society
7. Occupational Health, Safety and Well-being
8. Sustainable Finance 
9. Water and Waste Management 
10. Ethical and Transparent Business Notes:
 Ranking increased significantly from 2020's materiality study

CDL’s Material ESG Issues
Climate Resilience

Energy Efficiency and
Adoption of Renewables
Innovation
Stakeholder Impact and Partnerships
Product/Service Quality
and Responsibility25

In 2021, “Diversity and Inclusion” was reported as amaterial issue for the first time, resonating with the global

push for increased diversity at the workplace and for all
employees to enjoy equal rights and treatment.
With the increasing advocacy for biodiversity protection, its
links to climate change, and the potential impacts broughton by property development and management activities,“Biodiversity Conservation” has been added to CDL’s list of
material issues in 2021.
Moderate material issues
11. Healthy Buildings
12. Diversity and Inclusion  +13. Responsible Supply Chain
14. Cyber-readiness, Security and Data Privacy
15. Future-ready Workforce
16. Human Rights and Labour Conditions
17. Biodiversity Conservation ++ New material issue from 2021's materiality study

Stakeholders Impacted
Customers, builders and suppliers, government andregulators, investors and analysts, lenders, academics andindustry experts, community, and media
Customers, builders and suppliers, government andregulators, investors and analysts, community, academics andindustry experts, and media
All stakeholders across our value chain
All stakeholders across our value chain
Customers, builders and suppliers, government andregulators, investors, community, academics and industry
experts, and media

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI Standards Disclosures
Addressed in this Report• Emissions
Decarbonising towards Net Zero
• Construction and Real Estate Sector (CRES):
Building greenhouse gas emissions intensity• Energy
Decarbonising towards Net Zero
• CRES: Building energy intensity• CRES: Sustainability certification, rating,and labelling• Direct economic impacts• Marketing and labelling• Customer health and safety• CRES: Sustainability certification, rating
and labelling

Driving Innovation and Building
Performance
Developing Sustainable Communities
Driving Innovation and Building
Performance
Determined to Create a Fair, Safe andInclusive Business EnvironmentDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICES
CDL’s Material ESG Issues
Economic Contribution to Society

Occupational Health, Safety
and Well-being
Sustainable Finance
Water and Waste Management

Ethical and Transparent Business
Healthy Buildings

Diversity and Inclusion
Responsible Supply Chain

Cyber-readiness, Security
and Data Privacy
Future-ready Workforce
Human Rights andLabour Conditions

Biodiversity Conservation

26

Stakeholders Impacted
All stakeholders across our value chain

All stakeholders across our value chain
Lenders, government and regulators, and academics andindustry experts
Customers, builders and suppliers, government andregulators, investors and analysts, community, academics andindustry experts, and media
All stakeholders across our value chain
Customers, builders and suppliers, government andregulators, investors and analysts, community, academics andindustry experts, and media
Employees, investors and analysts, academics and industry
experts
Builders and suppliers, community, government andregulators, investors and analysts, academics and industry
experts and media
Customers, employees, government and regulators, investors
and analysts, and media
Employees, government and regulators, and investors andanalysts
All stakeholders across our value chain

Builders and suppliers, investors and analysts, lenders,
media, government and regulators, academics and industry
experts, community

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI Standards Disclosures• Economic performance• Market presence• Indirect economic impacts• Employment• Occupational health and safety• There is no relevant GRI topic disclosure
•
•
•
•
•
•

Water and Effluents
Waste
CRES: Building water intensity
Anti-corruption
Anti-competitive behaviour
Customer health and safety• Diversity and equal opportunity• Materials• Supplier environmental assessment• Supplier social assessment• Customer privacy• Training and education
•
•
•
•
•

Employment
Forced or compulsory labour
Labour/management relations
Non-discrimination
Biodiversity

Addressed in this Report
Developing Sustainable Communities
Determined to Create a Fair, Safe andInclusive Business Environment
Determined to Create a Fair, Safe andInclusive Business Environment
Dedicated to Sustainability Integration
Decarbonising towards Net Zero

Determined to Create a Fair, Safe andInclusive Business Environment
Driving Innovation and Building
Performance
Determined to Create a Fair, Safe andInclusive Business Environment
Decarbonising towards Net Zero
Determined to Create a Fair, Safe andInclusive Business Environment
Determined to Create a Fair, Safe andInclusive Business Environment
Determined to Create a Fair, Safe andInclusive Business Environment
Determined to Create a Fair, Safe andInclusive Business Environment

Decarbonising towards Net Zero

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
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•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESMULTI-STAKEHOLDER ENGAGEMENT CHANNELS
CDL’s stakeholder-centric business approach positions us
for long-term prosperity and solidifies our social license
to operate. By understanding the positive and negative

impact that our business and business relationships has on
our stakeholders, CDL can better anticipate and meet theirneeds. We define our stakeholders as individuals or groups

that have interests that are affected or could be affected by
CDL’s operations.

Stakeholder Groups and their Significance to CDLEngagement Platforms

Issues and Concerns

Our Employees
The health, safety, welfare and professional development of
employees are fundamental to CDL’s performance and key toenhancing our human capital.

•

Regular dialogue sessions, town halls and forums fronted by
Senior Management•

Corporate direction and growth plans•

CDL 360 – CDL’s staff intranet•

Job security•

Staff Connect – an inter-department committee that organises
company-wide activities to foster work-life balance and reinforce
team spirit•

Remuneration and benefits•

Career development and training opportunities•

Occupational safety, health and well-being•

Labour and human rights•

Work-life balance•

Employee volunteerism•

Workplace environment and conditions

27

CDL INTEGRATED SUSTAINABILITY REPORT 2022•

Educational activities (e.g. workshops and quizzes)•

Biennial Employee Engagement Survey•

Employee Assistance Programme, a 3rd party independent
counselling service•

Employee grievance handling procedures•

City Sunshine Club, CDL’s employee volunteering platform•

Indoor Environmental Quality (IEQ) study•

Triennial Indoor Air Quality (IAQ) study

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESStakeholder Groups and their Significance to CDLEngagement Platforms

Issues and Concerns

Our Customers
Delivering safe and high-quality products and services to ourcustomers is our raison d'être as customers are key to thegeneration of financial capital.

Homebuyers• Integrated customer and call centre• Homebuyer e-Portal and mobile app• Residential services• Green Living Guides• Defects management system• Post-TOP customer satisfaction surveys• Handover of strata units – on-site and virtually• 3D showflat virtual tour and online sales presentation

Homebuyers• Customer service and experience• Status of TOP progress and handover appointments• Ethical marketing practices• Workmanship and defects rectification• Design and features• Common areas and facilities

Tenants• CDL Green Lease Partnership Programme• Green fitting-out guidelines• Recycling programme• 1°C Up Campaign• Curated events and activities for C-suites and office community(e.g. Healthy Workplace Ecosystem workouts and workshops, andCityDelights treats giveaways)• CityNexus mobile app for Republic Plaza office community• Annual tenant satisfaction surveys• Precinct improvement with Raffles Place Alliance (Raffles Place Business
Improvement District)• CDL CityConnect—Dedicated Facebook page with curated content for
CDL tenant community• Regular retrofitting of CDL's managed buildings to improve indoor
environment

Tenants• Green building and office interior certifications• Green leases• Workplace safety and health• Management of facilities• Customer service and experience• Resource efficiency• Environmental management, education and advocacy• Ethical marketing practices• Clean and safe workplace environment

•

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•
•
•
•
•
•
•
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•
•

Our Builders and Suppliers
We work closely with partners in our value chain to ensure that
their operations are carried out in line with CDL’s EHS policies
and standards that place environmental performance, worksite
safety, and workers’ health and well-being as priorities.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

•
•
•
•
•
•
•
•
•
•

Policies on EHS, climate change, green procurement, green buildings,
biodiversity, human rights and universal design
Supplier Code of Conduct
Green procurement specifications
CDL 5-Star EHS Assessment
CDL EHS Challenge
Quarterly seminars and peer sharing
Annual EHS Awards
Declaration of EHS commitments through letter and pledge-signing
EHS risk assessments at concept, design and construction stages
Construction vision casting
Annual procurement guideline review

Legal compliance
Quality and design
Safety of infrastructure and managed facilities
Productivity
Innovation
Workers’ safety, health and well-being
Labour practices and welfare
Human rights
Social inclusion
Resource and waste management
Responsible procurement

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESStakeholder Groups and their Significance to CDLEngagement Platforms

Issues and Concerns

Our Investors and Analysts
We strongly emphasise on corporate governance and
ESG integration and continue to build investor trust andconfidence through open dialogue with shareholders and theinvestment community.

•

Conferences, meetings and site visits•

Corporate governance•Media releases and interviews••

Annual reports

ESG disclosures aligned with leading global
standards and frameworks•

Integrated sustainability reports (annual and quarterly)•

Climate change and net zero carbon strategies

Our Lenders
We work closely with like-minded lenders by tapping onsustainable financing products to increase our access to capitaland lower our overall capital cost in the long run.

•

Corporate website and social media platforms••

Sustainability microsite

Sustainability performance and tracking, including
global sustainability rankings and indices•

Timely response to ESG rating agencies and analysts•

Reporting standards

Government and Regulators
We partner with key government agencies and regulators toelevate industry standards for green buildings, sustainablefinancing, sustainable practices, and health and safety standards.

•

CDL senior management representation on boards of various industry
bodies•Development of green buildings•

Tri-sector and sustainability-related consultations and dialogues•

Programmes to cultivate responsible workplace practices

Longstanding partnership in various national programmes

Advocating green consumerism and a green lifestyle

Academics and Industry Experts
We work closely with academics and industry experts to explore
and testbed new building innovations for a low-carbon future.

•

•

•

Thought leadership in support of public policies and regulations
pertaining to sustainability, green buildings and sustainability reporting•

Sharing of industry best practices•

Regulatory development towards a low-carbon economy•

Promoting sustainability reporting in Singapore•

Advocating ESG integration with financial reporting•

Promoting occupational health and safety

The Media
We raise greater awareness of the green agenda and CDL’s
sustainable practices by engaging the media regularly throughmainstream news and information channels.

Our Community
We ensure that our developments do not affect the well-beingof surrounding communities. We also invest in community
development projects (in particular youth and women-related),
and foster tri-sector collaborations that support the UN SDGs.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022•

Public communications plan with residents within a 100-metre radius of
our new developments•

Proactive communication on CDL’s development plans
and construction works•

Builders’ contact details displayed at construction sites for public feedback •Promoting environmental awareness and zero waste•

Sustainability-related conferences/forums•

Advocating best practices in sustainability•

Consultation and dialogues with academics, NGOs and businessassociations•

Empowering youths and women as sustainability
champions•Integrated sustainability reports (annual and quarterly)•

Supporting Singapore’s arts scene•

Company website and social media platforms•

Caring for the less fortunate•

Corporate advertisements••

Collaborations with charities and NGOs for community development

Sustainability and green building thought leadershipand advocacy•

Universal design for homes and offices•

Social inclusion•

Ethical marketing practices

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-2

TURNING RISKS TO OPPORTUNITIES FOR SUSTAINABILITY
The table below outlines our actions in addressing risks and opportunities related to CDL’s top 17 material ESG issues identified. They are mapped to 14 relevant UN SDGs and the four pillars of
the TCFD framework. 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 Annual Report 2021.
Legend: TCFD Pillars
G – Governance; S – Strategy; RM – Risk Management; M&T – Metrics & Targets

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

1.

The built sector contributes to some 40% of global energyrelated carbon emissions and is heavily reliant on natural
resources for operations.

Climate change is a material strategic risk under CDL’s enterprise risk assessment framework. We are committed
to implementing mitigation and adaptation measures to combat the effects of climate change on our portfolioof assets.

Regulatory transition risks such as carbon tax, water
pricing, electricity tariffs and potentially stricter building
design requirements will pose challenges to maintainprofitability and sustain growth.

For close to a decade, CDL has been achieving our voluntary target of at least BCA Green Mark GoldPLUS
certification for all new developments, two tiers above the previous mandatory requirement.2 To date, 85% of
CDL’s portfolio of owned and managed buildings, based on gross floor area, have achieved the BCA GreenMark certification.

Extreme weather patterns can lead to stranded assets
and affect the well-being of building occupants. Climateproofing of CDL's buildings in line with a low-carbon
future is key to our growth strategy.

In February 2021, CDL pledged support to the WorldGBC’s Net Zero Carbon Buildings Commitment 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 and compensation of all residual upfront emissions via offsetting for new
developments by 2030 and for all buildings to be net zero carbon by 2050.

Climate Resilience

Supporting SDGs:

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

To align with a 1.5°C warmer scenario, CDL revised our SBTi-validated GHG emissions intensity reduction targets(Scope 1, 2 and 3) in December 2021; with additional targets to reduce Scope 3 emissions.
To better understand physical and transition risks from COP26 negotiation outcomes and impact from COVID-19,
CDL commenced our third climate analysis study in December 2021.
In November 2021, CDL was the only Singapore company amongst 19 pioneering companies to participate andsecure carbon credits in Climate Impact X’s pilot auction featuring a curated portfolio of verified natural climate
solutions projects.

230

In 2021, the new BCA Green Mark 2021 was launched, where new and existing buildings are recognised for building performance that is “above mandatory, regulated standards, that include robust levels of energy efficiency, indoor air
quality, greenery provision, active mobility considerations, materials and waste management and water efficiency.” There are now two tiers under the Green Mark Series – GoldPLUS and Platinum. Green Mark 2021 Certification Standard.
Building and Construction Authority, 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

2.

The global green energy transition following COP26
agreements entails the phasing down of fossil fuels infavour of renewables and rapidly decreasing carbon
emissions.

Through robust resource management and regular asset upgrading and enhancement efforts, CDL has been
maintaining good energy performance for our existing commercial properties.

Energy Efficiency and
Adoption of Renewables

Supporting SDGs:

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

3.

Innovation

Supporting SDGs:

More stringent regulations on the energy performanceof buildings and rising carbon tax are expected, withthe launch of the Singapore Green Plan 2030 and BCA
Green Mark 2021.

Innovation is a key enabler to achieve our ESG goals andtargets, while also creating value for our bottom line.

Innovation is a top priority in CDL’s growth and investment strategy. Our pipeline of innovation projects in green
buildings and digitalisation continues to grow, generating environmental, social and economic benefits.

By investing in green, smart and healthy building
technologies, CDL ensures that our products and services
operate at the highest quality for our building users, andremain resilient against disruptions.

CDL piloted several technologies including autonomous UVC disinfection robots, automated thermal scanners,
indoor air quality sensors, and anti-microbial disposable films, to create safer and healthier environments forour building users. We continue to monitor the progress and results of these innovation testbeds with our R&D
partners, such as SERIS, NUS-CDL Smart Green Home, NUS-CDL Tropical Technologies Lab and Singapore
University of Technology and Design (SUTD).

TCFD Pillars: S, RM

Stakeholder Impact
and Partnerships

Supporting SDGs:

CDL achieved our first BCA Green Mark Super Low Energy (SLE) award for residential developments as well as forserviced apartments, office and retail ahead of our 2023 goal, for 80 Anson Road (former Fuji Xerox Towers).

With energy consumption contributing to a large portionof CDL’s carbon footprint, CDL implements robust lowcarbon strategies for our managed buildings to maintainour leadership as a green developer.

Partnerships with research institutions, innovators and startups allow CDL to tap on emerging PropTech innovations
for large-scale implementations.

4.

Since 2004, CDL has retrofitted all our existing managed buildings. From 2012 to 2021, CDL achieved savingsof more than $34 million in energy expenses across all managed properties.

CDL also piloted DigiHUB, an in-house digital platform that offers predictive and integrated facilities management
solutions, developed by CBM Pte Ltd, a wholly-owned subsidiary of CDL.
In partnership with Seven Clean Seas, a Singapore-based ocean cleanup organisation, 11 Tampines Concourse
was certified with a first-of-its-kind plastic neutrality certification for a building, under the Ocean-Bound Plastic’s
Plastic Producer Standard.

Building goodwill in the community provides CDL with astrong social license to operate. Through working withlike-minded partners, CDL has pioneered and developed
partnerships that multiply our outreach and impact on
climate action and UN SDGs.

In partnership with NParks, CDL launched a climate exhibition themed “Change the Present, Save the Future”
at the CDL Green Gallery. Held in support of the Ministry of Sustainability and the Environment’s (MSE) Climate
Action Week 2021, it amplified the call to action in support of global and national climate efforts.
CDL also partnered with Singapore Youth for Climate Action to launch the “Keep Calm and Love Our Planet”
campaign at COP26 in November 2021, which aims to turn climate anxiety into positive action.
In light of national COVID-19 measures, CDL held both virtual and hybrid events to continue our engagement
efforts. The “Future of Sustainability Reporting” webinar series was supported by key partners such as Singapore
Exchange (SGX), Singapore Institute of Directors (SID) and Global Reporting Initiative (GRI). Other Virtual SSA
events include Storytelling @ My Tree House with National Library Board (NLB) and the Green Is the New Black’s
Conscious Festival.

TCFD Pillars: G, S

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

5.

Rising costs of building materials and labour shortages
due to COVID-19 can result in delays in completion andimpact our reputation and financials.

To ensure compliance and prevent latent defects, CDL has a robust process guided by the Design for Safety
regulations to identify design risks and assess the severity of EHS impacts throughout the construction stages ofour developments.

As an asset owner and manager, CDL takes pride inensuring a safe and healthy environment for ourbuilding users.

CDL unveiled its new in-house proprietary electronic system for expressions of interest, balloting and satellite sales
bookings for the sales launch of Irwell Hill Residences and CanningHill Piers.

Product/Service Quality
and Responsibility

Supporting SDGs:

TCFD Pillars: S, RM

6.

Economic Contribution
to Society

Supporting SDGs:

TCFD Pillars: G, S

CDL remains committed to delivering safe and high-quality
products and services for our homebuyers and tenants.

CDL’s financial performance impacts the vested interests ofour employees, shareholders, investors and supply chain.
The generation of employment contributes to the economic
growth of the markets that we operate in and thelivelihoods in our supply chain.
Stabilising and reopening our commercial and retail
operations whilst establishing recovery protocols help toensure the commercial viability of our business and tenants.
Direct donations to the community are part of CDL’s
community investments strategy to give back to thecommunity.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Potential homebuyers can access 3D virtual tours of CDL's new launches and online sales presentations from the
comfort of their homes.
The Virtual Unit Handover initiative piloted in 2020 will continue to serve us well for future projects that obtain
TOP. Homeowners can opt for a virtual walkthrough, led by CDL’s Customer Service Officers.
As CDL remains resilient against the prolonged impact of the pandemic, we continue to uphold high standardsof ethical business practices. We maintain strong branding and deliver quality products to generate profits andprovide optimal returns for investors in our fiduciary duty as stewards of capital.
CDL has committed more than $40 million in property tax rebates and rental relief to our Singapore andoverseas retail and commercial tenants. This includes passing on the full quantum of property tax rebates fromthe Singapore government to local tenants. Rent restructuring was extended to selected tenants whose businesses
were badly affected, as well as rental payment flexibility for those facing severe cash flow issues. Rental,
operational and marketing support was provided to tenants adversely impacted by the stricter measures. Close to90% of CDL’s retail tenants have received rental assistance.
A long-standing partner of Assisi Hospice since 1999, CDL raised more than $113,000 for the hospice in 2021
through the CDL Challenge and Assisi e-Fun Day. The CDL Challenge is an in-house fundraising campaign thatrallied donations from stakeholders, namely staff and business partners. At the Assisi e-Fun Day 2021, CDL andour subsidiary, Millennium & Copthorne Hotels Limited (M&C), raised funds through virtual stalls and provided
donations-in-kind, namely shopping, F&B and hotel vouchers towards the event's lucky draw and game prizes.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

7.

Most activities at CDL’s construction sites and managed
buildings are carried out by our appointed contractors.
Safety lapses by our contractors can expose CDL to
reputation and regulatory risks, and endanger the wellbeing of the site workers and building users.

The safety, health and wellness of CDL’s employees and contractors’ workers have always been amongst our
top priorities.

Safe management measures continue to be enforced toprevent community transmission of COVID-19 at CDL's
construction sites and managed buildings.

Established since the early 2000s, CDL’s EHS Policy and CDL 5-Star EHS Assessment have been continuallyenhanced in standard and scope. CDL works closely with the appointed contractors, where possible, to ensuremigrant workers’ work and living conditions are in line with national guidelines. Additionally, the CDL 5-Star EHS
Assessment also recognises and awards contractor companies that display EHS excellence and promote workers'
welfare. This Assessment also gives awards to exemplary workers. All six project sites are currently averaging
above 90% of the total score for their EHS performance.

Occupational Health,
Safety and Well-being

Supporting SDGs:

TCFD Pillars: S, RM, M&T

8.

Sustainable FinanceSupporting SDGs:

TCFD Pillars: G, S

9.

Water and Waste
Management

Supporting SDGs:

Prolonged Work-From-Home (WFH) arrangements havethe potential to affect employees’ mental well-being, due tolack of physical connection at the workplace and blurringof work and personal boundaries.

The rise of ESG investing and responsible banking
has unlocked alternative financing streams and granted
CDL the access to a wider pool of ESG-centric investors
and lenders.
Companies that lag in their ESG performance could be
penalised through higher cost of debt financing and facedivestment from shareholders.

Since the start of Phase 1 post-Circuit Breaker on 2 June 2020, CDL’s EHS team regularly conducts compliancechecks on the implementation of Safe Management Measures (SMM) across all its managed properties.
CDL has also incorporated SMM inspection checks into the regular EHS inspections to ensure compliance.
Strict monitoring and response procedures continue to be reviewed and updated to align with the latest publichealth advisories.
As of 31 December 2021, CDL has secured more than $3 billion of sustainable financing, including a greenbond, several green loans and a sustainability-linked loan.
In 2021, CDL and our JV partner jointly secured green loans of $847 million to finance the development of two
Government Land Sales (GLS) sites at Piccadilly Grand and Tengah Garden Walk.
South Beach Consortium, a CDL JV, obtained a $1.22 billion green loan for the refinancing of South Beach—a
double BCA Green Mark Platinum mixed-use development.
As an investor, CDL is a signatory to the UN PRI. We have developed the CDL Sustainable Investment Principles
to steward responsible capital allocation and investments decision-making.

Prudent water usage can help to lower operational costs of
CDL’s managed buildings, and conserve water.
Waste management is a growing concern in Singapore
as the country is projected to run out of landfill space by2035. The Singapore government has stepped up on
recycling efforts across the key waste streams to drive
circular economy solutions.

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

33

CDL complies with ISO 45001 Occupational Health and Safety for our key operations in Singapore to effectively
manage the safety, health and well-being of our employees and workers, directly or indirectly hired.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL’s developments are designed with a lifecycle approach to water sustainability and sound waste
management. We adopt technologies to raise water efficiency and manage waste, such as rainwater harvesting
and twin-chute pneumatic waste disposal systems, which are implemented at many of our commercial andresidential developments.
At our commercial and retail properties, recycling bins and facilities are provided to encourage the recycling of
paper, plastic and metal cans by tenants and shoppers.
CDL maintained our inclusion in the 2021 CDP A List for water security, marking our third consecutive year ofreceiving an ‘A’ score.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESGRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

10. Ethical andTransparent Business

Bribery and corruption are amongst the highest risks forbusinesses that could lead to financial and reputational
loss. Legal non-compliance can lead to the erosion of trustby CDL’s stakeholders, causing CDL to lose our social
license to operate.

CDL benchmarks our practices with the voluntary SS ISO 37001 Anti-bribery Management Systems to minimise
gaps. We operate according to industry standards. Anti-money laundering workshops are conducted annually forour employees.

Supporting SDGs:

TCFD Pillars: G, RM
11. Healthy Buildings
Supporting SDGs:

By taking a firm stance on our zero-tolerance policy
towards fraud, bribery and corruption, CDL can provide
strong assurance to our stakeholders, including investors
and customers.
Apart from green features, building occupants appreciate
healthy building features that contribute to their health,well-being and productivity.
Buildings with poor IAQ and sanitisation practices are
susceptible to viral transmissions.

TCFD Pillars: G, S, RM, M&T
12. Diversity and Inclusion(NEW)

Workplace diversity encompasses a wide spectrum, such as
gender, race, age and employees with accessibility needs.

Supporting SDGs:

A workplace culture that embraces diversity and inclusion
will attract and retain talent, while encouraging innovationand empathy.

TCFD Pillars: G, S

34

Diversity and inclusion principles should be embedded
into recruitment practices, opportunities for advancement
and remuneration policies.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL implements clear and transparent policies, risk management systems, and ESG disclosures to continuously
monitor and validate business processes. Within CDL’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.
For transparency, our corporate and sustainability policies and guidelines are published on our corporatewebsite, sustainability microsite and staff intranet, CDL360.
CDL designs and manages our buildings with the health and wellness of our building occupants in mind. We
seek to maximise acoustic comfort, natural ventilation, thermal comfort and biophilic design in our buildings.
Developed in 2020, the CDL Smart, Sustainable and Super Low Carbon (3S) Green Building Framework is aholistic framework that is aligned with BCA SLE buildings requirements and international standards for advancing
health and well-being in buildings. In 2021, the 3S Green Building Framework was updated to include
embodied carbon management and renamed to CDL Smart, Sustainable and Super Low Carbon (3S) Green
Building Framework.
CDL’s recruitment process adheres to strict guidelines on non-discrimination and fairness, regardless of gender,
ethnicity, religion, or age. As a company committed to meritocracy, CDL’s compensation and rewards policies
are performance-based.
Women represent 69% of CDL’s workforce and close to half of HODs at our Singapore headquarters. CDL iscommitted to providing equal remuneration and actively monitors gender pay gaps across various staff levels.
CDL embraces an inclusive workplace. Our multi-racial workforce hails from diverse backgrounds. Dueto Singapore’s predominantly Chinese population, our workforce comprises a larger percentage ofChinese employees.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DELIVERINGVALUE & BEST PRACTICES

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

13. Responsible Supply Chain

The procurement of unsustainable building materials andunfair labour practices that go against human rights cannegatively impact CDL’s ESG performance and reputation,and contribute to the proliferation of such practices in the
supply chain.

For more than a decade, CDL has specified responsible sourcing guidelines along our supply chain. This includes
the implementation of the Responsible Procurement Guidelines3 since 2008 and the Green Procurement Guideline
for property developments since 2009.

Supporting SDGs:

Usage of toxic building materials can also harm the healthof building users and workers.

All suppliers are required to sign a Supplier Code of Conduct which provides comprehensive guiding principles
for compliance.
CDL completed a supply chain segmentation study in 2020, where environmental (e.g. embodied carbon
intensity) and social risks (e.g. forced or child labour) were assessed for our top suppliers and building materials
procured for our developments. In 2020 and 2021, the results were shared with the BSC and the relevantbusiness units to further enhance such initiatives.

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

14. Cyber-readiness, Security
and Data Privacy

In line with our corporate EHS Policy which has undergone regular updates since 2003, 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 (SGBC) and Singapore Environment Council (SEC).

Strengthening CDL’s capabilities to protect itself andrecover from cyber-attacks is vital to preventing data theft,
financial loss, and disruption of operations.

Besides establishing holistic IT governance structures and developing robust detection and mitigation measures
to protect CDL’s critical business systems and data, our response plans are tested by internal auditors and an
external professional firm and aligned with industry best practices.

In enhancing digital connectivity, the rapid shift tovirtual and remote working environment can increase
vulnerability in business systems due to user behaviour or
external factors such as malware and phishing attacks.

Given the recent developments in data privacy regulations and the increasing impact of potential data privacy
breaches, CDL’s risk assessment framework has identified data privacy as a key risk. As such, CDL has been
carrying out various mitigating measures including staff awareness training, as well as the monitoring of local
and international data privacy developments that are relevant to our businesses.

TCFD Pillars: G, RM

Given rising data privacy concerns both locally andglobally, CDL needs to be mindful of compliancerequirements for international and local data privacy
protection laws.

Recognising that cyber-readiness, security and data privacy are constantly evolving and there will be theemergence of new threats and vulnerabilities, CDL is committed to continuously improving our network security
and data protection measures.

15. Future-ready Workforce

Companies need to remain nimble to adapt to changing
work conditions and arrangements (e.g. flexiwork andhybrid work models).

Building a workforce with skill sets that future-proof CDL’s business in a fast-evolving global economy is apriority. We actively foster a culture of continuous learning, enabling employees to acquire holistic skills andcompetencies to stay relevant and adapt to changing job demands.

A workforce that does not keep up with industry
developments, knowledge and technological trends will
have a negative impact on human capital, operational
efficiency, and business continuity.

With most of our workforce working from home in 2021, virtual learning and career development opportunities
were made available to our employees. Topics covered include project management, mindfulness, big data anddata analytics, sustainability, occupational health and safety, and the cultivation of healthy lifestyles.

Supporting SDGs:

Supporting SDGs:

TCFD Pillars: S, RM

3
35

Renamed from Green Procurement Guidelines in 2020.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESGRI 3-2

CDL's Top Material ESG Issues

Risks and Opportunities

CDL’s Responses and Achievements

16. Human Rights andLabour Conditions

Respecting and promoting the rights and dignity of
employees, workers and communities help to build a more
resilient supply chain, which is expected from responsible
businesses.

CDL engages our contractors and suppliers to abide by our fundamental 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 the main contractors’ EHS management
and performance – has been in place to ensure a comprehensive, audited, and appraised approach.

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 key to building a sustainable workforce. This
allows CDL to strengthen employee loyalty and increase
work productivity.

To help our workforce adapt to WFH arrangements, CDL ensured that our staff were equipped with theknowledge to use digital tools to facilitate effective communication.

17. Biodiversity Conservation(NEW)

The health of biodiversity systems is intrinsically linked toclimate change.

Supporting SDGs:

Without proper assessment and mitigation andprevention measures, the natural habitats of flora andfauna could be negatively impacted during building
development and management.

Since 2010, CDL has been voluntarily conducting Biodiversity Impact Assessments (BIA) on greenfield sites before
construction. To advance biodiversity protection and urban greenery at its sites and buildings, a Biodiversity
Policy, expanding on its BIA practices, was formulated in 2020. The policy complements Singapore’s “City in
Nature” vision established in 2021. In 2016, CDL piloted an Environmental Impact Assessment (EIA) study for
our Forest Woods residential development. Based on this pilot, CDL is exploring possibilities of applying it for
future developments.

Supporting SDGs:

TCFD Pillars: G, S, RM

TCFD Pillars: G, S, RM

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL conducts a biennial employee engagement survey to understand our employees’ concerns and engagementlevels, enabling CDL to be an employer of choice.

This is aligned with CDL’s commitment to adopt nature-based solutions (e.g. biophilic building design) to promote
the integration of the built environment with nature.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESINTEGRATING SUSTAINABILITY INTO OUR VALUE CHAIN
To catalyse change within the larger ecosystem, CDL iscommitted to engaging and influencing our value chain
to adopt more sustainable and innovative practices inalignment with global best practices.

Builders andSuppliers

Our value chain management encapsulates how we view
our impacts beyond our direct operations. We identified
key areas along our value chain where we can createsocial and environmental impact, referencing the “SDG
Compass: The Guide for Business Action on the SDGs”,
jointly developed by the GRI, UNGC, and World BusinessCouncil for Sustainable Development.
Leveraging our sphere of influence amongst stakeholders,
we apply our core competencies, invest in innovations
and engage our network to promote and contribute to
the relevant SDGs. Underlying this value chain process
is a proactive and continuous engagement with internaland external stakeholders through the lifecycle of asset
development and management.

Builders andSuppliers

Community
Consultants

Community

Government
and Regulators

Consultants

Financiers

Design and
Planning

Land Owners

Government
and Regulators

Property Development
and Asset Management
Value Chain
Management

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Community

Building andConstruction(including
sourcing ofmaterials)

Land
Acquisition

37

Banks
Customers

Government
and Regulators

Government
and Regulators

Property
AgenciesDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICESBEST PRACTICES AND ESG COMMITMENTS
As a global company, CDL supports international industry best practices and ESG commitments to uphold strong corporate governance, conduct business with integrity and spearhead climate
action in our operations and supply chain.
The list of our ESG commitments and best practices is non-exhaustive. Please refer to CDL’s sustainability website for more information.
Anti-Money Laundering and Counter Financing Terrorism Policy

Ethical Marketing Practices

The Anti-Money Laundering and Counter Financing Terrorism Policy for our property
business aligns with URA’s guidance and the Monetary Authority of Singapore’s mission
to mitigate the risk of Singapore being used as a platform by global criminals and terrorist
organisations to launder illicit funds. The Policy provides guidelines and procedures for our
frontline sales and compliance function to detect and report such criminal acts.

Since 2000, we have developed a set of internal procedures and an operational manual
for marketing and leasing. These are reviewed annually to reflect changes in marketing
practices, technology, regulation, and stakeholder expectations. Marketing collaterals
produced by CDL are compliant with the Singapore Code of Advertising Practiceadministered by the Advertising Standards Authority of Singapore, an Advisory Council to
the Consumers Association of Singapore.

Board Diversity Pledge
In 2015, CDL supported the Board Diversity Pledge initiated by Singapore Institute of
Directors and SGX. By taking the Pledge, CDL commits to promoting diversity as a key
attribute of a well-functioning and effective Board. In 2017, the Board of CDL formally
adopted the Board Diversity Policy, which sets out the policy and framework for promoting
diversity on the Board.
Incident Escalation and Reporting Framework
The Group-wide Incident Escalation and Reporting Framework ensures a clear andstructured communication process in the event of any emergencies. It facilitates structured
reporting and management of all incidents with a potential financial, operational or
reputational impact on CDL Group.
Employers’ Pledge of Fair Employment Practices
CDL is a signatory of the Employers’ Pledge of Fair Employment Practices with the Tripartite
Alliance for Fair and Progressive Employment Practices (TAFEP). TAFEP works with
employer organisations, unions and the Government to create awareness and to facilitate
the adoption of fair employment practices. The alliance is co-chaired by representing
employer unions and National Trades Union Congress.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL’s marketing practices also comply with the URA’s Housing Developers Rules (HDR) andBCA’s Guidelines for Outdoor Signs at our construction sites. The HDR seeks to enhancetransparency in the real estate industry, enabling homebuyers to make better-informed
decisions when buying a home, while the BCA guidelines prohibit cross-marketing of otherproducts and services.
Green Lease Partnership Programme
To support our office and retail tenants’ efforts to lower their carbon footprint, we
implemented the Green Lease Partnership Programme in 2014. 100% of existing office
and retail tenants have pledged their commitment to go green by signing a green lease.
Principles for Responsible Investment
Supported by the United Nations, the PRI is the world’s leading proponent of responsible
investment. It supports an international network of investor signatories in incorporating ESG
factors into their investment and ownership decisions. CDL joined as a signatory under theinvestment manager category, committing to integrate PRI’s Six Principles into our investment
decisions and outcomes. CDL CSO is a member of PRI’s Real Estate Advisory Committee.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DELIVERINGVALUE & BEST PRACTICES
Responsible Procurement Guidelines

UN Climate Neutral Now Pledge

Reflecting our commitment to use resources more efficiently, and respect health and safetyin our supply chain, our Responsible Procurement Guidelines set out our requirements forthe selection of vendors and suppliers at our Corporate Office and across core business
operations in Singapore.

As part of our commitment to achieve carbon neutrality, we joined the UN Climate Neutral
Now Pledge by the United Nations Framework Convention on Climate Change (UNFCCC)
in 2020 to commit maintaining carbon neutrality for our corporate office operations and
11 Tampines Concourse. In March 2021, we further expanded this pledge to achieve
net zero operational carbon for the rest of our wholly-owned buildings and developments
under our direct operational and management control, to align with our pledge toWorldGBC's Net Zero Carbon Buildings Commitment.

The guidelines include:• Sharing the Corporate EHS Policy with new vendors and suppliers• Indicating a preference for use of eco-friendly and recycled materials and products• Indicating a preference for ISO 14001, ISO 45001 and bizSAFE Level 3 certified vendors• Declaring the use of eco-friendly and recycled paper in printed materials• Meeting applicable EHS legal requirements, i.e. risk assessments conducted andrisk controls implemented for work activities carried out for and/or on behalf of CDL
that may impact CDL, the vendor/supplier’s workers and any other interested parties at
the workplace.
Supplier Code of Conduct
The Supplier Code of Conduct provides comprehensive guiding principles for our vendors
and suppliers to comply with CDL’s expectations of ethical standards, covering thefollowing areas:••••

Business integrity
Fair competition
Open communication
Conflict of interest•••

Gifts and entertainment
Environmental sustainability
Health and safety•••

Legal compliance
Human rights
Reciprocity

Sustainable Employment Pledge
Purposeful actions by companies will foster a vibrant economy and society throughsustainable employment practices and encourage innovation. CDL has taken the
Sustainable Employment Pledge, an initiative by Singapore Business Federation, and has
committed to making at least one improvement to our practices in sustainable employment
every twelve months.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Women’s Empowerment Principles
With a workforce that is majority female, CDL is committed to empowering women in our
workplace and supporting their pursuit of career and personal development. The Boardand top management of CDL firmly believe that diversity and inclusion will strategicallyenhance our human capital and performance for future growth. Our Group CEO joined
over 1,600 leaders globally in pledging CDL’s support for the Women’s Empowerment
Principles. Developed through a partnership between the UN Women and UNGC, theprinciples offer practical guidance to the private sector on how to empower women in theworkplace, marketplace and community.
WorldGBC's Net Zero Carbon Buildings Commitment
In February 2021, CDL became the first real estate conglomerate in Southeast Asia tosign the WorldGBC Net Zero Carbon Buildings Commitment in February 2021. This isa global pledge to achieve net zero operational carbon by 2030, covering new andexisting wholly-owned assets under our direct management and operational control. In
November 2021, during COP26, CDL joined 44 pioneering companies worldwide toextend our pledge towards a net zero whole life carbon emissions approach. Through thisexpanded commitment, we pledged to achieve maximum reduction of 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.

DRIVINGI N N O VAT I O N& BUILDING PERFORMANCE

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCEMANUFACTUREDCAPITAL

ACTIVITIESOUTPUTSVALUE CREATED

3S Green Building Framework

Smart and Climate-resilient
Green Buildings

Energy and Operational
Efficiency

BCA Green Mark Awards

Environment andCommunity Impact

Innovation, Digitalisation
and Technology
Enterprise Innovation Committee
Green Building and Technology
Application TeamFINANCIALCAPITAL

CDL Green Lease Partnership
Programme
Universal Design
Customer Service
Quality Management

SOCIAL AND
RELATIONSHIPCAPITAL41

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Innovative Building and
Low Carbon Solutions
Product Safety and Customer
Well-being
Green Leases
PropTech and Impact
Investments

Cost Savings
Customer Satisfaction
Wellness and Safety of
Building Occupants

CONTRIBUTINGTO SDGS

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

DRIVING INNOVATION &BUILDING PERFORMANCE
Aligned with global climate action towards a net
zero carbon future, CDL has been raising ourambition towards a low-carbon and sustainablebuilt environment. Leveraging innovation,
digital and green building technology is key totransforming the way we design, build and manage
our properties. Energy efficiency, decarbonisation
and building resilience to tackle climate risks andcreate economic and social benefits are our priorities.

INNOVATING TO RAISE BUILDINGPERFORMANCE
We raised the bar and aligned ourselves with more
ambitious carbon emissions reduction targets andcommitments set in the Singapore Green Plan 2030 in
2021. To achieve these new targets, innovation and R&D
are key pathways in the transition to net zero.
In February 2021, CDL demonstrated a firm commitment todecarbonisation by being the first real estate conglomeratein Southeast Asia to sign the World Green Building Council(WGBC)'s Net Zero Carbon Buildings Commitment. We
pledged 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 during COP26, CDL joined 44
pioneering companies to expand our pledge to adopt awhole life carbon reduction approach across our value
chain. This bold and ambitious commitment reinforced ourlongstanding integration of sustainability to future-proof ourbusiness. As we move into a low-carbon world, we will
accelerate our focus on innovation and digitalisation to
support CDL’s business growth and transformation.
1
2

Advancing Net Zero. World Green Building Council, 29 November 2021.
Renamed from Super Low Energy in 2021.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

3S GREEN BUILDING FRAMEWORK• HIGH OPERATIONAL EFFICIENCY AND PRODUCTIVITY •• LOW-CARBON AND COST-EFFECTIVE BUILDINGS •• LIVEABLE AND HEALTHY ENVIRONMENT •SUPER-LOW CARBON2SMART

SUSTAINABLE

SBTi & NET ZERO TARGETS

INTEGRATIVE & INTELLIGENT
PLATFORMSHEALTHY BUILDINGS &WELLNESS• Leverage smart technologies
and innovations to reducebuilding’s energy consumption• Implement energy performancetools, systems and standards
in alignment with global
sustainability disclosure andreporting frameworks

Aligning with best-in-class green
building practices for:

• Thermal comfort• Transition to 100% renewableenergy• Integrate AI and big data
analytics for active monitoring
and controlling of lighting,air-conditioning, mechanicalventilation, cleaning andmaintenance, security, EV
charging, renewables, etc.

• Maximise the use of lowcarbon materials to reduce
embodied carbon over whole
life cycle• Enable real-time digital
evaluation of assets’environmental and operational
performance• Track and monitor emissions
reduction progress withvalidated science-based targets• Prioritise intuitive user
experience• Accelerate investment onbuilding retrofits towards
decarbonisation• Step up BCA Green Mark SLE
certification for existing assets
and new developments

3S Green Building Framework
Introduced in 2020, the CDL Smart, Sustainable andSuper Low Carbon (3S) Green Building Framework is a
key enabler founded on two critical drivers – innovationand digitalisation – to support CDL’s business growth andtransition to net zero operation. This holistic framework is• Indoor air quality• Clean water• Lighting comfort• Acoustics comfort• Waste minimisation andcircularity• Biodiversity and Environmental
Impact Assessments• Universal design• Access to greenery and nature• Physical activity and community
spaces• Responsible environmental
behavioursaligned with the BCA Super Low Energy (SLE) buildings
requirements, as well as international standards foradvancing health and well-being in buildings. In 2021,
the 3S Green Building Framework was updated to include
embodied carbon management. This aims to align with theWorldGBC’s whole life carbon vision in the expanded Net
Zero Carbon Commitment.1

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE
Refreshed Green Building Standards –As Singapore’s real estate and green building pioneer
since the early 2000s, CDL has amassed a portfolio of
114 BCA Green Mark certifications for our developments
and office interiors.3,4 This makes us the most awarded
BCA Green Mark Platinum developer in Singapore’s
private sector. All new residential developments by CDL
devote more than 40% of the site area to landscaping
and communal facilities incorporating innovative designs
and features. CDL supports BCA Green Mark 2021 (GM:2021), which refreshes existing green building standards toimprove energy performance and place greater emphasis
on related sustainability outcomes.
CDL has set the following targets, endorsed by our top
Management, to take our green building ambitions to thenext level:• Continually commit to investing 2% to 5% of theconstruction cost of new developments in green andhealthy design and features• Commit to achieving BCA Green Mark certificationfor 100% of CDL owned and managed buildings,
by 2030

Key Features of 80 Anson Road
Awarded Green Mark SLE Platinum• The first development along Anson Road to tap
on district cooling• Solar PV system, which will generate renewableenergy to meet 30% of the development’s majorenergy-use systems, such as lighting and lifts• Building’s exterior uses horizontal sun shading
fins on every level, which reduces heat andenergy consumption• Energy savings for the residential component
is estimated to be up to 1.7 million kWh per
year, equivalent to powering approximately 400
4-room HDB flats• Green features, for residential component,
including energy and water efficient appliances,
allow cost savings of up to approximately$450,000 per year 80 Anson Road Artist’s Impression• Commit to achieving SLE buildings for 80% of CDL
owned and managed buildings by 20305• Commit to achieving net zero carbon with whole-life
cycle approach for wholly-owned and directly managed
buildings in Singapore by 2030
• Commit to reducing the embodied carbon of ourconstruction materials by 41% as compared toconventional equivalents, by 2030

3
4
5
43

Awarded BCA Green Mark Platinum SLE
Certification – CDL’s redevelopment project at 80 Anson
Road (former Fuji Xerox Towers)’s residential component is
the first private residential development to receive this award
in August 2021. It was subsequently awarded the sameachievement for serviced apartments, office and retail. Thishas fulfilled our Future Value 2030 commitment to achieve
at least one SLE building by 2023. The mixed-use projectis aligned with CDL’s 3S Green Building Framework, which
follows BCA’s SLE building requirements and international
standards for advancing health and well-being in buildings.

Includes subsidiaries and associated companies. Information accurate as of 31 December 2021.
Fuji Xerox Towers was awarded the Green Mark Platinum certificate from 22 December 2017 to 22 December 2020. Recertification was subsequently put on hold due to redevelopment works.
Prior commitment to achieve at least one SLE building by 2023 has been achieved in 2021, for our redevelopment project at 80 Anson Road.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE
Adapting to the New Normal – The impact fromthe COVID-19 pandemic has necessitated a shift to a
Work-From-Home (WFH) arrangement. This has led to anincreased emphasis on flexibility of space, wellness andnature, with homebuyers increasingly drawn to eco-friendly
and smart home features. Our latest projects, Irwell Hill
Residences and CanningHill Piers, have taken these trends
into consideration. Besides fitting adaptive furnishings forbetter living and working at home, a variety of co-working
spaces are incorporated throughout common areas.

Irwell Hill Residences
People-centric Design for Work and Leisure
Irwell Hill Residences is designed to address new
trends in nature, wellness, sustainability, as well as
flexibility of space for WFH and home-based learning.
Some apartment units come with bespokecountertops that can easily convert into
workstations. Function rooms are equipped to hostmeetings and conferences. Irwell Vista, located on
Level 24 of both towers, features a purpose-designed
workspace exclusively for residents – Vista Co-Work.
These bespoke workstations are equipped with
Wi-Fi and charging points, in a setting that offers aspectacular view of the sky framed by greenery.

 Irwell Hill Residences Artist’s Impression

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCEDRIVING INNOVATION AND
DIGITAL TRANSFORMATIONEnterprise Innovation Committee

Innovation has been a key driver in our decarbonisation
journey and one of CDL’s top-voted material ESG
issues since 2017. The Green Building and Technology
Application team was established in 2020 as part of CDL’s
Sustainability portfolio. The team works closely with theEnterprise Innovation Committee (EIC) in strategising how
to leverage scalable technology to reduce our carbon
footprint in the way we design, build, and manage ourassets. CDL recognises that circular economy is the way
forward. We have started exploring circularity practices
and solutions, such as adopting advanced low-carbon
construction methods and materials as part of our efforts to
reduce embodied carbon.

CDL Innovation Engine

CDL's EIC was formed by our Group CEO in 2018 as ananchor platform for multidisciplinary collaboration to drive
innovation and business transformation. Chaired by ourGroup Chief Operating Officer, the EIC has put in active
efforts to scout, implement and invest in customer-and

45

These activities are powered by three mutually-reinforcing
engines: (1) Innovation Pipeline; (2) People and Culture;and (3) PropTech Investment.

Innovation Pipeline

Piloted and scaled across diverse innovation themes

We source for quality leads,
qualify them and pilot and/or
scale up the implementation ofsolutions that meet our criteria.

CDL constantly identifies and assesses new PropTech and other solutions that will futurefit CDL’s businesses. Quality leads are prioritised and some will eventually be scoped
and executed as pilot projects.

People and Culture

Created innovation capability building opportunities

We create opportunities forstaff to build new capabilities,
stay abreast of pertinent industry
trends and apply innovation
approaches to work.

As CDL levels up the innovation maturity model, we aim to have more widespread staff
participation in CDL’s innovation projects. In 2021, CDL organised multiple capability
building opportunities for our staff to gain greater awareness of the company’s
innovation strategy, broaden knowledge on PropTech and uncover design thinking
approaches.

Innovation
Pipeline

People& Culture

digital-centric solutions that create near and long-termbusiness value for CDL.

In addition, CDL shares bite-sized information about the latest building innovation,
global trends, and inspirational reads via EIC’s monthly internal e-newsletter. It acts as
an innovation stimulant that puts forth business challenges and allows employees acrossthe company to contribute ideas.

PropTech
Investment

CDL INTEGRATED SUSTAINABILITY REPORT 2022

PropTech Investment

Continued to work with existing and new investees

We invest in and partner withselected venture capital funds
and start-ups.

CDL invests in Venture Capital (VC) funds and companies that are synergistic to CDL’s
core businesses. Key objectives are to implement investees’ solutions that value-add to
CDL’s assets and explore emerging trends or solutions with potential financial upside.
In 2021, CDL invested in Taronga Ventures, an APAC-based PropTech VC fund. This
investment will provide CDL access to a steady stream of pipeline and portfolio start-ups
with innovative technology and business models, with a focus on Asia as well as on ESG.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE
Developing PropTech Solutions In-House
DigiHUB is a proprietary smart enterprise platform
for building performance management developedby CBM Pte Ltd, a wholly owned building andfacility management subsidiary of CDL. DigiHUB is
a predictive and integrated facilities management(FM) solution, leveraging three key technologicaladvances in the digital age – the Internet of Things(IoT) Sensors, Edge Computing, combined with
Artificial Intelligence (AI) and Machine Learning.
DigiHUB synergises the different IT capabilities andhas revolutionised the delivery of FM services, byallowing central monitoring of multiple assets on
asset management functions and improves efficiency
in resource deployment. Its proof-of-concept andpilot was first carried out in 2019 at Republic
Plaza, and its completion in 2021 was endorsed by
Infocomm Media Development Authority. Through
DigiHUB, CDL is the first Singapore company tosecure a discount on a sustainability-linked loan
through the adoption of an innovative project that
supports the UN SDGs on a large-scale basis.
 3D Model is available to provide real-view of the property

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCECHAMPIONING INNOVATION
THROUGH PARTNERSHIPS
R&D and technology are key for a net zero future.
Connecting a building’s sustainability performance to its
design and incorporation of smart technology not only
propel energy efficiency but enhance its resilience toclimate change. CDL’s extensive network of longstanding
partnerships with key R&D players creates business valueand helps us navigate towards our net-zero goals.

Expanding EV Adoption with Porsche Asia
Pacific and SP Group EV charging carpark lots at Republic PlazaIn December 2021, CDL partnered with Porsche Asia
Pacific and SP Group to expand EV charging infrastructure
at the South Beach mixed development and four CDL
commercial properties — City Square Mall, King’s Centre,
Palais Renaissance and Quayside Isle. Under the CDL
Green Procurement Guidelines for property developments,
EV chargers are mandatory provisions at our newcommercial properties.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Since 2010, CDL has been at the forefront of supporting
the transformation of the local urban mobility scene byproviding carpark lots with EV chargers. Our efforts support
the Singapore Green Plan 2030, where Singapore aims to
install 60,000 EV charging points at public car parks andprivate premises by 2030.

NUS’ SDE Building 4, Singapore’s first new-build net zeroenergy building. Designed as a 100m² full-size home fortesting, analysing, evaluating, and piloting smart homeinnovations in a “plug-and-play” real-life environment, the
NUS-CDL Smart Green Home serves as a platform for holistic
and innovative experimental studies for sustainable living.

Innovations by NUS-CDL Smart Green Home

An innovation developed by the NUS-CDL Smart Green
Home, the Acoustic Friendly Ventilation Window (AFVW)
prototype was installed at Irwell Hill Residences' showflat inMarch 2021 for test trials and system refinement. The AFVW
allows building occupants to enjoy better indoor air quality,
aural comfort, and wellness. The prototype is currently
being improved for commercialisation. CDL will explore
scaling up the use of this novel system in future projects.

Since 2017, CDL has formed an R&D partnership with the
NUS College of Design and Engineering, formerly known as
NUS School of Design and Environment (SDE). In addition
to the NUS-CDL Tropical Technologies Laboratory (T2 Lab),
which has been operational since late 2018, the NUS-CDL
Smart Green Home was opened in 2019. It is located at

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCECOLLABORATION WITH SERIS
Since 2017, CDL has supported and partnered theSolar Energy Research Institute of Singapore (SERIS) topilot two projects – Building-Integrated Photovoltaics(BIPV) modules and bifacial BIPV art wall. In 2021, theseprojects were installed at Central Mall and City Square
Mall respectively. Data is being collected and evaluatedto provide insights into potential scaling-up at existing CDL
assets and new developments.

• Easily integrates into buildings

Cost-effective high-power density BIPV module
at Central Mall
Benefits of BIPV Modules• Improves indoor thermal and visual comfort as well as
electrical performance• Offers a cost-effective high-power density solution
48

CDL INTEGRATED SUSTAINABILITY REPORT 2022

• Combines with prefabrication technology (i.e.
Prefabricated Prefinished Volumetric Construction(PPVC)) to greatly reduce the cost of BIPV integrationand improve construction productivity since it is applied
modularly at a construction site
The pilot for BIPV modules will continue till December 2022.
Current results show that BIPV integration with different
building elements is feasible and can lead to significant
generation of PV electricity. The two-year pilot will conclude
with additional data on thermal comfort effectiveness as well.

First-of-its-kind bifacial BIPV panels piloted at
City Square Mall
Benefits of Bifacial BIPV panels• Customisable aesthetic feature• Power generator
Data of the performance of these bifacial BIPV panels has
been collected for analysis to explore opportunities forscaled up implementation.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE
INCUBATOR FOR SDGS
In partnership with the United Nations Development Programme (UNDP),
Singapore Centre for Social Enterprise (raiSE) and Social Collider,
Incubator For SDGs at Republic Plaza was launched in 2019 to provide
rent-free workspace and access to management experts for selectedsocial enterprises and start-ups that are aligned with one or more UN
SDGs. Due to COVID-19 restrictions, part of the Incubator For SDG
programme was put on hold. Nevertheless, start-ups were still able toutilise the rent-free shared workspaces in 2020 and 2021. In 2021, CDL
engaged Global Green Economic Forum (GGEF), an experienced impact
investing accelerator with global connections. GGEF further enhanced
the Incubator's programme and welcomed a second intake of impact
innovators to join the Incubator. Current incubatees include:

Achieving First-of-its-Kind Plastic Neutrality Certification for a Building
In 2021, CDL partnered with a social enterprise, Seven Clean Seas (SCS), to certify 11 Tampines
Concourse, one of our commercial properties, under the Ocean Bound Plastic (OBP) Neutrality
Certification. The novel certification programme aims to encourage OBP recycling by compensating
the plastic footprint of companies via neutralisation certificates (i.e. plastic credits), which are used byorganisations, like SCS, to collect and treat non-recyclable OBP waste. The certification process also
ensures all ethical, social, and environmental requirements are met across the value chain of the building.
This plastic neutrality initiative complements CDL’s long-standing commitment to drive climate action,
mitigate the impact of our buildings and contribute towards achieving SDG 14: Life Below Water.

• Bountifood (Food Science Tech)• ESG Tech (Global ESG Data Exchange Platform)• Green Materials Trading (Sustainable Construction Materials)• SGP Foods (Sustainable Urban Protein)• Soristic Impact Collective (Social Impact Consulting) 11 Tampines Concourse, the first CarbonNeutral® development in Singapore and APAC region in 200949

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCEINNOVATION HIGHLIGHTS FOR SAFE, HEALTHY AND SMART BUILDINGSThe following pilots reflect CDL’s commitment in digitalising and decarbonising to strengthen our business operations. These highlights are non-exhaustive.

Autonomous Robotic Floor Cleaner• Enhances operational productivity withre-deployment of cleaners.
• The robot’s operation is monitored remotely via amobile or web-based application.
• Onboard cameras and sensors help the cleaning
robots navigate around obstacles.
• Deployed at Republic Plaza and City Square Mall
since Q1 2021.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Photo Credit: Vertiklean

Photo Credit: SP Digital, in partnership with 75F

Autonomous Facade Cleaning Solution(Pilot Stage)

Innovative Micro-climate Control Solution(Pilot Stage)• A safer way to clean, inspect and repair building
facades.

• A self-learning technology that maps out the ambient
temperature within a space and adjusts the air
distribution for thermal comfort.

• Able to reduce reliance on manpower in cleaning
and thus lower safety risks.
• Pilot test started at Republic Plaza in 2021, and istargeted to be completed by Q1 2023.

• Pilot started at Republic Plaza in 2021 and isscheduled to complete in 2022.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
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Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE

Photo Credit: Novenco

Photo Credit: Schindler

Electronically Commutative (EC) Fan to Improve
Efficiency of Air Distribution

Lift Monitoring and Predictive Analytics System• An EC fan trial was completed at Level 15 ofRepublic Plaza in Q4 2021.
• An improvement of 40% to 50% in efficiency wasestablished for air distribution, when compared to thecurrent belt-driven fan.
• All current Air Handling Units (AHUs) with belt-driven
fans will gradually be replaced with the EC fan typeover the next few years.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

• The lifts at Palais Renaissance are undergoing a trial
with the lift service vendor using Remote Monitoringand Diagnostics (RM&D) technologies to improvetheir reliability and downtime.
• Anomalies are expected to be diagnosed or
predicted in advance by RM&D to allow for the liftservice vendor to plan for relevant manpower needs
and inventory preparations.
• The trial is scheduled to complete in Q2 2022.

Smart Energy Storage System to Replace
Diesel-powered Generators• Deployed at Irwell Hill Residences’ construction site in
Q4 2021 — one of the first five construction sites in
Singapore to pilot this technology.
• Smart battery offers an advanced energy storage
solution, which is diesel-free and fully electric.
• Allows the project team to remotely monitor usage
and perform troubleshooting.
• Expected to reduce carbon emissions by 85%
and reduce noise by 32 times compared to theconventional diesel-powered generator.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCEUPLIFTING CUSTOMER EXPERIENCE
THROUGH DIGITAL ENGAGEMENT
CDL actively leverages technology to automate processes,
standardise protocols and drive data-backed decision
making. Examples of such enablers are systems that
support asset management modelling, customer
relationship management, lease management and facilities
management. Desired outcomes include greater consistency
in service standards, higher productivity, reduced margins
of error and heightened competitiveness.

Digitalised Homebuying Processes
CDL developed an in-house proprietary Home Sales ande-Balloting System to facilitate expressions of interest,
balloting and satellite sales bookings. Piloted during Irwell
Hill Residences’ launch, this newly-developed systemprovided homebuyers a more conducive, transparent
and seamless buying experience. Digitalisation of theseprocesses increased efficiency and reduced paper
wastage, and garnered positive feedback from homebuyers
and sales agents.
 CDL Home Sales and e-Balloting System

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DRIVING INNOVATION &BUILDING PERFORMANCE
Achieving High Customer Satisfaction
To better understand customers’ expectations, identify
areas for improvement, and enhance service quality, CDL
regularly reviews customer satisfaction measurements
through formal surveys. Our target is to achieve at least a
70% satisfaction rate from homebuyers and at least 80%
from office, industrial and retail tenants.

GRI 3-1

We continually engage homebuyers via virtual platforms
even after handover of the apartment units. In 2021, CDL
organised three online contests and seven webinars on

HOMEBUYERS’ SATISFACTION (%)
78
68

As part of the tenant engagement programme andcontinued efforts for improvement, tenants of commercial
properties are surveyed annually on their levels ofsatisfaction in areas such as building and services
management. In 2021, all sectors have exceeded thetargeted 80% tenant satisfaction rate, and improved
against 2020.
For homebuyers, an online customer satisfaction survey issent at least nine months after handover to measure theirexperience across various touchpoints. In 2021, a customer
satisfaction survey was administered with homebuyers ofForest Woods, which achieved an overall satisfaction rateof 66%. The findings uncovered a gap in workmanship due
to a shortage of skilled workers since the pandemic started.
To enhance customer experience, the virtual handover ofstrata units launched in 2020 was extended to include
common areas, following homebuyers’ feedback. In
2021, homebuyers who had opted for a virtual handoverwere treated to a virtual walkthrough of individual units
and common facilities in the development. Homebuyer
satisfaction on the virtual handover experience has sincegrown from 95% in 2020 to 100% in 2021.

65

61

66

57

2018

Overall Level of Satisfaction

63

2019

2020*

2021

Recommend to Friends

Note: Based on total number of respondents* There was no customer satisfaction survey administered in 2020 as there was no development that obtained TOP within the relevant timeframe that is ninemonths after TOP.

TENANTS’ SATISFACTION (%)
97

OfficeCDL INTEGRATED SUSTAINABILITY REPORT 2022

72

NA NA
2017

98

89

100

97
83

2017

53

health, wellness, home design and financial planning forour homebuyers.

Industrial

2018
Retail

97

95

97

88

94

100

94

76

2019

2020

2021

95

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DRIVING INNOVATION &BUILDING PERFORMANCE

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-1

Engaging Homebuyers in Living Green
Since 2004, CDL has implemented the Let’s Live Green!
eco-home initiative for our newly completed residential
properties. As part of the initiative, every homebuyer
receives a Green Living Guide, designed to provide ecofriendly lifestyle tips and to encourage active usage ofgreen features and facilities catered within the individual
units and in the common areas. In 2021, softcopies of theGreen Living Guide were distributed to homebuyers of The
Tapestry when the development obtained TOP in February.

Engaging Tenants in our Green Initiatives
Tenant and occupant activities within a building
can account for close to 50%6 of the total electricity
consumption. CDL works closely with our commercial
tenants, beyond investing in green infrastructure. Throughour Green Lease Partnership Programme, we are shiftinguser mindset and behaviour to support CDL’s green
building commitment.

Supporting Tenants to Go Green through theGreen Lease Partnership Programme

for food delivery services, invitations to wellness talks
and tips on eco-friendly living.

CDL implemented the Green Lease Partnership
Programme since 2014 to support our commercial
tenants’ efforts to lower their carbon footprint. Since
end-2017, 100% of tenants have pledged theircommitment to go green by signing a green lease. The
Green Lease Partnership Programme activities include
green guidelines and checklists for all new tenants toguide them in fitting out works and operations.

In 2022, CDL CityConnect will continue to shareregular updates, happenings, and other exciting content
to promote engagement with our tenant community.

Stepping Up on Tenant Engagement
We remain steadfast in connecting with our tenantcommunity amidst WFH arrangements through
CDL CityConnect, a dedicated Facebook page with thelatest happenings, contests, and curated content for our
tenant community.
For example, CDL promoted tenant health and well-being
through the Health Promotion Board’s National Steps
Challenge™ Season 6 (the first-ever Healthy Workplace
Ecosystems Corporate Challenge), rallying Republic
Plaza, City House and 11 Tampines Concourse tenants
to sign up and stay active. We also held online contests
where CDL office community members shared home
fitness tips. Other initiatives include promotional deals

654

Tenant and occupant activities accounted for 48.3% of total building electricity consumption in 2021 for CDL’s managed buildings.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

DRIVING INNOVATION &BUILDING PERFORMANCECOMMUNITY INCLUSION THROUGH
UNIVERSAL DESIGNCONQUAS. Our developments have consistently excelled
under the BCA CONQUAS7 scheme, the national standard
assessment system on the quality of buildings. While itis not mandatory for private sector projects to subscribe
to BCA CONQUAS, CDL has consistently pushed forall our projects to be assessed since the inception of theassessment system. The Tapestry, which obtained TOP in
2021, attained the highest tier CONQUAS STAR8 rating.

In line with our commitment to putting building users’
needs as a priority in the spaces we build, CDL instituted
a company-wide Universal Design Policy since 2011.
Endorsed by CDL’s senior management, the policy exceeds
the mandatory requirements specified in the Code ofBarrier-Free Accessibility by BCA to create an inclusive built
environment in Singapore that caters to the varied needsof the public. CDL also strives to work towards achieving
BCA Universal Design Mark GoldPLUS certification, where
possible, for all our new developments. We do so by
integrating user-centric philosophy into our design,operations and maintenance and contribute largely to an
inclusive and barrier-free built environment.

7
855

Forest Woods and The Tapestry, our residential
developments completed in 2020 and 2021 respectively,
and Amber Park (Expected TOP: 2023) obtained the
BCA Universal Design Mark GoldPLUS award. Some of thefeatures at these developments include multi-generation
playgrounds where both seniors and children can enjoy
the space together and clear, easy-to-read signages with
braille. At The Tapestry, we also designed transfer platforms
for swimming pools to allow wheelchair users and theelderly to enjoy the pool facilities at their convenience. At
Forest Woods, we have seats of varying heights to cater tousers of different statures.

BCA CONQUAS is the de facto national standard assessment system on the quality of buildings based on three areas of Structural Works, Architectural Works and M&E Works.
BCA CONQUAS STAR is accorded to a project that has attained a CONQUAS score of at least 95 points.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 3-1

DELIVERING QUALITY BUILDINGS AND
HIGH SAFETY STANDARDSBCA Quality Excellence. In 2021, CDL emerged as
the only developer to be conferred the Quality ExcellenceAward – Quality Champion (Platinum) for nine consecutive
years, which is a testament to our steadfast commitment todelivering quality green homes and commercial spaces.

•
•
•
•

D E C A R B O N I S I N G T O WA R D S

NET ZERODedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROACTIVITIESNATURALCAPITAL

Water Conservation
and Reduction

Carbon Emissions
Reduction

Net Zero Carbon by
2030 Commitment

Accelerating
Renewable Energy
Solutions

Waste Recycling andReduction

Energy Reduction

Green Buildings

Renewable Energy
Adoption

Responsible andSustainable Supply
Chain

Waste Water
Management

Carbon Emissions
Reduction Initiatives

Construction Noise
Management and
Vector Control

CDL Green Lease
Partnership

Supply Chain
Segmentation Study

Climate Change
Scenario Planning

SOCIAL AND
RELATIONSHIPCAPITAL57

VALUE
CREATED

Energy Efficiency andReduction

GHG Quantification
and Reporting

MANUFACTUREDCAPITALOUTPUTSCDL INTEGRATED SUSTAINABILITY REPORT 2022

Water Reduction
Waste Reduction
Green Building
Innovation andTechnology
Application
Improved Recycling
Rates
Environmental
Compliance
Reduction
SBTi-validated Targets

Science-based
Approach

CONTRIBUTINGTO SDGS

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
The global race to zero has gained fast momentum in
2021. Cities, businesses and organisations, which havecommitted to net zero carbon emissions by or around 2050,
represent 90% of global GDP. Buildings are responsible forclose to 40% of global energy-related carbon emissions
and global material use is expected to more than double
by 2060.1 The way in which developers design, build
and manage buildings will contribute to a lower carbon
footprint. Alongside Singapore’s commitment in February
2022 to achieve net zero emissions by or around 2050,
we are committed to continue our efforts to intensify ourdecarbonisation efforts towards a net zero future.

ENHANCED AMBITION IN THE
GLOBAL RACE TO ZERO

Since 2015, CDL has established a Climate Change
Policy and set climate-related targets in 2017 to mitigate
our environmental impact. In 2018, we were the first realestate company in Singapore to set Science Based Targets
initiative (SBTi)-validated targets based on a 2°C warmer
scenario. CDL’s renewed SBTi-validated targets complement
our pledge to the Business Ambition for 1.5°C campaign
led by UN Global Compact, SBTi and We Mean Businesscoalition, where CDL was one of 87 pioneering signatories
in September 2019.

1
58

GRI 2-4

Renewed SBTi-validated Carbon Emissions Intensity Reduction Targets

02

01

Reduce Scope 1 and 2 GHG emissions
by 63% per m2 leased area by 2030 froma 2016 base year. This is an increase fromour 2018 carbon emissions intensity targetof reducing 59% of our Scope 1 and 2
emissions from a 2007 base year by 2030.
The new baseline year of 2016 presents a
more stringent and aspirational goal.

In December 2021, we successfully raised the carbon
reduction targets that were assessed and validated by the
SBTi, aligned with a 1.5°C warmer scenario. The revised

2021 Global status report for buildings and construction. Global Alliance for Buildings and Construction,19 October 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Reduce Scope 3 GHG emissions
from purchased goods andservices by 41% per m2 Gross
Floor Area (GFA) by 2030 froma 2016 base year.

03

Reduce absolute Scope 3 GHG
emissions from investments by
58.8% by 2030 from a 2016base year that covers hotels
managed by our wholly-owned
hospitality subsidiary, Millennium& Copthorne Hotels Limited (M&C).

targets also support CDL’s World Green Building Council’s(WorldGBC) Net Zero Carbon Buildings Commitment.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Ambitious goals are effective drivers for action. As ademonstration of our commitment, CDL became the firstreal estate conglomerate in Southeast Asia to sign theWorldGBC Net Zero Carbon Buildings Commitment in
February 2021. This is a global pledge to achieve net zero
operational carbon by 2030, covering new and existing
wholly-owned assets under our direct management andoperational control. In November 2021, during COP26,

CDL joined 44 pioneering companies worldwide to extend
our pledge towards a net zero whole life carbon emissions
approach. Through this expanded commitment, we pledged
to achieve maximum reduction of 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.

Complementing Decarbonisation Efforts
through Carbon Offsetting
Since 2009, CDL has adopted carbon neutrality
to supplement our efforts to search for innovative
solutions to raise energy efficiency and reduce
our carbon footprint. Through carbon offsetting,
we have achieved carbon neutrality for ourheadquarters' operations for more than a decade.

Scope of CDL’s Net Zero Carbon Commitment
New developments and 13 Singapore assets(as of Feb 2021)• 247,016 m2 total floor area
• 15,044 tCO2e portfolio carbon emissions• 16,922 average kgCO2e/m2 Whole Life Carbon
Footprint• 415 employees
For more details, please refer to WorldGBC’s website.
 Republic Plaza, CDL Corporate Headquarters in Singapore

259

In November 2021, CDL was the only Singapore
real estate company amongst 19 pioneering
companies invited to Climate Impact X’s pilot
auction. Climate Impact X is a partnership bySGX, DBS, Standard Chartered and Temasek toprovide a global exchange and marketplace forcompanies to access high-quality carbon credits.
Through the auction, we successfully secured
carbon credits from eight global natural climate
solutions projects. These credits will be utilised
over the next three years to offset an estimated 6%
to 7% of emissions from our operations per year2
to complement CDL’s net zero targets by 2030.

This is based on CDL’s total carbon emissions from CDL’s operations in Singapore in 2019, which includes Scope 1, Scope 2 and Scope 3 emissions. 2019 data was used as CDL’s operations were substantially impacted by COVID-19 in 2020.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROCARBON REDUCTION STRATEGY AND PERFORMANCEAs the saying goes, what gets measured gets managed. We started tracking and reporting our carbon performance to CDP since 2010. CDL’s rigorous climate strategy
and carbon management has helped us to achieve top ratings from CDP. Since 2018, CDL has been the only company in Southeast Asia and Hong Kong to remain on
the CDP A List, and is the only Singaporean company to score an A in 2021. This recognition marks the fourth consecutive year that CDL has received an ‘A’ score forclimate change strategy, and the third year that the company has received an ‘A’ score for water security. This reaffirms our climate-focused strategies in strengthening ourresource-efficient portfolio towards a climate-resilient future.

CDL’S JOURNEY TO NET ZERO2017

Before 2017
•

•

60

Voluntarily reduced ourannual carbon emissions to
net zero for our corporate
office operations and
11 Tampines Concourse—
the first CarbonNeutral®
development in Singapore
and the Asia PacificEstablished targets to
reduce carbon emissions
intensity by 25% by 2030
(from 2007 levels)•

Introduced a Climate
Change Policy•First Singapore developer
to validate GHG emissions
against ISO 14064••

Raised carbon intensity
reduction target to 38% by2030 (from 2007 levels)by adopting the Sectoral
Decarbonisation Approach
One of four pioneering
Singapore companies toadopt TCFD reporting

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2018
•

•

Raised carbon intensity
reduction target to 59% by2030 (from 2007 levels);
first Singapore developer
to have 2°C-aligned
carbon reduction target
validated by SBTi
Set target to reduce
embodied carbon ofbuilding materials by
24%, compared to theirconventional equivalents,
by 2030

2020

2019
•

Joined pioneer batch of
87 companies to support
the Business Ambition for
1.5°C campaign•

Completed first climatechange scenario study
for 2°C and 4°C warmer
scenarios•

M&C, the largest
contributor of carbon
emissions from CDL’s
subsidiaries, sets a SBTivalidated target to reduce
absolute Scope 1, 2 and 3
GHG emissions by 27% by2030 (from 2017 levels)•

Completed second climatechange scenario study for
1.5°C warmer scenario•

Took the UN Climate
Neutral Now Pledge toremain carbon neutral forour corporate office and
11 Tampines Concourse
operations•

Formulated CDL Green
Building Policy and 3S
Green Building Framework2021•

Signed WorldGBC's Net
Zero Carbon Buildings
Commitment, pledging
net zero whole life carbon
by 2030•

Expanded our UN Climate
Neutral Now Pledge
to include all whollyowned buildings anddevelopments under our
direct management andoperational control•

Validated renewed SBTitargets aligned with 1.5°C
warmer scenario•

Commenced third climatechange scenario study,
considering COP26
outcomes and the impact
of COVID-19

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROGRI 2-4

Carbon Emissions Performance
In 2021, CDL achieved a carbon emissions intensity
reduction of 42%, as compared to the baseline year of
2007.3 Total carbon emissions increased by 7.8% across all
CDL’s business operations in Singapore, compared to 2020
where most construction work was suspended4 during theinitial stages of the COVID-19 pandemic. This increase isalso due to a gradual return to full operations in 2021.
CDL's largest source of emissions is electricity usage,
reported as Scope 2 emissions. This frames our carbon
mitigation strategy’s focus on reducing Scope 2 emissions.
Details can be found under “Energy Reduction Strategy and
Performance”.
CDL also recognises the importance of addressing Scope 3
emissions, which are indicators of exposure to climate risks
in our supply chain or use of products. We monitor andreport Scope 3 emissions to enhance our carbon reduction
efforts by identifying large emission sources along ourvalue chain. Details can be found under “Achieving a
Resilient Supply Chain and Sustainable Sourcing”.

SBTi-validated Carbon Emissions
Intensity Reduction Target

Performancein 202159%

42%

BY 2030 (AGAINST 2007)(AGAINST 2007)

Interim annual targets to be revised
towards achieving

63%

BY 2030 (AGAINST 2016)3
4
61

Total carbon emissions intensity reduction in 2021 is based on our previous baseline year of 2007 as CDL’s renewed SBTi targets were validated in December 2021. CDL will start reporting carbon emissions intensity reduction rates based on
the new 2016 baseline year from 2022 onwards.
Gradual Resumption of Construction Work from 2 June 2020. Building and Construction Authority, 15 May 2020.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Total Carbon Emissions from CDL’s Operations in Singapore (Tonnes CO2e)
747

492
224
31

615
(432)

410
183 (0)
22

635
(478)

286
(161)

2018

459
157 (0)19

201922,895

3,614
18,682599

155
125 (0)
6

2017

210
(83)

2020

22,327(22,124)
3,112
17,691(17,488)
1,524

2,973
16,363(15,715)383

17,243(16,184)

17,198(16,591)

2,330
13,464(12,405)
1,449

2,043
12,513(11,906)
2,642

2021

2,147

1,277

2,780

2,405

4,076

4,076

2,780
2,147

79
127 (0)4

CDL Corporate Office

2,405

1,277

2017

2018

2019

2020

CDL Managed Buildings
Scope 1•••

19,719(19,071)

Scope 2

2021

2017

2018

2019

2020

2021

CDL Construction Sites

Scope 3

Scope 1 includes direct emissions from fuel used in power generators, petrol for company vehicles, loss of refrigerant in air-conditioning systems, loss of insulating and arc quenching media in switchgear systems and discharge of fire suppression agents.
Scope 2 includes indirect emissions from purchased electricity consumed by the operational activities of CDL at both our corporate office and managed buildings.
Scope 3 includes emissions arising from property development operational activities (e.g. fuel used in power generators and heavy vehicles, purchased electricity, electricity upstream emissions and transmission losses, and water usage),and other indirect emissions (e.g. electricity upstream emissions, distribution and transmission losses, local and international courier services, employee commute, business air travel (excluding the influence of radiative forcing) and hotel
accommodations, water supply and wastewater treatment at corporate office and managed buildings).

Notes (applicable throughout this chapter):• CDL’s operations in Singapore refer to the corporate office, managed buildings and construction sites. They exclude hotel properties.
• Figures stated in charts may not add up due to the rounding of decimals.
• In accordance with GHG Protocol, Scope 2 emissions are calculated using both location-based and market-based methods. The figures shown in brackets represent calculations using a market-based method and include the reduction in emissions
from the purchase of RECs.
• Corporate Office: CDL Corporate Office in Singapore occupied approximately 5,013m2 across four floors in Republic Plaza. The measurement applies to all environmental performance reported in this chapter.
• Managed Buildings: In 2021, CDL managed eight office buildings, two retail buildings and three industrial buildings in Singapore, with an average monthly net lettable area of 165,198 m2, 45,321 m2 and 36,333 m2 respectively. The
measurement applies to GHG calculations, with all other environmental performances reported using the net lettable area.
• Construction Sites: In 2021, CDL measured and monitored the environmental impact and performance of seven active construction sites in Singapore with a GFA of 78,949 m2 built for that year. The measurement applies to all environmental
performance reported in this chapter.
• Fuji Xerox Towers’ GHG emissions, energy, water and waste data are included up to 30 June 2021, as it ceased its operations for redevelopment thereafter.

62

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Carbon Emissions Intensity of CDL’s Operations in Singapore (Kg CO2e/m2)
110.0

111.6
(78.4)

72.5
33.0
4.5

74.4
33.2 (0)
4.0

2017

126.7
(95.4)

42.0(16.6)

57.0(32.1)

91.6
31.3 (0)3.8
30.8
24.9 (0)
1.3

2018

2019

15.9*
25.4 (0)
0.71
2021

2020

77.4

75.7
(75.0)

76.5(74.0)

69.9(65.6)

69.7(67.2)

12.2
63.1
2.0

10.5
59.9 (59.3)
5.2

11.5
63.5 (61.0)
1.5

9.4
54.6 (50.3)
5.9

8.3
50.7 (48.2)
10.7

2017

2018

CDL Corporate Office

2019

2021

2020

33.2

28.7

30.5

36.6

33.2

28.7

30.5

36.6

2017

2018

2019

2020

CDL Managed Buildings
Scope 1

Scope 2

51.6

51.6

2021

CDL Construction Sites

Scope 3

Total Carbon Emissions from CDL’s Operations in Singapore and Six Key Subsidiaries (Tonnes CO2e)
Since 2014, CDL started reporting the carbon emissions of our key subsidiaries to ensure greater disclosure and accountability of the Group’s carbon footprint. Given CDL’s
strong commitment to climate action and environmental protection, the environmental performance and practices of our subsidiaries are also important to us.
25,789 24,219 23,134 19,934 21,484

243

209

327

291

305

6,253 4,799
18,906 17,874 6,212 4,889 6,199
630 1,546 16,520 13,589 12,640
402
1,455 2,645

2017

2018

2019
CDL

2020

2021

43
56
144

36
56
117

2017

2018

43
126
158

16
81
193

13
84
208

2019

2020

2021

CBM

24,648 16,015 18,761 11,970 17,218

215

184

158

96

90

2

7,182
10,5706,661
1,725
6,896 5,622 6,570
6,967 5,530 2,607 10,266
5,756 5,227
3,426
3,607
31
184
2017

2018

2019
CDLHT

2020

2021

2017

24
160

22
136

13
83

12
78

2018

2019

2020

2021

Scope 2

1,047

960

152
808

137
824
1

2017** 2018** 2019

2020

2021

2
Le Grove

Scope 3* The decrease is due to fewer overseas business trips and less frequent local employee commute due to increased WFH arrangements.
** Data represents Le Grove’s office operations only. Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
#
Data excludes carbon emissions from M&C hotels which are managed by third party operators and where CDL does not have direct operational control over them.
63

CDL INTEGRATED SUSTAINABILITY REPORT 2022

963

174
872
1

79
437
1

City Serviced Offices
Scope 1

517

494

494

504

367

375

254,572 236,885 247,367 165,749 157,127

60,358 48,649 51,686
144,190 140,018 140,729
50,024 48,218 54,952 30,228 28,467
96,149 92,108
39,372 36,552
77
417

72
422

78
426

55
311

52
322

2017

2018

2019

2020

2021

Tower Club

2017

2018

2019
M&C#

2020

2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROENERGY REDUCTION STRATEGY ANDPERFORMANCEElectricity constitutes a significant proportion of CDL’s
operational expenditure. It impacts the total amount of
Scope 2 emissions released through our business activities.
CDL places great emphasis on cost-effectively improving
our energy performance to reduce carbon emissions
and energy intensities. With this priority in mind, wewere the first developer in Singapore to achieve the ISO
50001 energy management system certification for asset
management in 2014. We have since continued to set
energy reduction targets for our managed properties
in Singapore, while continually improving their energy
performance through careful review and implementation ofenergy management plans.

Stage in
Project Lifecycle
DesignKey Energy Management Initiatives

Benefits

Incorporate passive design strategies that reduce solar heat gain throughdesign of building form, envelope and orientation

Reduce electricity
consumption andcooling cost

Increase building greenery on roof and facade to reduce urban heat gain
Increase natural ventilation to improve passive cooling and reduce heat gain
Maximise natural lighting
Use energy-efficient lighting such as LED lighting in all common areas

Reduce electricity
consumption and cost

Incorporate energy-efficient home appliances in building units
Incorporate solar panels such as building-integrated photovoltaics (BIPV)
systems in common areas, where applicable

Reduce reliance on thegrid and lower carbon
emissions

Lifecycle Approach to Energy Management

Construction

We take a holistic view towards energy reduction by
adopting measures across various stages of a building’s
lifecycle — from design and construction to operation of
the asset. Each business unit adheres to guidelines (shownon the right) that detail the strategic initiatives, performancestandards and specific requirements relating to energy
efficiency and climate change mitigation measures.

Use electricity directly from the power grid supply to reduce reliance ondiesel generators where applicable

Reduce emission levels ofcarbon, sulphur oxides,
nitrogen oxides andparticulates

Operation ofAssetsIdentify high energy consumption installations and their respective energy
management opportunities, e.g. installation of PV, chiller upgrading and lift
modernisation

Reduce electricity
consumption and cost

Install sub-metering systems to provide data granularity and identify energy
management opportunities

Enhance the monitoring
and control of building
equipment (e.g. heating
ventilation and air
conditioning, lifts) to
reduce energy use

Leverage advanced management systems to enhance building performance,
e.g. Energy Management System to optimise chiller efficiency and Building
Management System to control key equipment in buildings
Generate on-site renewable energy, where possible, through the installationof PV and BIPV panels

64

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Reduce reliance on
fossil fuel; lower carbon
emissionsDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Energy Reduction Strategy and Initiatives

Accelerating Renewable Energy Solutions

Since 2004, CDL has retrofitted all our managed buildings
by upgrading chiller plants, introducing motion sensors,
installing energy-efficient lighting and recladding facades.
Due to COVID-19, implementation of new energy-saving
initiatives was postponed in 2020 and 2021. Our efforts
from previous initiatives since 2012 continued to yield an
estimated annual energy savings of around 15.1 million
kWh, equivalent to more than $3.4 million of cost savingsin 2021. We have also incorporated climate-resilient
design and installations, such as green roofs and verticalgreen walls, at our investment properties to reduce heatgain and mitigate urban heat island effect.

The adoption of renewable energy is integral in the designand construction of our projects. In addition to installing
solar panels at selected buildings since the early 2000s,
we have progressively participated in the emerging RECs
marketplace since 2017. By procuring locally-sourced
RECs, CDL attributed 100% of the electricity consumed byour headquarters’ operations and part of our commercial
buildings’ operations in 2021 to renewable sources. This
helped to offset 734 tonnes of carbon emissions, which isequivalent to powering approximately 424 four-room HDB
flats for one year.

Over the years, we have actively engaged tenants aspart of CDL’s sustainability outreach efforts to raisesustainability awareness and promote green practices
along our value chain. Since 2014, we have been
implementing our Green Lease Partnership Programme,
which engages and encourages tenants to adopt energy
conservation measures. In 2021, we continued to maintaina 100% programme participation rate for our retail andoffice tenants.

5
6

65

Energy Efficiency and Reduction Performance
As part of our ISO 14001 and ISO 50001 environmental
and energy management systems, CDL has been tracking
and reporting our environmental performance against ourenergy targets since 2007.
We regularly review the energy reduction and efficiency
plans for all our properties and introduce initiatives whereareas for improvement are identified. In 2021, we trialed

more advanced energy-efficient air handling units with
an electronically commutative (EC) fan and micro-climate
control solution at selected properties.
Our current interim targets aim to reduce energy use
intensity by 37% from 2007 levels for office and industrial
buildings, and 18% from 2010 levels for retail buildings.
We surpassed our interim annual targets in 2021, witha performance of 48% reduction in energy use intensity5for office and industrial buildings, and 31% reduction inenergy use intensity for retail buildings, respectively.6
We monitor and drive energy efficiency and reduction
improvements through target and performance tracking fordevelopment projects. Our current targets are to achieve
an energy use intensity of 95 kWh/m2 or lesser by 2030,
with an interim target of 105 kWh/m2 or lesser in 2020,
for completed projects that have reached TOP status in thereporting year. In 2021, the finalised energy use intensity
for the completed project, The Tapestry, has marginally
missed the interim 2021 target.
Moving forward, CDL has started piloting a smart energy
storage system to replace the traditional diesel-powered
generator to reduce our carbon footprint.

Energy use intensity is for purchased electricity, as base year levels were calculated using purchased electricity only.
2021 interim annual targets were set based on CDL’s 2°C-aligned carbon target previously validated by SBTi in 2018. The targets were to reduce energy use intensity by 45% from 2007 levels for office and industrial buildings, and 18% from2010 levels for retail buildings, by 2030.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Total Energy Usage of CDL’s Operations in Singapore (MWh)
651

528
123

2017

527

90
437

2018

450

75
375

2019

331

326

26
306

14
312

2020

2021

44,36842,48539,27844,019136
213

41,71567
485
218

37,525
64
1,547
144

2017

2018

CDL Corporate Office

33,12530,76430,367
87
2,593
77

29,181
25
1,488
70

2019

2020

2021

5,733

2,668
3,065

2017

4,538

1,029
8,927
523
4,015
2018

CDL Managed Buildings
Solar

Renewable Energy Certificate

9,956

2019

7,100

13,756

2,575
11,182
2,637
4,463

2020

2021

CDL Construction Sites

Fuel

Purchased Electricity

Note:Electricity consumption attributed to renewable sources from the purchase of RECs has been excluded from purchased electricity to avoid double counting.

Energy Usage and Energy Usage Intensity of CDL’s Operations in Singapore
44,368651

42,485527

13,75639,27833,125

450
96

96

90

78

79

75

2017

2018

2019

331

326

66

65

61

62

2020

2021

150
149

144
143

152
152

134

125

89
5,733

124
41

2017

CDL Corporate Office

2018

2019

2020

2021

2017

CDL Managed Buildings
Total Energy Usage (MWh)Energy Intensity (kWh/m2)

Note:
Purchased electricity intensity here includes the electricity consumption attributed to renewable sources from the purchase of RECs.

66

134

30,764

CDL INTEGRATED SUSTAINABILITY REPORT 2022

102

9,956

108

109

7,100

4,538
12

11

2018

2019
CDL Construction Sites

Purchased Electricity Intensity (kWh/m2)

174

40

33

2020

2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROGRI 2-4

Total Energy Usage of CDL’s Operations in Singapore and Six Key Subsidiaries (MWh)To align with our reporting scope for GHG emissions, CDL also reports on the energy data of our subsidiaries. The tracking and reporting of our subsidiaries’ energy data not
only ensures greater disclosure and accountability, but also enables the Group to strategically manage energy usage.
50,75247,55049,68447,45944,80044,846

546,560
507,724 492,784

41,501 40,657

40,55633,168940

966***

2,084

1,025

433

381
325

2019
CDL

2020

2021

2017

202

190

2020

2021

330,439

1,017
762

790

2020

2021

5

2018

2019

2020

2021

CBM**

2017

2018

2019
CDLHT

2020

2021

2017

2018

2019

City Serviced Offices

Notes:• From 2018, energy from fuel consumption has been included in the data reported.
* Data represents Le Grove’s office only. Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
** Operations of Ingensys was added upon acquisition by CBM in 2019.
*** CBM and Le Grove's 2020 values were corrected to include fuel consumption for vehicles.

67

1,008

1,045

132

2018

347,230
983

607

2017

1,990*** 2,041

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2017

2018

2019

2020

Le Grove*

2021

2017

2018

2019

Tower Club

2017

2018

2019
M&C

2020

2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
CLIMATE CHANGE SCENARIO ANALYSIS
OF 1.5ºC WARMER SCENARIO
Heightened regulatory and investor action towards a net
zero future has raised the bar for more decisive corporate
action. Since 2018, CDL has been conducting climatechange scenario planning to better understand how
different levels of global mean temperature change andsocioeconomic development can impact our business.
In December 2021, CDL commenced our third study toinclude relevant climate-related impacts of COVID-19 and
key COP26 outcomes, building on the previous studies.
The findings will be based on latest7 research and scenario
analysis from IPCC, IEA, the Network for Greening the
Financial System (NGFS), World Bank and other relevant
climate science datasets.

GRI 3-1

Scope and Parameters of the Three Studies
Parameters

1st Study: 2018

2nd Study: 2019 – 2020

ClimateScenarios

2°C and 4°C warmer scenario

1.5°C and 2°C warmer scenario Orderly scenarios –Net Zero by 2050 (1.5°C)
Disorderly scenarios –Delayed Transition (2°C)
Note: Terminologies from NGFS’s
Framework

Types of risks
Timeframe

68

Physical and Transition Risks
2030

Short term

: Present – 2030

Medium term : 2030 – 2050
Long term: 2050 – 2100

Countries• Singapore• China• UK• Singapore• China• UK• USA• Singapore• China• UK• USA• New ZealandBaseline year

2016

2018

2019 (with 2020 caveats
included where relevant)Business units

7

Development Properties, Investment Properties and Hotel Operations

CDL’s third climate change scenario study is using data and technical resources corresponding to the second set of NGFS scenarios published in June 2021 via the NGFS Scenarios Portal.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

3rd Study: 2021 – 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DECARBONISINGTOWARDS NET ZERO

Developing Sustainable
Communities

•
•
•
•

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Glossary

GRI 3-1

Global and national developments unfolding from key COP26 outcomes and the climate-related impacts of COVID-19 remain the most significant drivers for climate-related risks in many sectors.
By determining the financial impacts from these developments, CDL can better plan for our resilience strategies.

Overview of Transition Risks Covered in the 3rd StudyKey COP 26 Outcomes• Commitment to phase down coal power• Commitment to halt and reverse forest loss and landdegradation by 2030
• Global methane pledge to reduce global methane
emissions by 30%• Commitment to accelerate the transition to electricvehicles (EV)• Financial alliances (e.g. GFANZ and its US$130 trillion
global financial pledge, net zero banking alliance) to
support net zero targets, as well as climate funding tosupport adaptation efforts, including starting a dialogue
for “loss and damage” conversations• Push for clean technology (e.g. Glasgow Breakthrough1)• Agreement on Paris Agreement Article 6 Rulebook, tofacilitate international carbon markets while avoiding
double-counting

Potentially Relevant Impact of COVID-192• Shift to hybrid work arrangements• New waste generated from masks and sanitation equipment• Reduction in energy use and cost from building
operations, in the longer term

• Increased awareness and momentum for ESG-related
issues brought on by COVID-19 may promote EV uptake• Reduced demand for new developments• In the near term, a substantial proportion of government
funding could be set aside for COVID-19 relief measuresand public health safety and economic recovery, ahead ofgreening efforts• Waste generation from building occupancy impacted

Note:
1. The Glasgow Breakthrough is an international collaboration framework for clean technology, with five key areas: power, road transport, steel, hydrogen, and agriculture.
2. Temporary impacts are not considered to be relevant for the study’s 2030 timeframe.

69

CDL INTEGRATED SUSTAINABILITY REPORT 2022

• Increased awareness and momentum for ESG-related
issues brought on by COVID-19 may help to promoteclean technology investments

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

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Glossary

DECARBONISINGTOWARDS NET ZEROWATER REDUCTION STRATEGY ANDPERFORMANCE

Breakdown of Water Withdrawal by Corporate
Office and Managed Buildings in 2021 (m3)

In water-scarce Singapore, water management is vital,
considering core activities during our operations arewater-intensive and highly dependent on a reliable supplyof water. CDL takes a holistic approach towards water
management to maintain and enhance the efficiency,
resilience, desirability and long-term value of our assets anddevelopments. Responsible water management practices
allow us to deliver value to our homeowners and tenants
through water and cost savings.

NEWater (m3)52,589

CDL draws both potable and NEWater (for non-potableuse) from PUB’s utility network and utilises the water forbuilding operations and maintenance activities in ourmanaged buildings. Most of the water consumption incommercial buildings is for cooling towers, toilets, pantries,
water features, irrigation and washing activities. In ourconstruction sites, potable water is used mostly by ourcontractors for sanitation purposes.

Lifecycle Approach to Water Management
As part of our robust water management strategy, CDL
focuses on effective management of water quality andusage across every project’s development and management
lifecycle stages. For instance, Amber Park, a BCA GreenMark GoldPLUS development, features an automatic waterefficient irrigation system that harvests rainwater for

70

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Breakdown of Water Withdrawal byConstruction Sites in 2021 (m3)Surface Water (m3)
100,574

Surface Water (m3)
70,051

PotableWater (m3)
172,512

PotableWater (m3)
120,155

Seawater (m3)71,937

Seawater (m3)
50,105

Notes:• All potable water withdrawal comes from a single third-party water source supplied by PUB. The breakdown of water sources is based on PUB’s Our Water,
Our Future report.
• Based on PUB’s Our Water, Our Future report, all potable water and NEWater are categorised as freshwater with Total Dissolved Solids levels of ≤1,000 mg/L.
• Based on WRI's Technical Note on Aqueduct Projected Water Stress Country Rankings, the entire area of Singapore is identified to be of high physical risk.
The physical risk tool identifies areas of concern exposed to water risks (e.g. droughts or floods) that may impact short- or long-term water availability. As
such, all water withdrawal is from water stress areas.

Water Reduction Initiatives

by our key business units is closely tracked to detect
any spikes in water usage that require attention. To
reduce reliance on potable water, CDL uses NEWater
wherever possible, for example, for operations that do not
require potable water.

CDL reviews our utility bills annually to identify buildingsthat are high in water usage. Monthly water consumption

To date, 12 out of 13 CDL managed buildings (92% of ourbuilding portfolio) have been certified as “Water-Efficientlandscape irrigation. This, along with other water-savingfeatures, will achieve an estimated reduction in 110,000 m3
of potable water usage per annum.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

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GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Buildings” by PUB for outstanding water conservation
efforts. Recognising that water conservation is a shared
responsibility, CDL engages our tenants and homebuyers
through initiatives such as our Green Lease Partnership
Programme and Green Living Guide. These initiatives aim topromote good water conservation practices that complement
CDL’s water-efficient design and features in our buildings.
Since the inception of PUB’s ABC Waters certificationin 2010, CDL has attained the certification for eightdevelopments. Our H2O Residences was the first private
development to be ABC Waters-certified due to its seamlessintegration with surrounding water bodies and park.
The Tapestry, completed in 2021, scored wins at the
EdgeProp Singapore Excellence Awards 2021 for its
nature-inspired design. Every apartment is fitted with waterefficient and energy-efficient accessories with a rainwater
discharge system at the roof. At our commercial properties,
rainwater harvesting is carried out for landscaping use toconserve water. In 2021, for example, City Square Mall’s
metered rainwater harvesting system collected a total of
813.9 m3 of water.

Stage in Project
Lifecycle

Key Water Management Initiatives

Benefits

DesignIncorporate water-efficient fittings and fixtures

Reduce water usage

Use recycled water and drought-resistant plants for landscaping
Harvest rainwater for landscape irrigation

Construction

Incorporate PUB’s Active, Beautiful, Clean (ABC) Waters Design
Guidelines to implement environmentally sustainable features

Retain and control stormwater runoff
to minimise flooding risk; treat
stormwater runoff to reduce impurities
discharged into water systems

Install self-closing taps where applicable

Reduce water usage

Collect rainwater for washing wheels of vehicles on-site
Install water recycling systems for site cleaning

Operation ofAssetsInstall silty water treatment system

Prevent silty water from being
discharged into water systems

Conduct routine checks on pipes, taps, urinal, andWC flush systems

Prevent water wastage due to leaks
or over-sensitive sensors

Holistically incorporate water-efficient fixtures and fittings, e.g.
flow regulators, self-closing taps

Reduce water usage

Use NEWater for operations that do not require potable water

Reduce reliance on potable water

Key Water Conservation Initiatives in 2021
Initiative

Business Unit

Savings

Water conserved from construction sites

Property Development

70,236 m3 equivalent to almost $192,000* in savings

Use of NEWater instead of potable water Asset Management

Use of 52,589 m3 of NEWater, equivalent to 23.4% of
the total water used and more than $21,500** saved ascompared to using potable water* Conserved water quantity is estimated using the total water use intensity for completed projects in the reporting year against the water use intensity target of 1.75m3/m2.
** Water tariffs at $2.74 per m3 (inclusive of tariff, water conservation tax and waterborne fee). NEWater tariffs at $2.33 per m3 (inclusive of tariff and waterborne fee). Figures are before GST. For the full list of water prices, please visit PUB's website.
71

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
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Glossary

DECARBONISINGTOWARDS NET ZERO
Water Efficiency and Reduction Performance
Recognising that holistic water management enhances thelong-term value of our assets and developments, we havecontinuously implemented water conservation initiatives
and tracked our water performance since 2007. CDL
achieved the 2021 CDP A List in water security. This marks
the third year of this recognition and affirms CDL’s robust
water management strategy. To maintain our strong trackrecord, we regularly review the water management plans
for all our properties and introduce initiatives where areas
for improvement are identified.

In 2021, water intensity remained relatively low compared
to pre-COVID levels in 2019, for our managed buildings

and corporate office. For construction sites, water use
intensity remained relatively consistent compared to 2020.

Water Usage and Water Use Intensity of CDL’s Operations in Singapore
339,143

4,067

2,857

3.0

2,898

158,765
311,533

313,507

3.1

3.1

2,404

120,155
191,164

1,814

Total Water Usage of CDL’s Operationsin Singapore (m3)
500,765
158,765
339,143
2,857

2017

343,430

28,999311,533
2,898

387,035
69,462
313,507
4,067

2018

CDL Corporate Office2019288,114292,667

94,546
191,164
2,404

120,155
170,697
1,814

2020

2021

2017

0.58

2018

0.8

0.36

0.3

0.3

2021

2017

2018

0.81
0.48

2019

2020

CDL Corporate Office

CDL Managed Buildings

CDL Construction Sites

Notes:• Water used and water use intensity are for potable water only. Industrial
grade NEWater usage is not included in the amount of water used.
• Total amount of water withdrawn is the same as total amount of water
discharged into third-party water (i.e. PUB sewers) with negligible amountsof water consumed. Hence, the total amount of water used is reported here.

72

0.42

0.9

CDL INTEGRATED SUSTAINABILITY REPORT 2022

1.9
0.6

2.0

0.2

0.2

0.2

2019

2020

2021

0.9

69,462
1.4

0.4

28,9992017

CDL Managed Buildings
Total Water Used (m3)

Water Use Intensity for Office (m3/m2)

94,5462.5

170,697

0.7
2018

1.5

0.8

2019

2020

2021

CDL Construction Sites

Water Use Intensity (m3/m2)

Water Use Intensity for Retail (m3/m2)

Water Use Intensity for Industrial (m3/m2)

Notes:
CDL Corporate Office• Estimated numbers were used for CDL Corporate Office in 2018 and January to March 2019, due to the installation of water meters in our corporate office,having relocated from City House to Republic Plaza during this period. Water consumption data from April 2019 was taken from installed water meters.
Figures for 2018 and 2019 have been restated to include water consumption from corporate office pantries.
CDL Managed Buildings• Water used refers to potable water only. Industrial grade NEWater is not included in the amount of water used.
• Water use figures have been restated to remove corporate office water usage quantities as they are reported separately in this report.
CDL Construction Sites• Water use intensity for on-site dormitories is not included.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

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DECARBONISINGTOWARDS NET ZERO
Total Water Usage of CDL’s Core Operations in Singapore and Six Key Subsidiaries (m3)
4,582,223
500,765

493,028

4,445,746 4,441,932

514,207387,035

2,888,659

3,004,369

353,202343,430*
288,114 292,667

31,229299,647
239,622

19,002

19,728

11,638

2017

2018

2019

2020

2021

2017

2018

CDL

2019
CDLHT

2020

2021

2017

2018

2019
Le Grove#

2020

2021

7,235

7,692

2017

2018

8,860

2019

5,685

5,268

2020

2021

Tower Club

Notes:• CBM and City Serviced Offices are not represented here as they are tenants within a building and do not have separate meters to track respective water usage within their facilities.
# Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
* Figures for CDL have been restated to include water consumption from corporate office pantries.

73

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2017

2018

2019
M&C

2020

2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
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Glossary

DECARBONISINGTOWARDS NET ZEROWASTE MANAGEMENT STRATEGY AND PERFORMANCE
In land-scarce Singapore, general waste is sent to the waste-to-energy incineration plant, where energy is generated. The
resulting incinerated ash is then transported to our only landfill, Semakau Island, for disposal. With Semakau Landfill expected
to be fully filled by 2035, Singapore aims to achieve a 70% overall recycling rate by 2030 to curb waste generated.

CDL Supports National Efforts in
Recycling E-waste

We continuously invest, innovate, and adopt leading-edge
technology such as Prefabricated Prefinished VolumetricConstruction (PPVC) to significantly reduce constructionwaste. As a real estate developer and asset manager,most of our waste is generated by our contractors andtenants. Generated waste from both construction sites andmanaged buildings are disposed of in accordance withlocal waste regulations.

According to the National Environment Agency (NEA),
more than 60,000 tonnes of e-waste is produced yearlyin Singapore. Recycling prevents the release of hazardous
substances, such as heavy metals found in electrical andelectronic equipment, into our waste stream. It also ensuresthat valuable resources are extracted through proper
handling and treatment processes.
In 2021, CDL partnered with ALBA E-waste Smart
Recycling to set up e-waste bins at City Square Mall andQuayside Isle, to collect regulated consumer electrical andelectronic waste across Singapore for proper treatment andrecycling. Other CDL developments are being considered
for pilot trials.

874

CDL generates negligible hazardous waste from our operations.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

CDL engages NEA-licensed vendors to collect, treat andrecycle waste from our managed buildings and construction
sites.8 We target to reduce our waste intensity by 16% (from2016 levels) for office and industrial buildings and 12%(from 2016 levels) for retail buildings by 2030. We also
intend to cap the waste intensity from our construction sites
at 40 kg/m2 by 2030.

Lifecycle Approach to Waste Management

 An ALBA E-waste bin at City Square Mall

CDL remains steadfast in managing our waste efficiently
and seeks to reduce, reuse, and recycle our waste acrossevery stage of our project lifecycle. Adopting the waste
management hierarchy approach, we focus on reducing
waste at the source before considering reusing and recycling.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

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DECARBONISINGTOWARDS NET ZERO
Stage in Project
Lifecycle
DesignConstruction

Waste Reduction Performance
Key Waste Management Initiatives

Adopt PPVC technology for large-scale residential developments9 Reduce waste generation andwhere applicablepave the way for cleaner and safer
construction sites
Adopt Building Information Modelling (BIM) and Virtual Design
and Construction (VDC) technology

Reduce construction waste throughearly identification of potential
construction issues

Adhere to CDL’s Construction and Demolition Waste Policy since2009 for the adoption of sustainable construction practices

Increase use of sustainable products
by contractors and improved
recycling rates for construction waste

Identify materials for reuse or recycling with reference to BCA’s
Demolition Protocol

Reduce waste generation andassociated costs required to
re-purchase materials

Reuse furnishings in our show flats, wherever the design ortheme permits
Operation ofAssetsBenefits

Implement recycling programmes for light bulbs, paper, plastic,aluminium cans, etc
Introduce recycling programmes for our corporate office andmanaged buildings, where relevant
Pilot food waste systems for segregation and onsite treatment

Divert waste from landfill

In line with the principles of a circular economy, our holistic
EHS management system framework ensures a regularreview of our waste minimisation efforts and recycling
initiatives across all our properties.
In 2021, general, non-hazardous waste generation
remained consistent for corporate office and managed
buildings, compared to 2020 due to the stabilisation of
office and retail operations.
In the same year, about 551 tonnes of recyclable waste
were collected from our managed buildings, 95% of which
was paper. Since 2017, we have engaged tenants acrossall managed buildings to participate in our paper recycling
programme. At our retail properties, recycling bins andfacilities are provided to encourage the recycling of paper,
plastic and metal by shoppers and tenants. In 2021, City
Square Mall reported a recycling rate of 26%, which isabove the national recycling rate of 12% for large malls.10
Out of 514 tonnes of recyclable waste, seven tonnes were
attributed to food waste composted.
In 2021, construction waste disposed of at all CDL
active construction sites amounted to 6,914 tonnes, witha waste intensity of 87.6kg/m2. This is higher than waste
intensities in 2020 due to the resumption of construction
activities in 2021.

9

The use of PPVC became mandatory for selected residential non-landed Government Land Sale (GLS) sites from 1 November 2014 onwards. Prior to this regulation, CDL voluntarily embarked on a pioneering effort to build Singapore’s first largescale PPVC residential development (The Brownstone EC) in early 2014, setting the benchmark and world record of engaging close to 4,100 modules that were prefabricated offsite and assembled on-site.
10 The latest publicly available recycling rate for large malls in Singapore is 12% in 2020 as per NEA reported findings from the 2021 Mandatory Waste Reporting Exercise.
75

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROMINIMISING ENVIRONMENTAL IMPACTON OUR COMMUNITIESWaste Disposed of and Recycled for CDL’s Operations in Singapore
10,318

7,455

3,796
4,425
17

12,8773,031*
3,929
15

1,345
4,220
17
1,350
730

3,878*
2,930
7

5,160
739
3

1,180
693

2017

2018

15,138

10,192

2019

6,914
3,121
3
2,808
567
2

4,546
551
3

2021

2020

Waste Disposed of by CDL Corporate Office

Waste Disposed of by CDL Managed Buildings

Waste Disposed of by CDL Construction Sites

Waste Recycled by CDL Corporate Office

Waste Recycled by CDL Managed Buildings

Waste Recycled by CDL Construction Sites

Notes:• Waste generated is based on the weight of waste that CDL directs to recovery and disposal.
• Waste tonnage reported is based on information provided by engaged waste collectors and recyclers. Should information be unavailable, the tonnage ofgeneral and recyclable waste is estimated based on data extrapolation from one week of weighing, or as appropriate per operating conditions.
• Waste recycled for CDL Corporate Office is reported from 2019 onwards.
• Waste disposal figures for CDL Managed Buildings have been restated to remove corporate office waste disposal quantities as they are reported separately in this report.
• Of the recycled waste from CDL construction sites, 1% consists of recycled wood and 5% consists of recycled steel. The remaining percentage consists of recycled mixed
waste and recycled demolition waste.
* A more accurate value of waste disposed for Piermont Grand was obtained. Hence, this value was adjusted to reflect the new total.

Waste Disposed and Waste Disposal Intensity of CDL’s Operations in Singapore (Tonnes)
3.2
2.5
17

3.0

6,914
4,425

17

15

4,220

3,929

1.3

3,796
2,930

0.5

3,121

3,031*

7

1,345
3

2017

2018

2019

2020

CDL Corporate Office

15

2021

2017

14.4

15.3

2018

2019

11.9

12.6

2020

2021

58.8
2017

CDL Managed Buildings
Total Waste Disposed (tonnes)

30.2

33.3*

2018

2019

CDL INTEGRATED SUSTAINABILITY REPORT 2022

59.1*
2020

CDL Construction Sites

Waste Disposal Intensity (kg/m2)

Note:• Waste intensity figures for CDL active construction sites are for incinerated waste.
* A more accurate value of waste disposed for Piermont Grand was obtained. Hence, this value was adjusted to reflect the new total.
11 Allowable limits for trade effluent discharge (water course for TSS and controlled watercourse for TDS) by NEA.
76

3,878*

87.6

CDL is dedicated to mitigating the impact of our developmentson the environment and surrounding communities. We arealso committed to complying with all applicable EHS legal
requirements enforced by local authorities, such as BCA,
NEA, PUB, the Ministry of Manpower (MOM) and theSingapore Civil Defence Force (SCDF). Through constantmonitoring, evaluation and auditing of our ISO 14001
and ISO 45001-certified EHS management systems, CDL
actively ensures that all our activities and operations
comply with existing regulatory requirements.

Managing Water Discharge at Construction Sites
The discharge of wastewater into the public seweragesystem and open drains, canals and rivers are strictly
regulated by PUB and NEA. To ensure that Total Dissolved
Solids (TDS) and Total Suspended Solids (TSS) readingsof the discharged water do not exceed the legal limit of
1,000 mg/litre and 50 mg/litre respectively11, CDL works
closely with all our contractors to track the quality of water
discharged into public sewerage and drainage systems. At
all our construction sites, Earth Control Measures (ECM) are
implemented to prevent silt from polluting our waterways. In
the incidence of exceeded TSS readings, prompt corrective
actions are taken to rectify the issue. CDL will continue
to work with contractors to increase vigilance in the
management of water discharge.

2021

Highest
TSS(mg/litre)

2017
5,370

2018
112

2019
45

2020
49

2021
40

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROManaging Vector and Pest Control at
Construction Sites
Recognising that construction sites could potentially become
environments for mosquito breeding and rodent infestation,
CDL works closely with our main contractors to ensure that
effective systems are in place to prevent pests and curb
dengue transmission amongst workers and residents aroundour worksites.
The ISO 45001 occupational health and safety
management system and CDL 5-Star EHS Assessment
provide a risk management framework to identify andmitigate the risks associated with vector and pest control
at construction sites. In addition to ensuring that ourcontractors schedule and conduct regular housekeeping
on-site, we require that they maintain comprehensive pest
surveillance and control programmes. We actively engage
our contractors and their workers through awarenessbuilding and educational talks to ensure effective vector
control and minimise incurring fines for vector breeding.

Managing Impact on Communities
We provide avenues for the public to raise enquiries or
feedback on EHS-related matters. Hotlines managed by
our appointed main contractors are set up and madepublicly available at all construction sites. Upon receiving
EHS-related feedback such as noise or dust nuisance to thecommunity, the site management will implement controls inthe surrounding area to address the feedback and prevent
further incidences.

77

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI 2-4

In Singapore, NEA regulates the noise levels fromconstruction sites, with a set of permissible noise limits
that vary depending on the time of day and type ofneighbouring premises. To protect the well-being of nearby
residents, our main contractors must comply with theconstruction noise limits at all our construction sites. To
minimise noise-related complaints, our main contractors
are encouraged to implement an active management
programme and take all necessary actions to address
related complaints. To ensure the community is aware
about the construction status, schedules of the progress ateach site are communicated to inform the community about
upcoming works.

Incidents of Non-compliance
All instances of non-compliance to EHS regulatory
requirements are taken into account by CDL. In 2021, threeenvironmental fines were imposed on our main contractors
across seven construction sites. All three fines were for
performing construction activities above the noise limit.
One stop-work order was received from NEA for mosquito
breeding. There was one fine issued to our managed
properties in 2021 for mosquito breeding. All issues wereresolved immediately.
To prevent future occurrences of non-compliance, we havereviewed and streamlined our current processes to improveand tighten our EHS practices. Since 2001, the CDL 5-Star
EHS Assessment System—an independent audit tool toassess, measure, and improve the main contractors’ EHS
management and performance—was put in place to ensure
a comprehensive, audited, and appraised approach to
manage and mitigate EHS risks. Details of the CDL 5-Star
EHS Assessment System can be found here.

EHS-related Fines
73,500*
10

4
2
5

8
2

48,0003
122,40025,20021,100
2017

2018

2019

2020

2021

No. of Fines – CDL Managed Properties
No. of Fines – CDL Construction Sites

Value of Fines ($)

Note:* Fines valued in 2020 were updated to accurately account for the fines
issued according to the date of the official notice of composition letter.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROACHIEVING A RESILIENT
SUPPLY CHAIN ANDSUSTAINABLE SOURCINGIn a constantly shifting environment
fraught with challenges presented by
the pandemic and climate change,building resilience into the supply chain
is key. Supply chain risk management
and robust systems and processes
are essential to prepare any business for disruptions thatthreaten to weaken supply chain capability.
To reduce the overall environmental impact of our projects
and managed buildings, CDL proactively influences andengages key stakeholders in our value chain to embracesafe and environmentally-friendly designs, as well as
best operational practices throughout the lifecycle of ourdevelopments. We establish clear procurement guidelines
and specifications for our vendors, such as using only
sustainable and non-toxic building materials.
For CDL’s robust efforts in working with our supplier network
to address climate change, we were the only real estatecompany in Southeast Asia and only Singapore company
to be awarded the 2021 CDP Supplier Engagement Leader
for the second consecutive year. This recognition places CDL
amongst the top 8% of companies assessed by CDP for
supplier engagement on climate change.

Supply Chain and Supplier Risk Analysis
For many businesses worldwide, Scope 3 emissions canaccount for more than 70% of their carbon footprint.12
Measuring and managing these emissions can motivate a
12 Greenhouse Gas Protocol, 4 April 2016.
13 Renamed from Green Procurement Guidelines in 2020.
78

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI 3-1

company to choose more sustainable suppliers, improve theenergy efficiency of its products, and rethink its sourcing
and distribution network — measures that can significantly
reduce the overall climate impact.

opportunities, suppliers’ risk scores, and possible impacts
from COVID-19.

In 2021, close to 100 management and operation staffof CDL Group attended a virtual Corporate Sustainability
Workshop on supply chain risks and climate risks conductedby external consultants. The workshop shared findings
from two major studies that CDL had completed in 2020
— the Supply Chain Segmentation Study and the second
climate change scenario analysis for a 1.5°C warmer
scenario. During the workshop, we discussed topics likemigrant and forced labour risks, and raw material sourcing
risks, in alignment with international best practices in theconstruction industry.

For more than a decade, CDL has been implementing
sustainable procurement guidelines that set clear
specifications for responsible sourcing along our supply
chain. This includes the Responsible Procurement
Guidelines13 since 2008, and the Green Procurement
Guidelines for property developments since 2009. In linewith our corporate EHS Policy introduced in 2003, theseguidelines encourage the use of eco-friendly and recycledmaterials that have been certified by approved local
certification bodies, such as Singapore Green Building
Council (SGBC) and Singapore Environment Council (SEC).

In the supply chain segmentation study, environmental andsocial risks, such as embodied carbon intensity and forced
labour, were assessed for CDL's top 100 suppliers and top
five building materials procured for our developments. The
study helped to strengthen our understanding of potential
risk hotspots within the supply chain and improved our
supply chain strategy. There was no significant change
in our supply chain in 2021, as such the findings for the
study remain relevant. Separately, the climate change
scenario analysis identified and assessed physical andtransition risks and opportunities as a result of climatechange, based on a projected 1.5°C warmer scenario
in 2030. More information can be found in the
CDL Integrated Sustainability Report 2021.

In 2021, we updated our 3S Green Building Framework
to align with the latest BCA Green Mark 2021, aninternationally recognised green building certification
scheme, to stay focused on advancing our commitment tosustainability. The revised framework also includes net-zerotargets such as embodied carbon management, to guide our
stakeholders to adopt sustainable building practices such as
low embodied carbon materials.

Through the CDL 5-Star EHS Seminar conducted in
2021, we extended learnings from the Supply Chain
Segmentation Study to more than 90 internal and external
stakeholders. The training covered supply chain risks andProcurement of Sustainable Materials

Our Green Procurement Guidelines also indicate ourpreference for ISO 14001, OHSAS 18001, ISO 45001,
and bizSAFE Level 3 certified vendors. In key operations
like property development and asset management, major
suppliers and builders must meet the EHS pre-qualification
criteria. All suppliers are required to sign a Supplier
Code of Conduct, which provides comprehensive guiding
principles for our vendors and suppliers to comply with
CDL’s expectations, including environment, health, safety,
and ethical employment.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
We have established a target to ensure 100% of appointed
suppliers14 are certified by recognised EHS standards by
2030. In 2021, 100% of our main contractors and key
consultants for property development obtained recognised
EHS certifications. Before awarding development projectcontracts, CDL reviews and evaluates the EHS culture andtrack record of potential suppliers and contractors. In 2021,
93%15 of suppliers appointed by the asset management
division were certified by recognised EHS standards. Goingforward, we will review our targets and deepen supplierengagement to progressively enhance our supply chain.

Embodied Carbon Emissions from Construction
Materials
Embodied carbon refers to the carbon dioxide equivalentor GHG emissions associated with the non-operational
phase of a building and has become an increasingly
important area for the built environment sector to address.
It includes emissions caused by extraction, manufacturing,transportation, assembly, maintenance, replacement,
deconstruction, disposal and end-of-life aspects of thematerials and systems that make up a building.
The manufacturing of construction materials such as
steel, cement and glass contribute to 10% of the building
and construction industry’s global energy related CO2
emissions.16 A universal whole life carbon assessment will
be key to accelerate the achievement of net-zero emissions
across the entire built environment lifecycle. As part of ourrenewed SBTi-validated GHG reduction targets, CDL has
committed to reduce the embodied carbon of our building

materials by 41%, instead of their conventional equivalents,
by 2030. Furthermore, we anticipate carbon-intensive
construction materials, such as steel and cement, to become
increasingly costly.

The Tapestry project obtained TOP in 2021 and achieved
24.8% reduction in embodied carbon with use ofsustainable materials. The next project to be assessed willobtain TOP in 2022.

We also monitor and report the embodied carbon
performance of our projects against our adopted targets.
This enhances CDL’s supply chain management andencourages the use of low-carbon alternatives.

Managing Impact of Top Building Materials

An interim 2021 target of a 7% reduction in embodied
carbon of building materials compared to their conventional
equivalents was set for all new projects awarded since
2018. Several projects are expected to obtain TOP by2022. We track the performance of these projects against
the current interim target,17 and raise the next interim target
where necessary to map our phased progress towards the2030 SBTi-validated target of 41% reduction.

Globally, cement manufacturing and steel production are
responsible for around 7%18 and 7% to 9%19 of global
carbon emissions, respectively. Hence, it is vital to reduce
the use of these materials. At CDL, we apply a circular
economy approach to materials used for our development
projects. To close the waste loop, we use recycledconstruction materials, such as recycled steel and concrete,
wherever applicable. On top of this, we encourage the useof alternative low-carbon materials at our sites. We are also
constantly on the lookout for innovative building materials
and methods to facilitate the transition to net-zero.

Materials

Initiatives

Benefits

Concrete(Including granite,
cement and fineaggregate)• Use SGBC or SEC-certified materials such as
low-carbon and recycled concrete• Promote environmental conservation• Use recycled concrete aggregates andwashed copper slag from approved sources
to replace coarse and fine aggregates forconcrete production• Reduce consumption of raw materials• Use PPVC where possible
Steel• Use recycled steel in projects forreinforcement works where possible• Reduce consumption of raw materials

14 These refer to suppliers appointed by AM, and main contractors and key consultants (architects, civil & structural engineers, mechanical & electrical engineers) appointed by PD.
15 Of the new suppliers appointed in 2021, 88% were certified by recognised health and safety standards (e.g. ISO 45001, OHSAS 18001, and minimum bizSAFE Level 3 certificates), and 17% were certified by recognised environmental
standards (e.g. ISO 14001).
16 2021 Global Status Report for Buildings and Construction: Towards a Zero-emission, Efficient and Resilient Buildings and Construction Sector. United Nations Environment Programme, 19 October 2021.
17 Based on the lifecycle of CDL’s project developments, embodied carbon data for building materials is only available upon TOP attainment.
18 Global Cement and Concrete Industry Announces Roadmap to Achieve Groundbreaking ‘Net Zero’ CO2 Emissions by 2050. Global Cement and Concrete Association, 12 October 2021.
19 Net Zero Steel: Sector Transition Strategy. Mission Possible Partnership, 19 October 2021.
79

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Decarbonising
Towards Net Zero

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZERO
Since 2016, CDL has been tracking and reporting the top
five building materials and embodied carbon intensities of
the construction materials used in our property development

activities to determine the wider carbon lifecycle impactof our projects. The embodied carbon emission intensities
for our projects have been derived using BCA’s Carbon

Calculator, based on the type and quantity of construction
materials used.

CDL’s Top Five Building Materials
Year
Top Five Building Materials(Tonnes)

2017#

2018#

2019

2020

2021

Granite138,31267,396

Granite77,85477,885

71,214

Fine Aggregate (Sand)

87,55752,867

Fine Aggregate (Sand)

58,84658,92153,046

Cement54,131

23,738

Cement20,674

21,41018,289Steel

18,007

11,306Steel

12,823

12,54813,028Ceramic Tiles

2,799

1,452

Ceramic & Porcelain Tiles

2,227

2,160

2,086

Notes:• Top building materials for 2021 pertains to seven project sites that were still under development, hence figures reported were based on the project design stage.
# Figures have been restated to more accurately capture the building materials utilised in the year, instead of the previously used method of reporting the top five building materials for the projects that achieved TOP in the respective years.

Embodied Carbon Footprint for Projects Operating in 2021 (tCO2e/m2)
0.99
0.74

0.69

0.73

0.70

0.62

0.48

Amber Park

Irwell Hill Residences

Haus on Handy

Boulevard 88 and
The Singapore EDITION Hotel

Piermont GrandThe Tapestry

Whistler GrandNote:• Embodied carbon intensity for 2021 pertains to six project sites that were under development, hence figures reported were based on the project design stage. The Tapestry achieved TOP in 2021, and the figure has been amended from 0.66 to
0.70 to reflect the actual embodied carbon intensity.

80

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DECARBONISINGTOWARDS NET ZEROPROTECTING BIODIVERSITY AND
NATURAL HABITATS
Loss of biodiversity is one of the top risks on the World
Economic Forum Global Risks Report in both 2021 and2022.20 CDL has remained steadfast in upholding ourlongstanding commitment to minimising and mitigating
the impact of our developments on natural habitats andprotecting wildlife biodiversity. With the increasing
international consensus that climate and biodiversity issues
should be tackled together, CDL supports the national andinternational advocacy for Nature-based Solutions (NbS).21
Our Future Value 2030 Sustainability Blueprint, which isaligned with the UN SDGs, includes Goal 15: Life on Land.
All land use in Singapore is controlled and allocated by
the Urban Redevelopment Authority (URA), whichharmonises quality living, development, and thesustainability of our existing green landscape. CDL’s
development projects are housed within the land allocatedby URA and hence, none of our projects are located inprotected areas. Further, CDL ensures that our constructedbuildings maximise the GFA allowed by regulators inaccordance with the plot ratio assigned to the land parcel,
for allocated land to be well-utilised.
Since 2010, CDL has been voluntarily conducting
Biodiversity Impact Assessments (BIA) on greenfield sites

before construction where applicable. BIA determines if
any plant or animal of national conservation importanceexists at the intended development site. Environmental
mitigation measures are undertaken, where necessary.
In 2020, CDL pushed the envelope by introducing a
dedicated Biodiversity Policy to promote biodiversity
protection and urban greenery across our operations. The
policy complements Singapore’s “City in Nature” visionand takes reference from national frameworks, such as the
Biodiversity Impact Assessment (BIA) guidelines introduced
by URA and NParks in October 2020. In 2021, there
were no sites located within or adjacent to protected areas.
Hence, no material biodiversity risk was identified.
Besides BIA, CDL piloted an Environmental Impact
Assessment (EIA) study for our Forest Woods residential
development in 2016. Based on this pilot, CDL is exploring
possibilities of future applications at our developments.

CDL Developments Recognised for
Outstanding Greenery
In 2021, three of CDL’s development
sites, Coco Palms, Forest Woods and The
Tapestry, were recognised under the NParks
Landscape Excellence Assessment Framework(LEAF) certification scheme. The certification
acknowledges excellence in the efforts ofdevelopers, landscape architects, architects,
contractors and maintenance agents in creating
high-quality urban landscapes which contributeto Singapore’s journey of becoming a Cityin Nature. It also celebrates good landscapedesign, construction and management of parksand development projects.

Urban greenery and landscaping are hallmarks of CDL’s
developments. All new residential developments by CDL
devote significantly more site area to landscaping thanmandatory softscape requirements22 and communal
facilities. For example, at Irwell Hill Residences, 74% of
the site area is dedicated to facilities, lifestyle space andlandscaping. The condominium features lush, landscaped
grounds, roof gardens, sky terraces, and a huge lawn withfour heritage rain trees.

20 Global Risks Report 2022. World Economic Forum, 11 January 2022.
21 The IUCN Global Standard on NbS defines NbS as “actions to protect, sustainably manage and restore natural or modified ecosystems that address societal challenges effectively and adaptively, simultaneously providing human well-being andbiodiversity benefits”.
22 Updates to the Landscaping for Urban Spaces and High-Rises (LUSH) Programme. LUSH 3.0. Urban Redevelopment Authority, 9 November 2017.
81

CDL INTEGRATED SUSTAINABILITY REPORT 2022

DETERMINEDT O C R E AT E A FA I R , S A F E &INCLUSIVE BUSINESS ENVIRONMENTDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENTACTIVITIESCorporate Governance

ORGANISATIONALCAPITAL

Corporate Policies
and Guidelines
Whistle-blowing
Procedure
Cybersecurity

Employee Training
and Communication
External Engagement
and Due Diligence
Personal Data
Governance

ACTIVITIESHUMANCAPITALVALUE
CREATED

Zero Corruption/
Fraud/
Money Laundering

Ethical Business
Practices andWorkforce

Zero Breach and Lossof Customer Data

Trust from
Stakeholders

OUTPUTSVALUECREATED

Zero Fatality

Clean and Safe
Spaces for Building
Occupants andEmployees

Fair and Competitive
Remuneration

CDL 5-Star EHS
Assessment System

Equal Opportunity
Recruitment Policy

Employee Health andWell-being Programmes

Diversity and Inclusion
Task Force

Healthy Workplace
Ecosystem

Women Empowerment

Age Diversity

Future-ready
Workforce

Employee Engagement

Racial and Disability
Inclusion

Employee Physicaland Mental Wellness

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Training andDevelopment

CONTRIBUTINGTO SDGS

Robust Control
Systems

WSH Management
SystemSafe Management
Measures83

OUTPUTS

Zero Occupational
DiseaseLow Injury Rate
Gender Diversity

Employee Retention

Responsible Supply
Chain

CONTRIBUTINGTO SDGS

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
CDL’s corporate policies and ESG commitments havebuilt a strong foundation for corporate governance. Our
dedication to business integrity and fair practices maintains
the high level of trust and confidence our stakeholders
have in us to deliver beyond expectations. We believe increating a sustainable and equitable future by focusing not
only on our buildings, but also on forming a cohesive andinclusive workforce.

CORPORATE GOVERNANCE
In 2021, CDL continued to be ranked favourably in
the Singapore Governance and Transparency Index(SGTI) 2021, ranking 4th amongst listed companies
in Singapore. The SGTI assesses companies on theircorporate governance disclosure and practices, aswell as the timeliness, accessibility and transparency of
the announcement of their financial results. For our full
Corporate Governance Report, please refer to the
CDL Annual Report 2021.

Board Diversity
In December 2021, SGX announced new requirements
for listed companies to set a board diversity policy from2022 and provide details such as diversity targets,plans, timelines and progress in their annual reports.
Since 28 August 2015, CDL’s Board has supported theBoard Diversity Pledge initiated by the Singapore Instituteof Directors (SID) and SGX. In 2017, the board-level
Nominating Committee adopted a formal Board Diversity
Policy, which sets out a clear policy and framework for
promoting diversity on CDL’s Board. As of end-2021, CDL
had one female director (12.5%) – Ms Carol Fong – out ofeight directors. With the appointment of Mrs Wong Ai Ai in
January 2022, the board diversity has increased to 22%.

84

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Board Diversity Pledge
The Board believes unequivocally that board
diversity is vital for the long-term success of acompany. CDL supports the Board Diversity Pledge
initiated by SID and SGX, pledging its commitment
to promote “diversity as a key attribute of a wellfunctioning and effective Board” and sharing theview “that a diverse Board will enhance decision
making by harnessing the variety of skills, industry
and business experiences, gender, age, ethnicity andculture, geographical background and nationalities,
tenure of service, and other distinguishing qualitiesof the members of the Board.”

Our business principles and practices regarding mattersthat may have ethical implications are encapsulated in the
CDL Code of Business Conduct and Ethics. It communicates
CDL’s principles such as honesty, integrity, responsibility
and accountability at all organisational levels. Staff are toobserve these principles when conducting official businessin dealing with customers, suppliers and colleagues. The
CDL Code of Business Conduct and Ethics is published on
the staff intranet for easy access.
The code provides guidance on issues such as:• Conflicts of interest and the appropriate disclosures tobe made• CDL’s zero tolerance stance against corruption andbribery• Compliance with applicable laws and regulations,
including those relating to the protection of the environment
and the conservation of energy and natural resources

Business Ethics And Compliance• Compliance with CDL’s policies and procedures,
including those on internal controls and accounting

The Board and Senior Management remain steadfast in
conducting business with integrity, consistent with the highstandards of business ethics, and in compliance with allapplicable laws and regulatory requirements. In 2021, CDL
had no incidents of non-compliance with socio-economic
laws and regulations, including legal requirements ofmarketing and advertising practices, for which significant
fines or non-monetary sanctions were issued to theCompany. We define significant non-compliance with laws
and regulations as matters that have a material impact,financial or otherwise, on CDL and our stakeholders. There
were also zero incidents of anti-competitive behaviour ormonopolistic practices within CDL.

• Protection and use of CDL’s assets, confidential
information and intellectual property rights, including therespect of the intellectual property rights of third parties• Competition and fair dealing in the conduct of CDL’s
business, in staff’s relationships with customers,
suppliers, competitors and employees
Implemented in 2020, the CDL Conflict of Interest
Guidelines aims to prevent any unjustified appointment ofvendors and reduce possible suggestions that unethicalactions were taken by employees due to their relationshipwith an external vendor. Accessible on the staff intranet, it
sets out guidance on identifying any deemed interest witha current or prospective vendor. In the event of a conflictof interest, staff declaration is mandatory and the staff
shall abstain from having any business dealing with theidentified vendor.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENTCORPORATE POLICIES AND GUIDELINES

Board Oversight

CDL corporate policies provide guiding principles on
business conduct and ethics that all employees andstakeholders across our value chain should practise tosupport CDL’s commitment to sustainability. To enhancetransparency, the corporate policies and guidelines
are publicly available on our corporate website(www.cdl.com.sg), dedicated sustainability microsite(www.cdlsustainability.com) and staff intranet.

For good corporate governance, all corporate policies
are reviewed and approved by our Board of Directors,
the relevant board committees and Senior Management.
New directors are provided with an onboarding e-manualthat includes all our corporate policies for their knowledge
and compliance.

Relevant policies are disseminated to employees of CDL’s
key subsidiaries and supply chain, where applicable. For
employees in our subsidiaries outside of Singapore, thepolicies are translated into the required local languages.

Board Policies
Board Diversity Policy

Corporate Policies
Anti-corruption, Fraud and Competition Policies
Investor Relations Policy
Personal Data Policy
Whistle-blowing Policy

Sustainability Policies
Biodiversity Policy
Climate Change Policy
Environmental, Health and Safety (EHS) Policy
Green Building Policy
Human Rights Policy
Supplier Code of Conduct
Sustainable Investment Principles
85

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Through CDL’s quarterly risk reports, the board-level Audit &Risk Committee (ARC) is kept informed about major corruption
cases within the Group's operating units around the world.

Whistle-blowing Procedure
Our employees and business partners can seek advice andraise concerns in confidence about possible improprieties,
relating to accounting, financial reporting, internal controls
and auditing matters or other matters, to the CDL Ethics
Officer through a dedicated email account, toll-free numbers
or by mail, regarding violation of business ethics, serious
breaches of Group policies, fraud, corruption, collusion with
suppliers/contractors and/or conflicts of interest. Toll-freelines for callers from Singapore, China, Thailand, the UK,
and the US are also available. The reporting channels are
published on our corporate website and staff intranet.
The ARC has overall authority and oversight of the
Whistleblowing Policy, which is administered with theassistance of the Head of Internal Audit. Procedures are inplace for independent investigation and for appropriate
follow-up actions to be taken. Any improprieties involving
the Head of Internal Audit (also the CDL Ethics Officer) may
be reported to the Chairman of the ARC.
As of 31 December 2021, there were zero incidents ofcorruption, fraud, and money laundering activity across
CDL’s business operations wholly-owned and directlymanaged by CDL's headquarters in Singapore.

Whistleblowing Reporting Channels
TELEPHONE
Toll-free Voicemail:Singapore: 1-800-226-1706

China: 400-120-2930

Thailand: 001-800-658-293

UK: 0800-404-9732

USA: 1-833-795-0114

EMAIL
cdl.whistleblowing@cdl.com.sg
MAIL
CDL Ethics Officer
9 Raffles Place, #12-01
Republic Plaza, Singapore 048619

Data Privacy
Information security materials are made available to better
educate stakeholders on prevailing risks, especially inthe handling of sensitive corporate data. Since 2014, wehave implemented a Data Privacy Policy which informs
stakeholders on how CDL manages personal data incompliance with the Singapore Personal Data Protection
Act (No. 26 of 2012). Customers and business partners
can get in touch with our Data Protection Officer by mail,email and phone on matters concerning their personal datawith CDL. The Data Privacy Policy is available to the public
on our corporate website.
CDL’s Social Media Guidelines advocate employees’
responsibility on the use of social media, including taking
precautions for the protection of information privacy.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
In 2021, there were no substantiated complaints
concerning breaches of customer privacy, theft, leak andloss of customer data or critical information.

External Engagement and Due Diligence
With the Anti-Money Laundering and Counter Financingof Terrorism Policy introduced in July 2016 to ouremployees in frontline sales and compliance job functions,
we worked on aligning our policies and guidelines with theexternal marketing agents for CDL’s properties. This ensuresthat our business is reasonably guarded against the riskof property transactions being used to finance terrorism orlaunder illicit funds.
As part of our due diligence, all direct suppliers of CDL’s
core operations in Property Development and AssetManagement are required to endorse their acceptance ofand compliance with the ethical standards as outlined in
our Supplier Code of Conduct.

Cybersecurity
With cyber-attacks becoming more prevalent, targeted,and complex, we are adopting industry best practices andmoving beyond technology defense towards a more holistic
and risk-based cybersecurity framework. The objective isto establish a robust foundation to identify and protect ourcritical assets and more importantly, be able to detect andrespond to threats.
Using proven security solutions, we ensure sensitive data is
encrypted to safeguard critical information. Data recovery
strategies and measures, such as data backup, are in place86

CDL INTEGRATED SUSTAINABILITY REPORT 2022

to minimise downtime and ensure critical information canbe made available quickly for business continuity.
CDL established a Cybersecurity Framework in 2020
to detect, protect against and respond to cyber-attacks
and crimes, and the CDL Computer Security Policies
and Standards were updated in 2021 on cybersecurity
compliance. Besides embracing the Next Generation AntiVirus software, Advanced Email Security Protection solution,
Enterprise-Class Firewalls and Intrusion Protection System toprotect our information assets, our Information Technology(IT) department has also deployed the User Behavior
Analytical solution to enable the identification of abnormaluser computing behaviours or activities. At the same time,
we have also rolled out an EndPoint and Network Detection
and Response solution to enable the detection andcontainment of advanced persistence cybersecurity attack
threats. CDL also recently migrated our backup system to aransomware immutable backup platform to guard against
the heightened global ransomware attacks.
CDL has also engaged a reputable Managed Security
Operation Center (mSOC) service provider to provide
24/7 security monitoring and incident response services. To
increase our employees’ IT security awareness and vigilance,a series of online cybersecurity trainings and periodic
phishing attack simulations were conducted to increase our
employees’ IT security awareness and vigilance.

Employee Training and Communication
Annually, all our full- and part-time employees are
required to complete a compulsory online declaration toacknowledge that they are aware of, have read, and arein compliance with CDL’s corporate policies and guidelines
before the start of the calendar year. Awareness bulletinsare published on CDL’s intranet for a quick refresher
anytime on key elements of CDL’s stance against corruption.
Fraud risk awareness training and assessments covering
topics such as bribery and conflicts of interest were also
conducted for selected front-line business units.
New hires, as part of their orientation programme, arerequired to learn about CDL’s Code of Business Conduct
and Ethics, as well as other related corporate policies
including Anti-Corruption, Fraud, Competition, andWhistleblowing. They are also required to complete a
self-paced, interactive e-learning module (accessible for all
employees as well) that provides information and guidance
to recognise, address, resolve, avoid, and prevent
instances of corruption. In 2021, 100% of our new hires
were educated with anti-corruption knowledge.
To increase employees’ vigilance against cybercrime, which isexacerbated by the adoption of online working environments
and operations, data protection and cybersecurity awarenesstraining sessions were conducted in 2021.

Human Rights
CDL has always upheld the fundamental principles ofhuman and workplace rights in places where we operate.
Since 2005, we have been a signatory to the United
Nations Global Compact (UNGC)'s principles on Human
Rights and Labour, and are guided by international
human rights principles as derived from the Universal
Declaration of Human Rights and the International Labour
Organisation's Declaration on Fundamental Principles andRights at Work.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
DEDICATION TO OCCUPATIONAL HEALTH, SAFETY AND WELL-BEING

CDL’s Approach to EHS Risk Management

In line with our corporate EHS Policy, KPIs are identified with targets established and reviewed annually to monitor our EHS
performance. This ensures that we consistently achieve a high EHS standard across the organisation.

EHS Working Committee – All CDL employees are
represented in the EHS Working Committee throughtheir department representatives. Staff can highlight theirconcerns, including WSH issues, directly to the EHS team.
Initiatives and activities planned by this committee are partof a continual process to ensure and promote the health,safety, and well-being of all employees. The committee
convenes at least once annually to discuss and review
CDL’s approach to health and safety management.

Beyond caring for our employees, CDL also prioritises the health and safety of our workers at our construction sites andmanaged buildings. All workers at our construction sites and properties managed1 by CDL are protected under CDL’s stringent
health and safety management policies and procedures.

 Regular inspection and Work-at-Height training at Whistler Grand Quarterly dengue awareness campaign at Whistler Grand

1
2

87

In 2021, CDL was the sole recipient of the Workplace
Safety and Health (WSH) Developer Award, organised
by WSH Council and supported by the Ministry of
Manpower (MOM). It marks the 12th year that CDL has
clinched this award, which acknowledges our role inensuring good WSH practices with our contractors.
Amber Park and Whistler Grand also received the
Safety and Health Award Recognition for Projects(SHARP) award in the same year, which recognises
large-scale projects or worksites that have good safety
and health performance and WSH management
systems. CDL has also been recognised by the Royal
Society for the Prevention of Accidents (RoSPA) with
the Order of Distinction Award for achieving 16
consecutive Gold Medal Awards.
CDL continues to be recognised as a long-serving
bizSAFE Mentor.2 In 2021, we completed oursurveillance audit and continue to be certified underthe ISO 45001 occupational health and safety
management system standard. We will continue
to leverage industry best practices to ensure thatoccupational health and safety is maintained at theirhighest levels.

EHS Working Committee members undergo risk
management training to lead risk assessments for theirrespective operations. They also attend refresher sessions
periodically to keep abreast with new developments.

EHS Organisational Structure
Board Sustainability
Committee
Sustainability Team
(EHS)
Internal
Auditors

Executive Committee

Supported by

Steering Committee

Supported byWorking Committee

Workers at our managed properties are contracted to provide maintenance, cleaning and security services.
bizSAFE Mentors are organisations that have demonstrated excellent WSH performance and leadership. As a role model, a bizSAFE Mentor shares good practices and nurtures bizSAFE Enterprises in their WSH, guiding them as they progressin the programme.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
Hazard Identification, Risk Assessment andRisk Control – CDL conducts hazard identification,risk assessment and risk control exercises across our
corporate office, and 100% of our managed buildings andconstruction sites, in line with ISO 45001 management
system requirements and local legislation.

work and to report any unsafe working conditions to theirdepartment’s EHS representative or directly to the EHS
department so that the issue can be resolved quickly andeffectively. CDL views this as valuable feedback to drive
safety enhancements in the workplace, and ensures that
employees can provide input without fear of reprisal.

As part of CDL’s risk management process, the trained
EHS Working Committee leads these exercises within theirdepartments for routine and non-routine activities, andalso conducts cross-departmental reviews. In consultation
with the EHS department, the members recommend risk
mitigation methods that are commensurate with a hierarchyof controls, a step-by-step guidance system for reducing or
eliminating identified hazards.

Training – CDL’s EHS team organises WSH awarenessworkshops and trainings annually to raise awareness ofoccupational health and safety issues among employees.
Topics covered include health and safety-related trends,
legislative requirements, reporting of incidents and safetyissues on- and off-the-job.

Employees who conduct site visits and inspections at ourmanaged buildings and construction sites are exposed toslip, trip and fall hazards. Hence, we strive to improve oursafety and precautionary measures by adopting industry
best practices such as regular risk assessment reviews.
Responding to Incidents – Apart from the periodic
reviews, any organisational changes, the occurrence ofincidents or employee feedback would trigger ad-hoc
reviews of our risk controls.
CDL has established an incident investigation and reporting
procedure to promptly respond to health and safety incidents.
When employees raise incident reports, an experienced
group of personnel will investigate to determine the root causeof the incident and identify corrective and preventive actions.
As our employees’ safety is of utmost importance,
employees are actively reminded not to engage in unsafe

3488

In March 2021, a WSH CultureSAFE training was
conducted to promote a total WSH mindset amongst ouremployees. About 190 employees learnt about the WSH
CultureSAFE Programme, best practices in WSH culture
and WSH-related trends.
This forms part of CDL’s educational efforts to inculcate aholistic safety mindset in our employees. Real-life incidents
are used as case studies for employees to gain a better
understanding of existing and predicted risks within theirwork activities. Employees are also provided with quarterly
reminders on relevant health and safety topics to observe
during WFH arrangements.

Total Workplace Safety and Health (WSH) at
Corporate Office
CDL places occupational safety and health at the forefront of
all our business processes. Since 2003, we have maintained
our OHSAS 18001 certification that demonstrates ourcommitment to a holistic occupational health and safety
management system. In March 2020, OHSAS 18001 was
migrated to the latest ISO 45001 standard.3 It provides
robust guidance for our integrated EHS Management Systemthat covers 100%4 of Singapore key operations.

Safety Performance (Corporate Office)Injuries

0

FemaleLTIFR

0761,714
Working Hours

Major IR

Minor IRvs. national
average of 17.4

vs. national
average of 365

00

Notes (applicable to the other safety performance charts):• National average figures are the 12-month rolling national average
figures up till June 2021 based on the latest information released on
MOM’s website• LTIFR: Lost-Time Injury Frequency Rate (number of lost time injuries per
million manhours worked); CDL had previously reported Accident
Frequency Rate (AFR), as defined by MOM• MOM Reportable Accidents are considered to be accidents whereby
the employee is certified by a registered medical practitioner orregistered dentist to be unfit for work, or to require hospitalisation or to
be placed on light duties, on account of the accident• Major IR: Major Injury Rate (number of major workplace injuries per
100,000 persons employed)• Minor IR: Minor Injury Rate (number of minor workplace injuries per
100,000 persons employed)

OHS management system standard was revised in March 2018. The publication of ISO 45001:2018 has since replaced OHSAS 18001.
100% of key operations (Corporate Management, Property and Facilities Management and Project Management Services) are covered under our health and safety management system.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

0

Male

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Decarbonising
Towards Net Zero

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
In 2021, there was no fatality, high-consequence injury,
major and minor injury5 or occupational disease involving
our employees at our corporate office.
A high-consequence injury is a work-related injury that
results in a fatality or in an injury from which the worker
cannot, does not, or is not expected to recover fully to
pre-injury health status within six months. There was noreportable injury6 that occurred within the CDL corporate
office premises.
CDL proactively tracks and takes accountability forreportable incidents to help raise awareness on theimportance of a safe and healthy workplace. In 2021,
we continued to promote a holistic safety culture among
our employees. Staff were encouraged to share feedback,near-misses and other issues related to health and safetywith our EHS Committee.

Total WSH at Managed Properties
Facilities management and maintenance are vital in delivering
prompt and reliable services to our tenants, customers andbuilding users. This impacts the operational efficiency of
our managed assets, which contributes to our bottom line.
As such, we place great emphasis on guiding our facility
managers and contractors to uphold safe, healthy andproductive work environments for workers in our managed
buildings. Tenants are also engaged to provide feedbackon unsafe conditions, which are addressed promptly.
Additionally, CDL engages our contracted workers throughmonthly meetings to develop solutions that mitigate WSH risks

5
6
7
89

Safety Performance (Managed Properties)
Injuries

3

Female
LTIFR

6.76

2

739,864

Male

Working Hours

Major IR

Minor IRvs. national
average of 17.4

vs. national
average of 365

0604

this hazard is the ‘Working at Height Course’, which ismandatory for supervisors and workers.
In 2021, there was no fatality, high-consequence injury,
major injury and occupational disease involving theworkers of our key contractors7 at CDL-managed properties.
There were five reportable injuries, which were classified tobe minor or less. These were sustained by our contractors’
workers and resulted in a loss of 102 man-days. We
have identified the root causes of these injuries (e.g. Cuts,
irritation) and implemented corrective actions immediately
to prevent a recurrence. Learnings from all incidents wereactively shared with the respective managers, EHS working
committees and contractors. We are also working closelywith the contractors to strengthen the risk control measuresof their daily operational activities.

Total WSH at Construction Sites
and reiterate the importance of health and safety issues that
affect our workers and tenants. Majority of our contracted
workers, who are not directly employed by CDL but workat our premises, are from CBM Pte Ltd, CDL’s wholly-owned
subsidiary. In 2021, a quarterly headcount average of 331
CBM workers worked at CDL’s managed buildings.
CDL has always prioritised risk management at our managed
properties using a robust risk assessment system, led byour trained personnel in operational risk management. For
every facility management assignment in our properties,
suppliers are required to perform risk assessments to mitigate
safety risks, such as falling from heights that may result in
bodily injury or even fatality. One key training in managing

CDL prioritises our workers’ health and safety through theenforcement of policies and practices. Measures to manage
and minimise high-risk activities include:• Robust risk controls, such as fall prevention plans andregular personnel protective equipment inspections• Frequent briefings on dengue, fatigue, heat stress,
hearing conservation and respiratory protection• Regular on-site inspections for health and safety risks
For close to two decades, as part of the tender shortlistingprocess, we require all our builders to have an accredited
health and safety management system, such as OHSAS
18001/ISO 45001 or at least bizSAFE Level 3 certification.

For the definition of Major and Minor IR, please refer to MOM’s website.
Reportable incident refers to a work-related accident, workplace accident, dangerous occurrence and occupational disease that require statutory reporting to MOM, as mandated by the Singapore Workplace Safety and Health Act.
Key contractors in our managed properties provide cleaning, security services and mechanical and engineering support. Working hours disclosed covers CDL employees and workers of key contractors only.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
We also actively engage our business partners on healthand safety matters through risk reviews, covering the whole
lifecycle starting from pre-construction to TOP attainment.
CDL uses a customised EHS risk register for each projectto identify and mitigate EHS issues right from the design
stage. As part of our EHS Policy and Project Development
Green Procurement Guideline, we actively review the typeof construction materials and methods to be adopted tominimise EHS risks.
Each construction site has a dedicated workplace EHS
committee, representing all workers on-site, including
members from the main contractor’s management,
construction workers and sub-contractors. CDL’s ProjectManagers regularly track workplace EHS issues at meetings
conducted on-site with our main contractors and workers’
representatives, amongst others. Through this, we maintainclose oversight of issues on-site, ranging from technicalchallenges to workers’ welfare. These meetings serve
as a platform for site coordinators to report unsafe work
conditions and propose risk mitigation action plans. Someof our sites further incentivise workers to identify and reportrisk, to raise overall safety awareness.
For every project development, a monthly joint safety
inspection is carried out in the presence of the main
contractor, sub-contractors, and site staff representing
CDL and our consultants. The inspection highlights safety
infringements and promotes better work conditions. Since
2001, on top of regulatory mandated audits, CDL also
monitors the performance of the main contractor’s EHS
management through our CDL 5-Star EHS Assessment.

90

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Going Smart with Site Inspections
In 2021, CDL collaborated with our main contractor
Woh Hup, to devise a virtual tour system for Quality
Control Unit (QCU) inspections during construction
stage. This helps to improve the safety of site personnel,
contractors and subcontractors involved in the project.
It utilises the Insta 360 camera to take photos of thelocation and a virtual tour application to create 360°
walkthroughs. This innovation allows QCU inspections
to be conducted virtually, increasing productivity despite
disruptions caused by COVID-19.

 360 virtual tours made easy. Photo Credit: kuula.co

In 2021, an average of 2,110 construction workers worked
at our developments. Across our seven active construction
sites throughout the 12-month period in 2021, an averageof 26.7 workers were involved in every 1,000 m2 of built
area. There was no fatality, high-consequence injury andoccupational disease at CDL’s construction sites. There was
one major injury case and three minor injury cases (e.g.
Injuries from falls and striking against objects) reported across

our construction sites, which were addressed immediately
with prompt identification of the root causes and corrective
actions needed. Learnings from all incidents were sharedwith the respective managers, EHS working committees andcontractors. We are also working closely with the contractors
to strengthen the risk control measures of their daily
operational activities.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Decarbonising
Towards Net Zero

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
CDL 5-Star EHS Assessment and Awards

As elaborated in our enhanced EHS policy in 2021,
we will continue to work with contractors to ensure that
dormitories and facilities are equipped with basic amenities
and all necessary measures. This is to provide safe, clean,healthy and dignified living and working conditions at
on-site or off-site workers’ housing, including commercial
purpose-built dormitories and factory-converted dormitories.

Major Injury Rates at Construction Sites:
No. of major workplace injuries per
100,000 persons employed

47

29.7

28.3

Safety Performance (Construction Sites)
Injuries

0

LTIFR

0.92

7

17.9

0
2018

CDL

0

23.5*

22.9

0
2017

Female

0
2019

2021

7,604,770

Male

Working Hours

Major IR

47

vs. national
average of 17.4

Minor Injury Rates at Construction Sites:
No. of minor workplace injuries per
100,000 persons employed

Minor IR

142.2

525

vs. national
average of 365

390

135

142.2

52

2017
CDL

*

433*

404

371

120

91

2020

Industry Average

46

8

GRI 3-1

2018

2019

2020

2021

Industry Average

The average of the last three years was taken for 2021 as full-year
2021 data was not available at the point of publication.

The CDL 5-Star EHS Assessment and Awards have been
instrumental in influencing CDL’s main contractors andconsultants to monitor and improve their EHS performance.
Since 2001, the CDL 5-Star EHS Assessment – anindependent audit tool to assess, measure, and improvethe main contractors’ EHS management and performance– has been in place to ensure a comprehensive, audited,
and appraised approach. All CDL main contractors
undergo quarterly EHS inspections and audits conductedby an independent audit firm recognised by MOM, andare appraised on a scale of one to five stars. Results arethen presented to the management and site supervisorsof the contractors and project consultants during thequarterly CDL 5-Star EHS Seminars. These seminars serveas an invaluable platform to promote sharing of bestpractices and peer learning, which encourages better EHS
performance amongst our builders.
Launched in 2005, the CDL 5-Star EHS Awards recognises
main contractors who have excelled in the CDL 5-Star EHS
Assessment during the reporting year.
The Awards comprise the CDL EHS Excellence Award andthe CDL Workers’ Welfare Award, the latter of which wasintroduced in 2012. The Safe Worker Award was launchedin 2014 to recognise exemplary workers who are rolemodels for safe work practices and inspire their colleagues
to be more vigilant.
In 2021, the CDL 5-Star EHS Awards ceremony was held
virtually, with six out of six development projects8 achieving
the highest five-star ratings.

There were seven active development projects in 2021. The CDL 5-Star EHS Awards did not cover The Tapestry as it had completed construction and obtained TOP in February 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENTHUMAN CAPITAL AND DEVELOPMENT

Job Creation and Employment

The COVID-19 pandemic has fundamentally shifted
working environments. The normalisation of remote work
has impacted how our workforce communicates, connects
and delivers. New opportunities for digital transformationand collaborative methods sharpen our competitive
advantage of driving engagement and achievingorganisational agility.

CDL adheres to the Tripartite Guidelines on Managing
Excess Manpower issued by MOM and its tripartite
partners, Singapore National Employers Federation and
the National Trades Union Congress. We support andshare a similar philosophy as the Tripartite Guidelines,
which strongly encourage companies to manage excess
manpower and consider reorganisation as a last resort.
The Guidelines also suggest providing company retraining
programmes for workers, redeployment of workers toalternative areas of work, implementing shorter work
weeks, temporary layoffs, flexible work arrangements, andmanaging wage costs through a flexible wage system.

For CDL, maintaining alignment and driving teamwork anddevelopment across online and offline work environments
are key priorities. Through a three-pronged approach ofdeveloping, engaging and caring for employees, we arecommitted to driving productivity, employee satisfaction andtalent retention for organisational excellence. In 2021, CDL
received the Human Resources Director 5-Star Employer
of Choice award for our achievements across a range ofareas including leadership, learning and development,
well-being, and diversity and inclusion. We were also
awarded one of the “Best Companies to Work for in Asia”
by HR Asia Magazine in 2021.
CDL’s recruitment process adheres to the strict guidelines
on non-discrimination and fairness, regardless of gender,
ethnicity, religion, or age. Beyond providing jobs andcaring for our direct employees through comprehensive
benefits schemes, we also invest significantly in training to
upskill our employees to be future ready.
Conducted biennially, our last employee engagement
survey was held in 2020. The 2020 engagement score
was 79%, which is 7% above the Singapore norm. The
next survey will be carried out in 2022.
Unless specified, the scope for this section on humancapital and development covers the CDL Corporate Officein Singapore only.
92

CDL INTEGRATED SUSTAINABILITY REPORT 2022

In the past five years, there has been no major
reorganisation which resulted in the loss of jobs. Despite
the business challenges brought on by COVID-19, CDL is
proud to have not undertaken any major reorganisation or
retrenchment exercise, hence preserving the livelihoods of
our workforce.
In the event of termination or employee resignation, aminimum notice period of one to three months needs to be
fulfilled, depending on the employee’s job grade. Due tooperational requirements, middle and senior management
are required to provide a notice period of two and threemonths respectively.
Our Employees – As of 31 December 2021, CDL hireda total of 408 employees for our operations headquarteredin Singapore, where most of our business in property
development and asset management is based, excluding
hotel properties. Close to 4% of our employees were hired
on a temporary basis with a tenure of more than one year.
In 2021, CDL did not have any employees with nonguaranteed hours.

GRI 3-1

Total Number of Employees
392

400

403

415

408

2017

2018

2019

2020

2021

Employee Demographics– Total Employment
23%

281
Female69%

Below 30 Years Old
Female : 28 7%
Male : 5
1%
Total : 33 8%

127
Male
31%

30-50 Years Old
Female : 196 48%
Male : 87 21%
Total : 283 69%

8%
Total
408
69%

Above 50 Years Old
Female : 57 14%
Male : 35 9%
Total : 92 23%

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Decarbonising
Towards Net Zero

•
•
•
•

Developing Sustainable
Communities

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
Number of Full-Time Employees

Number of Temporary Employees

31%

279
Female
69%

69%
Total
406

127

8

Male
31%

Female42%

Number of Part-Time Employees
100%

2Female
100%

0

116

Total
19

11
Male
58%

New Hires – CDL had 66 new hires in 2021, an increasein the number of new hires from 2020 by 8.2%. Out of the
new hires, 65 were replacements for existing positions andone was for a newly-created position.

Employee Demographics– New Hires

Male
0%

Employee Resignation Rate (%)
22.0

47

70%
Total
389

Male
30%

Female71%
Below 30 Years Old
Female :18
27%
Male : 3
5%
Total : 21 32%

19
Male
29%

30-50 Years Old
Female : 26 39%
Male : 14 21%
Total : 40 60%

32%

CDL

Total
66
60%

Above 50 Years Old
Female : 3
5%
Male : 2
3%
Total : 58%

9 Computation of annual employee turnover is based on cumulative monthly attrition rate derived from the number of resignations for the month divided by the headcount for the month.
10 Extrapolated from MOM’s website as Q4 2021 national resignation rate was not available at the time of publication.
93

22.0
17.3

16.0

2017

8%

30%

Female
70%

42%

21.6
19.210

18.6

16.1

14.09
7.0

Total
2

Number of Permanent Employees

273

58%

Employee Retention – Our successful employee
engagement is evident from our employees’ length ofservice. The average tenure of our employees is about
8.7 years and more than 51% of our employees havebeen with CDL for more than five years. Our employee
resignation rate of 14% continued to remain significantly
lower than the national average of 19.2% in 2021. CDL
experienced an involuntary turnover rate of about 4.7%, ofwhich 1.7% is due to retirement.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2018

2019

Industry Average

2020

2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Decarbonising
Towards Net Zero

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENTDiversity and Inclusion

Employee Demographics– Resignations
4%

38

Female67%
Below 30 Years Old
Female : 8
14%
Male : 3
5%
Total : 11 19%

19%
Total
57

19
Male
33%

30-50 Years Old
Female : 28 49%
Male : 16 28%
Total : 44 77%

77%

Above 50 Years Old
Female : 2
4%
Male : 00%
Total : 2
4%

Employee Demographics– Involuntary Turnover
47%

13

Female68%
Below 30 Years Old
Female : 00%Male : 00%
Total : 0
0%

6

53%
Total
19

Male
32%
30-50 Years Old
Female : 6
32%
Male : 4
21%
Total : 10 53%

With women making up a significant 69% of CDL’s
workforce, we have more females than males in bothmanagerial and non-managerial roles. As of end-2021,
47% of our Heads of Departments (HODs) are females.
CDL has a diversified workforce across all age groups. In 2021,
67% of recruits were millennials (born in 1981 or later). About
44% of our current workforce now consists of millennials who
inject new ideas, enthusiasm, and energy into our organisation.

Employee Involuntary Turnover Rate (%)
4.1

3.8

4.1

2017

2018

2019

2020

47%

15

Below 30 Years Old
Female : 00%Male : 00%
Total : 0
0%

17

Total
32

Above 50 Years Old
Female : 8
25%
Male : 7
22%
Total : 15 47%

97% of our HODs are Singaporeans or Permanent Residents, hiredfrom our local community.

94

CDL INTEGRATED SUSTAINABILITY REPORT 2022

171
Female65%

Below 30 Years Old
Female : 8
3%
Male : 00%
Total : 8
3%

3%
Total
264

93
Male
35%

30-50 Years Old
Female : 126 48%
Male : 66 25%
Total : 192 73%

73%

Above 50 Years Old
Female : 37 14%
Male : 27 10%
Total : 64 24%

Employee Demographics– Non-Managers
20%

53%

Male
53%

30-50 Years Old
Female : 7
22%
Male : 10 31%
Total : 17 53%

24%

2021

Gender of HODs at CDL Corporate OfficeFemale47%
Above 50 Years Old
Female : 7
36%
Male : 2
11%
Total : 9
47%

4.7

4.3

Employee Demographics– Managers

110
Female76%

Below 30 Years Old
Female : 20 14%
Male : 5
3%
Total : 25 17%

34
Male
24%

30-50 Years Old
Female : 70 49%
Male : 21 15%
Total : 91 64%

17%
Total
144
64%

Above 50 Years Old
Female : 20 14%
Male : 8
6%
Total : 28 20%

Note:
The percentages do not add up to 100% due to rounding of decimals.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Determined To Create A Fair, Safe
& Inclusive Business Environment

Decarbonising
Towards Net Zero

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENTCDL Diversity and Inclusion Task Force

Racial and Disability Inclusion

CDL recognises that creating and expanding opportunities
for women are fundamental to CDL’s sustainable growth andbeneficial to society. As a result, CDL’s Diversity and Inclusion
Task Force was established in 2017 to promote diversity andinclusion within our workplace and the wider community.
Under the leadership of our Group CEO, the Task Force is
co-chaired by the Sustainability and HR departments.

CDL embraces an inclusive workplace with a multi-racial
workforce from diverse backgrounds. Due to Singapore’s
predominantly Chinese population, our workforce comprisesa larger percentage of Chinese employees. Where possible,
we also provide fair employment opportunities for theless physically-abled. As of 31 December 2021, CDL has
one wheelchair-bound employee who has been with thecompany for 13 years.

Public Commitment to Women Empowerment
In 2017, our Group CEO joined over 1,600 leaders
globally in pledging CDL’s support for the Women’s
Empowerment Principles. Developed through a partnership
between the UN Women and UNGC, the principles offer
practical guidance to the private sector on how to empower
women in the workplace, marketplace and community.

Racial Diversity

Global Recognition for Gender Equality

Chinese94%

Since 2018, for the fifth year running,
CDL’s efforts in advancing gender
diversity at the workplace has earned
our inclusion in the sector-neutral
Bloomberg Gender-Equality Index(GEI). CDL is one of five Singapore
companies to be listed in 2022’s
index. The reference index measures gender equality
across five pillars: female leadership and talent pipeline,
gender pay and equal pay parity, inclusive culture, sexual
harassment policies, and pro-women brand—allowing
investors to make better-informed decisions and help
companies track and progress towards gender equality.

95

CDL INTEGRATED SUSTAINABILITY REPORT 2022

6%

383

25

94%
Total
408

Other
6%

Anti-bullying and Anti-harassment
The CDL Workplace Anti-Harassment and Anti-Bullying
Policy communicates CDL’s stance for all employees to betreated with respect and dignity. No employee shall be
subject to any physical, psychological, verbal or sexual
abuse. Our employees should be culturally sensitive,
tolerant and respectful towards one another at all times.
This policy also extends to dealing with incidents involving
external customers and stakeholders who conduct
themselves in a manner that constitutes harassment of theemployees, within and beyond company premises.

In 2021, CDL had one incident of discrimination. Swiftand thorough investigation and rectifications were taken to
resolve the matter.
To reinforce our firm stance on anti-harassment andanti-bullying, a compulsory workshop on professional
workplace boundaries was launched in January 2021 forall staff, including a session for management focusing on
their roles as managers.

Fair and Competitive Remuneration
Fair and competitive remuneration attracts and retains
talents to build strong human and organisational capital,
enabling CDL’s continued and robust business growth.
Aligned with internal parity and market benchmarks, ourequitable remuneration packages are based on employees’
performance and their scope of work. We use a wellstructured and open annual performance appraisal system,
which is reviewed periodically and enhanced to encourage
two-way feedback between employees and their reporting
officers. Our Balanced Scorecard System — built on thefour perspectives of financial, customer, internal control,
learning and growth — measures and aligns crossfunctional and individual employee performance to support
CDL’s business strategies and corporate objectives.
Performance-based Appraisal and Pay Parity –Committed to meritocracy, CDL’s compensation and rewards
policies are performance-based. Employees are assessed
not only on their achievements but also on how the outcomes
were achieved. While CDL’s workforce is predominantly
female, we acknowledge that a fair and inclusive
workplace is also one where employees are remunerated
equally for the same role, regardless of gender.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
Gender Pay Gap acrossEmployee Categories
Executive
Non-management

Mean salary of female
employees to male
employees (%)1190%102% (Females were
paid higher than males)

Management

89%

Pay and Bonus Gap
Mean gender pay gap
Median gender pay gap
Mean bonus gap
Median bonus gap

Female to male staff
compensation ratio (%)12
73%
79%
83%
89%

Competitive Remuneration – Remuneration isrecommended by the HR Department and approved by the
Remuneration Committee which comprises members fromthe CDL Board of Directors. Salary benchmarks against
market surveys are conducted to ensure the relevancy of
CDL’s salaries with the industry and overall market. On abiennial basis, an external consultancy firm is engaged
to conduct an Employee Engagement Survey to gather
employees’ opinions and feedback, including theirperception of CDL’s remuneration and reward system.
ESG-linked Remuneration – The inclusion of relevant
ESG issues within executive management goals andincentive schemes is an important factor in promoting
greater recognition of and accountability in oursustainability practices. Since 2015, CDL has establishedstronger linkages between employee and executive
remuneration and our ESG performance. Performanceindicators that are aligned with global standards suchas ISO 26000, ISO 14001, GRI Standards and SDGs,
to name a few, have been incorporated in the individual
goals-setting of all employees, including CDL’s senior
management. In 2021, CDL stepped up on strengthening
the links between our ESG performance with the Executive
Committee (ExCo) members’ remuneration. With HODs
reporting to the respective ExCo members, the ESG KPIs
will cascade down to every level in our organisation.
Respect for Collective Bargaining Rights – CDL
respects all employees’ fundamental rights to freedom of
association and the right to be members of trade unions.
Although CDL is not a unionised company, we are guided
by the Industrial Relations Act which allows trade unions torepresent our employees for collective bargaining, providing
our employees with an avenue to seek redress for disputes.
Our key subsidiaries Millennium & Copthorne Hotels
Limited (M&C), CBM Pte Ltd and The Tower Club havestaff who are trade union members, providing them with achannel for collective bargaining.

Benefits and Welfare
We care for our employees through comprehensive
welfare and benefits schemes, including, but not limited
to, insurance coverage, medical and dental benefits for
our full-time employees. Part-time employees also enjoy
similar benefits on either a full or pro-rated basis, thereby
promoting a conducive environment should employees

decide to take on part-time arrangements to cope with theirpersonal needs.
Pro-family Benefits – We provide benefits and adopt
welfare practices in line with the Singapore Government’s
pro-family legislation. Mothers and fathers whose children
are Singapore citizens at birth enjoy paid maternity leaveof 16 weeks, as per legislation, and four weeks of paternity
leave (two weeks above legislation) respectively. CDL
also provides eligible employees with childcare leave andextended childcare leave. Male employees are entitled toshared parental leave where they can choose to share up
to four weeks of the 16 weeks of maternity leave, subject
to the agreement of the mother, if the mother qualifies for
Government-Paid Maternity Leave.
CDL also provides employees with Family Event Leave of
three days where employees may utilise the leave to carefor their family members who are ill, attend family-related
activities, celebrate one’s birthday or to care for their pet.
In 2021, nine eligible female CDL employees utilised theirmaternity benefits and returned to work after their maternity
leave. Eight eligible male employees utilised their paternity
leave benefits.
78 CDL employees (31 male, 47 female) with at least one
Singapore Citizen child under the age of seven were each
entitled to six days of paid childcare leave in 2021. In
addition, 47 employees (18 male, 29 female) with at least
one Singapore Citizen child aged seven to 12 years were
each entitled to two days of paid extended childcare leave.

11 Calculated as the mean salary of female staff over the mean salary of male staff. Executives: executives to Assistant Vice Presidents, and secretaries; Non-management: officer grades and below; Management: Vice Presidents and above.
12 Calculated using bonus earned in FY2020 and received in FY2021. Computation of FY2021's bonus will only be available in H1 2022.
96

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT• Flexi Place

Supporting Employees’ Healthand Wellness• Distribution of washable and reusable face masks,
hand sanitisers and disinfection wipes to staff• Advising unwell staff to visit the doctor andremain at home
• Older employees, pregnant employees andemployees who have underlying medical conditions
are encouraged to WFH as far as possible• Frequent email reminders on observing
good personal hygiene at home and work,
maintaining healthy eating and exercise habits• Employees who require emotional support can tap
on CDL’s Employee Assistance Programme (EAP),
which provides support for issues concerning work,
family matters, and interpersonal relationships.
Employees can be assured of confidentiality
when they call the EAP hotline, which is mannedby a third-party psychologist.

Flexible Work Arrangements – Prior to the onset of
COVID-19, CDL had already implemented four flexible
work arrangements for employees, subject to mutual
agreement with the HODs. They provide support for
employees who need to manage work responsibilities
alongside personal commitments.
• Flexi Time

97oFlexible Start and End Times – employees can opt
to start work earlier or later than the official
working hours.

oFlexible Lunch Hours – employees can go for a onehour lunch break between 12.00pm-2.00pm.

CDL INTEGRATED SUSTAINABILITY REPORT 2022oTelecommuting – Employees can work at alternate
work locations, for up to two days a month, on a
fixed schedule once every two weeks.

• Flexi LoadoPart-time Work – Full-time employees can convert
to working part-time and enjoy similar benefits asfull-time employees on a full or pro-rated basis.
In 2021, two employees worked on a part-timearrangement.

During the evolving COVID-19 situation in Singapore,to maintain a safe and healthy workplace environment,
CDL closely monitored and complied with the Singapore
government’s advisories on COVID-19 measures andprovided timely updates to our workforce. Most of ourworkforce was under WFH arrangements or split teamarrangements throughout 2021.
Flexible Benefits Scheme – CDL provides the Flexible
Benefits Scheme for all regular and contract employees,
affording them the flexibility to explore a range of healthand wellness options covered under the company’s healthinsurance plan and select the ones that best suit their healthneeds and stage of life.
Pension Scheme and Contributions – In Singapore,
the Central Provident Fund (CPF) is a comprehensivesocial security savings plan introduced by the Singapore
government to enforce savings by salaried workers,
including Permanent Residents, for a more secure
retirement. CPF funds can be used in several schemes
including retirement, healthcare, housing and investment.
Under the CPF scheme, CDL and our staff make monthly
contributions to their individual CPF accounts in accordancewith Singapore’s statutory requirements. CDL also adheresto the respective social security contributions or pension
plan obligations of the countries we operate in.

Training and Development
The functional competencies within the Competency
Framework were recently reviewed in 2020. This ensuresthat functional competencies reflect current business needs
and helps to raise our employees’ learning and development
capacity, yielding a capable and more agile workforce.
All employees must attend the CDL Onboarding
Programme, which aims to induct and integrate new hires
into the organisational culture.
Training Hours and Investments – Talent development
is key in retaining and attracting top talent and growing askilled workforce. In 2021, CDL invested over $480,000
into training and development for our Corporate Office
staff, with over 14,000 training hours clocked. An averageof five training days per staff was achieved.
To engage and empower internal stakeholders withknowledge to support corporate advocacy efforts for a“Safe and Green” culture, CDL provides sustainabilityrelated training through EHS training and awarenessprogrammes. The CDL360 Sustainability 101 Series
was launched in 2021 to create greater awareness andunderstanding of the company’s green initiatives and how
to adopt more sustainable practices at home. Staff arealso encouraged to attend relevant external conferences
and workshops to strengthen their sustainability knowledge
and EHS management skills. This includes a mandatory
annual refresher of sustainability-related policies every
year, including CDL’s Corporate EHS Policy and CDL’s
Biodiversity Policy etc. In 2021, 100% of CDL’s employees
received sustainability-related training.
To continue to build up human capital and engage our
employees during WFH measures, CDL launched several
company-wide online training programmes. ThroughoutDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DETERMINED TO CREATE
A FAIR, SAFE & INCLUSIVE BUSINESS ENVIRONMENT
the year, these online workshops included project
management, big data and data analytics, sustainability,
occupational health and safety, mindfulness, and thecultivation of healthy lifestyles.

Employee Training Hours
Total
Average
Training Training Hours/
Hours
Employee
9,324
33.2
5,089
40.0

Employee
Type
FemaleMale

No. of
Employees
281
127Manager

264

11,284

42.7

Non-Manager

144

3,129

21.7

Leadership Development and Succession
Planning – Through the structured CDL Leadership
Programme, we develop high-potential employees by
sharpening their leadership and management skills toenable them to become more effective leaders.
To help our staff achieve personal development and career
growth, CDL implements a well-designed job rotation
programme to enhance employees’ competencies, aswell as to increase job satisfaction through job variation.
Structured talent deployment within CDL is part of HR
planning, and it plays a major role in the following areas:• Career Development
By providing employees with exposure to the various
business operations or by expanding their skills andknowledge, employees can build both breadth anddepth of experience and learning. Hence, maximising98

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Engaging Staff on Sustainability
CDL360 Sustainability 101 Series
The CDL360 Sustainability 101 Series engages CDL
staff on global sustainability trends and practices.
The first part of the series spotlighted environmental
sustainability and delved into CDL’s greenhousegases (GHG) emissions and how these relate toour business operations. Part two and three of theseries were held in conjunction with NEA’s “SayYes to Waste Less” campaign, where staff wereencouraged to limit single-use plastics and foodwaste through positive behavioural change tips.
Celebrating World Water Day
To commemorate World Water Day on 22 March
2021, CDL launched a quiz on valuing water for all
CDL staff, our subsidiaries and tenants in partnershipwith PUB. World Water Day is designated by the UN
to emphasise the importance of water conservationand to support the achievement of UN SDG 6(Clean Water and Sanitation).

their potential and enabling them to be more wellrounded in their careers in CDL.
• Talent Retention
Developing a robust talent pool is crucial tostrengthening CDL’s position as a leading property
developer. Leadership and functional training
programmes are organised annually to broaden skill
sets, enhance engagement and ensure a productive
talent pool.

Management Trainee Programme – The 18-monthManagement Trainee Programme provides opportunities
for promising young graduates to learn about CDL’s various
departments and operations, through a series of rotationsat departments, with the potential for further leadershiproles in the organisation. The programme structure also
allows Management Trainees to participate in additional
special projects or overseas assignments to enhance theircareer development.
Education Sponsorships and Scholarships –CDL sponsors part-time courses relevant to the employee’s work,
conducted locally by recognised institutions and universities.
In 2021, we sponsored two employees for a Master’s
degree and one employee for a Postgraduate Diploma.
Internships – CDL partners with local tertiary education
institutions to offer internship opportunities for students
interested in the property industry. In 2021, there were 16
interns assigned to various departments in CDL.
Political Contributions – Under our Anti-Corruption
Policy, CDL takes a firm stance against using the Company’s
resources to make donations to political parties and politicalassociations, or candidates and/or election agents in aparliamentary or presidential election. Additionally, employees
who intend to be involved in any political party are required
to declare and seek top management’s approval.
In 2021, as with previous years, CDL made zero direct andindirect political contributions using the Company’s resources.
Shaping an Innovation Culture – CDL’s EnterpriseInnovation Committee (EIC) plays an active role in shaping theorganisational culture to raise staff capability, promote crossdepartmental collaboration, and tap on invaluable expertiseto accelerate our innovation journey. For details, please refer
to “Driving Innovation and Digital Transformation”.

DEVELOPINGS U S TA I N A B L E
COMMUNITIESDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESSOCIAL AND
RELATIONSHIPCAPITALINPUTS

ACTIVITIESOUTPUTSVALUECREATED

Community
Investments

Climate Action
and Environmental
Conservation

3P Partnerships

Behavioural Change

Environmental andCommunity Impact

Organisational
Reputation

Enhanced Awareness

Goodwill and TrustSingapore
Sustainability
AcademyYouth and Women
Empowerment

CDL Green Gallery

Arts Development

Incubator For SDGs

Charity Initiatives

My Tree House,
Green Library for Kids

Community
Engagement
Thought Leadershipand Capacity Building
Employee
Volunteerism
Impact Investing100

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Adoption of
ESG Practices
Impact Innovation

CONTRIBUTINGTO SDGS

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESCOMMUNITY INVESTMENTS

environmental impact of their programmes, as well as theuse of funds and resources contributed by CDL.

Activating Greater Collaborations

A hub for networking and the collective achievement of
the UN SDGs, the SSA provides a platform for industries,
youths and the community to share knowledge and workon partnerships to actualise the goals outlined in the
Singapore Green Plan 2030, in addition to the country’s
commitments under the Paris Agreement.

In our 2021 materiality assessment study, “Stakeholder
Impact and Partnerships” rose in ranking amongst all
ESG issues. This reflects stakeholders’ greater concern
about CDL’s contribution to benefit the society and thecommunities we live in. This has re-affirmed our belief thatbuilding a sustainable future requires the collaboration of alarger ecosystem, and that corporates play a critical role intackling climate, social and community issues.
Despite the restrictions posed by COVID-19, CDL continued
to step up our community engagement efforts in 2021.
This includes working with partners to share sustainability
knowledge and leveraging these partnerships to generate amultiplier effect on our outreach and positive impact. We
utilised digital media platforms or hybrid events to further
our thought leadership and advocacy on climate action,
sustainable development, education, and innovation, in
pursuit of shared goals.

involving six government agencies and 15 industry andNGO partners.

6-year-old Kimberlyn Chia in her winning video
submission for “We Love Our Planet” StorytellingContest 2021, an environment-themed contest
organised by CDL and the National Library Board.
She was featured in a video produced by CDL andaward-winning animator, Ang Qing Sheng, titled“We Love Our Planet – Voices of Our Children 2021”.

Due to COVID-19, the SSA has gone virtual since April
2020. This allowed us to continue promoting sustainable
practices and lifestyle through various workshops andforums, open to Singapore and beyond. In 2021, bothhybrid and virtual SSA programmes reached out tothousands of local and international participants.

Some of CDL’s key focus areas include:• Thought Leadership on Climate Action and Sustainable
Development• Women Empowerment• Youth Engagement and Development• Community Education and Outreach• Charity Initiatives
In line with good governance, CDL exercises due diligencein evaluating every request for donation, sponsorship,or partnership. We assess the track record, quality ofmanagement, and organisational governance of charities
and community partners. For accountability, all charities andcommunity partners are required to report on the social and101

CDL INTEGRATED SUSTAINABILITY REPORT 2022

The Singapore Sustainability Academy
In 2021, one of our key material issues is “Stakeholder
Impact and Partnerships”. It is not tenable for either thegovernment, businesses, or individuals to achieve progresson global sustainability goals on their own. Collaboration
through engaging, educating and empowering communities
is pivotal for a more climate-resilient future.
Designed and built by CDL with industry partners in 2017,
the Singapore Sustainability Academy (SSA) is the firstground-up initiative and zero-energy facility in Singapore
dedicated to capacity building and thought leadershipfor climate action. The SSA is an extensive partnership In addition to using sustainably sourced materials certified by Nature’s
Barcode™, the SSA features 3,200 square feet of solar PV panels on its roof,
generating 60,000 kWh per year to more than fully power the academy.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

DEVELOPINGSUSTAINABLE COMMUNITIESSSA’S OUTREACH AT A GLANCE(June 2017 – December 2021)

Six Supporting Government Agencies> 100 partners(including government agencies, industry,businesses and NGOs)

15 Founding Partners> 630 events andtrainings conducted(Approximately 3 events per week in 2021)

Close to 22,300 attendees
Growing International Partners

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Developing Sustainable
Communities

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GlossaryDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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•
•
•

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Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESINTERNATIONAL AND LOCAL 3P PARTNERSHIPS AND THOUGHT LEADERSHIP INITIATIVES IN 2021
Full details of our activities can be found on www.cdlsustainability.com.

Thought Leadership on Climate Action and Sustainable Development
Key Initiatives

Outcomes and Impact

Outcomes and Impact

COP26: WAVING THE SINGAPORE FLAG ON THE GLOBAL STAGE, 12 NOVEMBER 2021

COP26 Built Environment Panel
Speakers:
Diane Hoskins, Co-CEO, Gensler
Andreas Berger, CEO, Corporate Solutions
SwissRE
Ayaan Adam, CEO, Africa FinanceCorporation Capital
Esther An, Chief Sustainability Officer, CDL
Maria Ascension Baz Lorenzo, SACYR COP26 Built Environment Leadership Panel: Multinational panelists, including CDL Chief Sustainability Officer Ms Esther An, sharedinsights into their country’s challenges and opportunities in the real estate sector caused by climate change.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Deemed “a decisive moment in the fight against climate change”, the 26th
Conference of the Parties (COP26) was an international climate change
conference attended by heads of state, climate experts and sustainability
thought leaders alike. From developing carbon markets to cutting planetwarming methane to pledges on ending deforestation, the two-week long
COP26 event created a foundation for stronger global climate action across
many fronts.
CDL was the only Singaporean private sector company present and was
represented by CDL Chief Sustainability Officer Ms Esther An, who shared
her insights as a speaker at the #BuildingsPavilion Live Morning Coffee
Talk and was also a panellist on three other discussion platforms. A key
highlight was the mainstage panel on “Built Environment Leaders - Leading
Collaborative Action in the Built Environment” presented by the United
Nations Framework Convention on Climate Change (UNFCCC).

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESKey Initiatives

Outcomes and Impact

World Cities Summit 2021

CDL presented two specially-curated panel sessions for World Cities Summit 2021 in June 2021.
The first panel session, titled “Smart & Sustainable Cities – Innovative Startups”, was enjoyed by more than 640 virtual attendees. CDL
showcased seven local innovators whose technologies and solutions aim to help drive changes in the construction, renewable energy, foodsecurity, circularity and waste management sectors.
Watch the recording here
Titled “Smart and Sustainable Cities – Global Strategies”, the second panel session featured four international experts in green buildings, smart
cities and carbon management who shared insights on the global race to a net zero carbon future, strategies that worked, and how to build
smarter and more sustainable cities for greater climate and social resilience.
Watch the recording here

Speaking Engagements by CDL Chief
Sustainability Officer

CDL is often invited to share our two-decade strong business case of ESG integration. In 2021, CDL’s Chief Sustainability Officer Ms Esther An,
spoke at more than 120 local and international platforms, covering topics such as strategic UN SDG integration, moving towards a net zerocarbon future, green building and future cities, sustainability reporting, ESG investing and green financing, and more.
Number of engagements:
Singapore: 72
International: 42

Virtual Singapore Sustainability Academy:
The Future of Sustainability Reporting
Webinar 3-Part Series

Academia: 10

The Future of Sustainability Reporting 3-part series was held across 2021, and was attended by more than 1,000 attendees from 25 countries,
including China, the US, Denmark and Nigeria. All three sessions focused on different areas key to advancing a business’s sustainability reporting.
The first webinar of the series covered key topics and global trends on ESG disclosure. In the second webinar, the session focused on challenges
and opportunities for SME reporters and the expert panel shared tips for SMEs that are beginning their sustainability reporting journey or aiming
to take it to the next level. Lastly, the third webinar featured three prominent ESG investing experts who shared their insights and advice on therising expectations of investors on corporate sustainability performance and reporting.
Part 1: Watch the recording here
Part 2: Watch the recording here
Part 3: Watch the recording here

Stakeholder Engagement on Sustainability
and Green Buildings

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CDL actively engages stakeholders along our value chain to encourage more sustainable practices. This includes engaging tenants andhomebuyers through initiatives such as our Green Lease Partnership Programme and Green Living Guide, and raising supplier awarenessthrough a Supplier Code of Conduct and CDL’s 5-Star EHS Seminar. Please refer to “Decarbonising Towards Net Zero” for more information.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

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•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESWomen Empowerment
Key Initiatives

Outcomes and Impact

Outcomes and Impact

CELEBRATING WOMEN CHAMPIONS IN SUSTAINABILITY, 10 MARCH 2021
CDL’s Virtual SSA and Women4Green Network celebrated International
Women’s Day and its theme #ChooseToChallenge with our first hybrid event
since the start of COVID-19. The panel, moderated by CDL Chief Sustainability
Officer, Ms Esther An, featured the following women champions:• Ms Patricia Torres, Global Head of Sustainable Finance Solutions,Bloomberg (streamed in live)• Ms Trina Liang, Managing Director, Templebridge Investments andPast-President, Singapore Committee for UN Women• Ms Chitra Hepburn, Head of APAC ESG Client Coverage, MSCI
• Ms Wong Su Yen, Global Board Director, Professional Speaker,
Chairperson, Singapore Institute of Directors and Founder & CEO,Bronze Phoenix Pte Ltd
Titled 'Women Champions in Sustainability', this session explored the Bloomberg
Gender-Equality Index and the journeys of three C-suite women as they
#ChooseToChallenge norms and barriers in building a greener future for all.
 Women champions from left to right: Ms Trina Liang, Ms Esther An, Ms Chitra Hepburn and Ms Wong Su Yen.

Women4Green –Nurturing Women Eco Champions

Watch the recording here.

Initiated by CDL in June 2017, the Women4Green network aims to empower female executives to adopt and champion a sustainable lifestyleand practices at work, home and play. The initiative supports SDG 5: Gender Equality and SDG 13: Climate Action. Past engagement initiatives
and events covered themes like sustainable diet, fashion and jewellery.
Our Virtual SSA platform and Women4Green Network organised hybrid sessions in 2021 on topics such as women leaders in sustainability andsustainable fashion.

Breast Cancer Foundation’s 'Ride With Me'
Charity Cycling Campaign

The 'Ride With Me' Charity Cycling Campaign by Breast Cancer Foundation aims to encourage mental wellness in breast cancer patients.
Through cycling at their own time, participants show their support for breast cancer patients by ‘riding’ the same journey with them.
This initiative aligns with SDG 3: Good Health and Well-being, as well as CDL’s commitment to empowering women. Through our $4,000
contribution, the Foundation exceeded their target of $10,000.

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Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESYouth Engagement and Development
Key Initiatives

Outcomes and Impact

Outcomes and Impact

TURNING ANXIETY INTO ACTION – KEEP CALM AND LOVE OUR PLANET CAMPAIGN, NOVEMBER 2021 TO 2022
A collaboration with Singapore Youth for Climate Action(SYCA), the “Keep Calm and Love Our Planet” campaign isa series of programmes and initiatives to rally youths from allover the world who attended COP26 to support our vision of“Turning Climate Anxiety into Positive Action”.
The first part of the series comprised a hybrid panel session
named “Keep Calm and Love Our Planet” held at COP26 on
10 November 2021. In the second part of the series, youth
attendees of COP26 shared candid thoughts on eco-anxiety
 Youths who were featured in CDLxSYCA’s “Keep Calm and Love Our Planet” video, a campaign to use the voices of youths to “Turn Climate Anxiety into
via a specially-curated video. This video was launched on 21
Positive Action”.
January 2022, to complement a panel discussion “Turning
Anxiety into Action”, held as part of CDL’s Youth4Climate Global Conversations with Young Champions series. British High Commissioner to Singapore, Her Excellency Ms Kara Owen andMember of Parliament, Mr Louis Ng also delivered speeches at the event, supporting the voices of youths in driving climate action. Attendees enjoyed an insightful panel discussion with the
National Youth Council CEO, Mr David Chua, and young climate champions, from Singapore and abroad.
Watch the video here
CDL E-Generation Challenge 2021

The CDL E-Generation Challenge is an annual youth competition that was launched in 2010, as an amazing race. In 2017, the Challenge
was revamped and youths were invited to contribute ideas and action plans on climate action. Past winners went on environmental expeditions
to Antarctica, the Arctic and Rajah Ampat, and shared their firsthand experiences on climate change and marine pollution with the youth
community. 2021’s challenge focused on the impact of global deforestation and the importance of protecting biodiversity in Singapore and Asia.

CDL Young SDG Leaders Fund –Supporting Local and Overseas Youth
Development Programmes

For more than two decades, CDL has been actively supporting youth development through direct sponsorships and mentorships. These include
the CDL Young SDG Leaders Fund, which has supported close to 100 student-led overseas community investment programmes and approximately
4,100 students since 2014. Due to COVID-19, most local and overseas community service projects were suspended. In 2021, the Fundsupported two projects and 40 students.

Eco-Business Youth A List

Launched by Eco-Business since 2020, the Youth A List recognises the exemplary work of individuals under the age of 30 which helps to advanceenvironmental and social sustainability in Asia Pacific. CDL is proud to support the recognition of talented young sustainability practitioners
working in public and private sectors and civic society.

Virtual SSA– Youth4Climate Global Conversations #4,
28 January 2021

A continuation from 2020’s Youth4Climate Global Conversations series, the fourth session spotlighted four eco champions from Hong Kong, oneof the first Asian countries to make a bold pledge towards net zero.

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Watch the recording here

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESKey Initiatives

Outcomes and Impact

Nurturing Future Sustainability Leaders
via Education

To equip the next generation, CDL believes in actively sharing our business case for sustainability integration as inspiration to shape futuresustainability leaders. In 2021, CDL’s Senior Management was invited to deliver lectures to local and overseas students, such as University of St.
Gallen, Singapore Management University, Lee Kuan Yew School of Public Policy, ESSEC Business School, Hong Kong University, the ASEAN
Youth Organisation, Northeastern University and Singapore University of Social Sciences.

CDL-GCNS Young SDG Leaders Award 2021 Launched in 2011, this annual business case competition seeks to empower and cultivate youths to become future sustainability champions, by
equipping them with the skills and know-how to integrate SDGs into business strategy and operations. From inauguration, it has attracted theparticipation of more than 2,500 youths from institutes of higher learning.
Into its 11th year, 2021’s topic was “Taking Action for SDG 13 (Climate Action) in the New Normal”. Ten finalist teams had the opportunity toundergo a work attachment with their assigned case company, in preparation for their final presentations. The top three winning teams werecrowned at GCNS Virtual Summit 2021.
My Tree House –World’s First Green Library for Kids

Initiated by CDL in conjunction with National Library Board (NLB) in 2013, My Tree House is the world’s first green library for children and wascreated to encourage and facilitate environmental literacy and love for nature amongst younger generations. In 2021, around 85,000 people
visited My Tree House and borrowed approximately 504,000 books. Close to 480 participants took part in 12 library programmes, including
the “We Love Our Planet” Storytelling Contest and Virtual SSA Storytime @ My Tree House, in collaboration with CDL.
In the lead up to World Environment Day 2021 on 5 June 2021, CDL and NLB jointly organised the second edition of the storytelling contest.
The annual contest promoted family bonding, as well as encouraged participants to take action to protect the planet. The best entries and aselection of passionate submissions from the contest were curated in a video titled “We Love Our Planet – Voices of Our Children 2021”.

Virtual SSA– Storytelling @ My Tree House,
4 June 2021

In celebration of World Environment Day on 5 June 2021, CDL’s Virtual SSA and NLB presented the second edition of Storytelling @ My Tree
House. Parents and their children learned the benefits of storytelling and received tips on being an engaging storyteller.

Virtual SSA– Storytelling and Activities with Tembusu
CSR, 23 October 2021

In celebration of Children’s Day, CDL partnered with Tembusu CSR on a fun-filled storytelling and activities session. Led by Tembusu CSR’s
educators, this interactive session taught over 200 children and their families how to reduce plastic waste in their everyday lives.

Youth4Climate Concert 2021

The Youth4Climate Festival is one of CDL’s flagship programmes in support of youth empowerment, social good and the UN SDGs. Initiated in2018 in partnership with the Ministry of Sustainability and the Environment (MSE), NEA, NParks and ActiveSG, the festival provides Singapore’s
youths with a platform to express their passion for the environment and green wishes for the future.

Watch the recording here

Watch the recording here

Due to COVID-19, this annual festival continued to be conducted as an online concert. With over 3,400 views on our CDL Sustainability
Facebook page, it featured seven climate-themed acts that reflect youths’ concerns and aspirations for the future of our planet. In support of
MSE’s Climate Action Week, the Youth4Climate Concert 2021 served as a finale to the action-packed week rallying people and communities todrive change. It also continued to rally support for social causes through the 2021 President’s Challenge, with CDL matching every unique shareof the Facebook post with a pledge of $10 to the President’s Challenge.
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Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESCommunity Education & Outreach
Key Initiatives

Outcomes and Impact

Outcomes and Impact“CHANGE THE PRESENT, SAVE THE FUTURE” CLIMATE ACTION EXHIBITION, 15 JULY 2021 TO MARCH 2022
In July 2021, in partnership with NParks, CDL launched “Change
the Present, Save the Future”, an exhibition on building climate
resilience through global collaboration. Held in support of MSE's
Climate Action Week 2021, the exhibition ran from 15 July 2021
to March 2022 at the CDL Green Gallery and called for action to
support both global and national climate efforts.
Leveraging contactless interactive displays, the exhibition took
visitors across four zones:
1. Building Climate Resilience Through Global Collaboration
2. Building A City in Nature
3. Advancing A Low-Carbon and Resilient Built Environment
 The Climate Action Exhibition features contactless interactive displays showcasing various facts about climate change, calling for action to support global
and national climate efforts.

4. Global Action Beyond Borders and Sectors

Officially launched by Ms Grace Fu, Minister for Sustainability and the Environment of Singapore, the opening ceremony was accompanied by a high-level panel discussion on the topic“Building a Sustainable Future – Collaboration Beyond Borders and Sectors”. Minister Grace Fu, who shared further details on the Singapore Green Plan 2030, was joined by distinguishedpanellists Ms Lynn McDonald, High Commissioner of Canada to Singapore; Mr R Raghunathan, World Wide Fund for Nature Singapore Chief Executive Officer; and Mr Max Loh, Singapore
and Brunei Managing Partner, EY ASEAN IPO Leader, Ernst & Young. Ms Esther An, CDL Chief Sustainability Officer was the moderator for the panel discussion.
Singapore Sustainability Academy (SSA)– Hosted 180 events and trainings in 2021

Designed and built by CDL in 2017, the SSA is the first ground-up initiative and zero-energy facility in Singapore dedicated to advocacy, thought
leadership, collaboration, and capacity building for climate action and green causes, involving an extensive partnership with six government
agencies and 15 founding industry and NGO partners.
Since its opening on 5 June 2017 till the end of 2021, the SSA has hosted more than 630 sustainability-related training programmes andadvocacy events, attracting close to 22,300 attendees. In 2021, despite restrictions posed by COVID-19, the SSA has continued promoting
sustainable lifestyle practices through various virtual workshops. Under the Virtual SSA platform, we hosted a series of sustainability-related talks
and sessions that were free and open to the public. It has provided the SSA with great opportunities to expand outreach beyond our shores. All
recordings of our Virtual SSA sessions are posted on the CDL Sustainability YouTube channel.
For more information on SSA events, click here.

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Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESKey Initiatives

Outcomes and Impact

Green Is The New Black Conscious Festival,
24-26 September 2021

The Conscious Festival is a festive event by lifestyle media and events platform Green Is The New Black, focusing on sustainable living,transport, energy, and more. In 2021, the hybrid three-day event was held physically in Paris, Singapore and London, as well as virtually for the
rest of the world.
CDL was a venue partner for its Singapore pop-up, hosting the event at the SSA. CDL Chief Sustainability Officer Ms Esther An spoke on gender
diversity and women’s empowerment at one of the festival’s talks, themed “Sustainability through the Female Lens”.

CDL Sculpture Award 2021

A firm supporter of the arts, CDL has been contributing significantly to the Singapore arts scene for more than a decade. The CDL Singapore
Sculpture Award is an extension of our patronage of the development of arts and youth in Singapore. Initiated by CDL in 2002, the biennial
Award is now into its 10th year.
Themed “Turning Waste to Art”, the 7th CDL Singapore Sculpture Award draws inspiration from the concept of the circular economy, SDG 11:
Sustainable Cities and Communities and SDG 12: Responsible Consumption and Production. The Award challenges artists to turn residual waste
into a sculpture that reflects a nation that is progressive, forward-looking and sustainable. In celebration of Singapore Art Week in January2022, CDL unveiled two winning commissioned sculptures, made from construction waste from CDL’s construction sites. They were inspired by
Malay heritage and titled "Cycle" and "Traditional Wisdom". Completed in December 2021, the sculptures are housed at Wisma Geylang
Serai, a cultural heritage integrated hub that promotes arts, culture and cohesiveness.

Incubator For SDGs

In support of social enterprises with purposes that are aligned with one or more UN SDGs, the Incubator For SDGs is an initiative by CDL in
partnership with UNDP, Singapore Centre for Social Enterprise (raiSE), and Social Collider. In 2021, CDL sought the second intake of impactdriven businesses with our new partner Global Green Economic Forum, an impact investing accelerator. Located at the basement of Republic Plaza,
Incubator For SDGs provides rent-free workspaces for selected social enterprises, start-ups and scale-ups for a year. These companies will also beable to tap into an extensive network of management experts to help them scale up and reach out to potential investors and markets. In alignment
with CDL’s low-carbon vision, 70% of the fitting out materials at the workspaces were made from sustainable sources or recycled materials.

Learning Space@Limbang and
WeCare @North West – Service Weeks

Since 2017, CDL and North West Community Development Council (NWCDC) partnered to set up a conducive learning space at the Limbang
Park Residents’ Committee Centre for students from low-income households in the vicinity. Besides providing library books and recreational
games at the centre, CDL’s staff volunteers impart character-building lessons to children from underprivileged families. The learning space had atotal outreach of 530 young children and youths from January to March 2020, before the start of Circuit Breaker.
In 2021, CDL participated in NWCDC’s annual WeCare @ NWCDC - Service Weeks initiative for the 6th consecutive year to distribute festive
packs to some 270 needy households living in public rental units in Limbang. In addition, CDL topped up the festive packs with daily necessities
such as shampoo, body wash, soap, toothbrush and toothpaste.
In end-2021, CDL also championed two meaningful initiatives, a Grant-A-Wish programme to fulfil festive wishes of children living in Limbang,
as well as a Gift-A-Voucher initiative to encourage donations of $20 grocery vouchers for all residents of rental units in Limbang.

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Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESKey Initiatives

Outcomes and Impact

Supporting Trees of the World,
December 2021

CDL celebrated the holiday season by sponsoring 10 trees at the Singapore Botanic Gardens’ Trees of the World 2021 display. Led by
NParks, the Trees of the World display is a collaboration with the community to bring festive cheer to the public and raise funds for theSingapore Botanic Gardens.
All proceeds went towards the “Give to the Gardens” programme. Initiated in 2016, this programme supports the Garden’s work as aprominent botanical institution and contributes to the conservation of Singapore’s local and regional flora while inspiring a love for nature andenvironmental protection amongst the community.

Sustainable Fashion 2.0:
Greening Our Wardrobe,
20 November 2021

CDL partnered with The Fashion Pulpit to launch Sustainable Fashion 2.0: Greening Our Wardrobe. Featuring an upcycled fashion runway withgreen advocates, children and canine friends, the initiative took a closer peek at the environmental impact of consumer patterns and the global
fashion industry. Encompassing four components – fashion runway, survey, talk show and exhibition, this initiative ran across both physical anddigital platforms until March 2022.
Watch the recording here

Virtual SSA– The Art and Science of Circularity,
22 April 2021

CDL celebrated Earth Day 2021 with the first session of Virtual SSA’s The Art and Science of Circularity series featuring three local eco innovators
who discussed their exciting journeys in advocating for upcycling and combating ocean pollution.
Watch the recording here

Charity Initiatives
Key Initiatives

Outcomes and Impact

Arc Children’s Centre

CDL has been a founding corporate supporter of Arc Children’s Centre since its inception in 2011. The centre aims to be a sanctuary for children
with cancer and other life-threatening illnesses, and families in its care.
In December 2021, CDL’s City Sunshine Club volunteers brought festive joy to the children during Christmas. The hybrid format included
painting, storytelling and festive goodie distribution for the children and their families.

Assisi Hospice

A long-standing partner of the Assisi Hospice since 1999, CDL raised more than $113,000 for the hospice in 2021 through The CDL Challenge
and Assisi e-Fun Day. The CDL Challenge is an in-house fundraising campaign that rallies donations from stakeholders, namely staff and business
partners. At the Assisi e-Fun Day 2021, CDL and our hotel subsidiary, M&C, raised funds through virtual stalls and provided donations-in-kind,including shopping, F&B and hotel vouchers towards the event’s lucky draw and game prizes.

City Sunshine Club (CSC)

Since 1999, CDL’s dedicated employee-led volunteering body, CSC has been actively reaching out to the less fortunate and underprivileged,
providing an avenue for CDL employees to serve the community. CSC organises monthly food distribution drives where CDL employees
distribute household necessities to low-income elderly living in rental flats. During festive seasons, CSC collaborates with the NWCDC by
distributing festive packs to families staying in one-room rental flats and organises festive celebrations for Assisi Hospice and Arc Children’sCentre. Notwithstanding the restrictions and strict adherence to social distancing and safety measures, our employees managed to achieve aparticipation rate of 28.9% and clocked more than 350 employee volunteer manhours in 2021.

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Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESTRADE AND INDUSTRY ASSOCIATIONS
In furthering the sustainability cause at home and abroad, CDL’s Senior Management has been contributing time and expertise through their respective appointments at various industry bodies
and civil society organisations. CDL will continue to partner with the industry and form collaborations in support of the Singapore government’s Green Plan and agenda of becoming a smart,sustainable and inclusive nation.
Organisation
Arc Children’s Centre
Asian Association for Investors in Non-listed Real Estate Vehicles
Asian Civilisations Museum
Asia Pacific Real Estate Association

CDL Representation
Mr Chia Ngiang Hong, Chairman
Mr Frank Khoo, Member
Mr Kwek Eik Sheng, Member, Advisory Board
Ms Esther An, Board Member, Singapore Chapter; Chairperson, Sustainability & ESG Committee
Mr Frank Khoo, Member
Mr Sherman Kwek, Board Member
Ms Yiong Yim Ming, Member
Mr Sherman Kwek, Member, Board of Trustees
Ms Lee Mei Ling, Member, Professional Development Committee
Ms Esther An, Working Group Member, Renewable Energy Certificates New Standards

Business China
CFO Taskforce for the SDGs
Chinese Development Assistance Council
Council for Estate Agencies
Enterprise Singapore
Future Economic Council Urban Systems Cluster Sub-committee
Gardens by the Bay
Global Compact Network Singapore
Global Real Estate Sustainability Benchmark
Global Reporting Initiative (GRI)
Home Detention Advisory Committee (4)Hong Leong Foundation
iBuildSG Tripartite Committee
Institute of Singapore Chartered Accountants

Mr Chia Ngiang Hong, Member
Mr Ivan Ng, Advisory Panel Member
Ms Esther An, Member, Management Committee
Ms Esther An, Member, Asian Real Estate Benchmark Committee
Ms Esther An, Member, Board of Directors; GRI ASEAN Regional Hub, Member, Advisory GroupMr Chia Ngiang Hong, Chairman
Mr Kwek Eik Sheng, Governor
Mr Chia Ngiang Hong, Co-Chair
Ms Yiong Yim Ming, Council Member

IT Management Association of Singapore
Leadership Panel, HealthCity Novena Master Plan 2030 and Beyond, Ministry of HealthLe marché international des professionnels de l'immobilier (MIPIM)
MAS’s Financial Centre Advisory Panel

Mr Frank Khoo, Member
Mr Ivan Ng, Vice President
Mr Allen Ang, Panel Member
Mr Frank Khoo, Jury Member
Ms Esther An, Working Group Member, Green Finance111

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESOrganisation
Ministry of Manpower – Ministry of Health Tripartite Oversight Committee on
Workplace Safety and Health
Ministry of Sustainability and the Environment – SG Eco Fund
National Parks Board
National Trades Union Congress Club
National University of Singapore

CDL Representation
Mr Allen Ang, Member, Subcommittee (Workers in Business & Other Workplace Clusters)
Ms Esther An, Member, Corporate Advisory Committee
Mr Allen Ang, Community-In-Bloom Ambassador
Mr Chia Ngiang Hong, Committee Member, Management Council; Chairman, Audit Committee;
Committee Member, Finance & Strategy Committee
Mr Chia Ngiang Hong, Member, Consultative Committee, Department of Real Estate; Board Member,
Institute of Real Estate and Urban Studies; Chairman of School Advisory Committee, School of Design
and Environment (term concluded on 30 June 2021)
Ms Esther An, Advisory Committee Member, Master of Science, Environmental Management, School of
Design and Environment
Mr Frank Khoo, Advancement Advisory Council (SAAC) Executive Committee Member, School of
Design and Environment

National Volunteer & Philanthropy Centre
National Youth Council
North West Community Development Council
Raffles Place Alliance
Real Estate Developers’ Association of Singapore
Royal Institution of Chartered Surveyors and United Nations Environment
Programme Finance Initiative
Security ITM Tripartite Committee
Singapore Business Federation Council
Singapore Green Building Council

Mr Ivan Ng, Industry Advisory Committee Member, School of Computing
Ms Esther An, Member, Alliance for Action on Corporate Purpose
Ms Esther An, Advisory Committee Member, National Youth Fund
Mr Allen Ang, Council Member; Co-chairman of Green Living Standing Committee
Ms Callie Yah, Vice Chairman
Mr Chia Ngiang Hong, President
Ms Esther An, Member, Global Alliance for Buildings and Construction (GlobalABC) Building Passport
Task Force
Mr Chia Ngiang Hong, Member
Mr Chia Ngiang Hong, Council Member and Member of Audit Committee
Mr Allen Ang, Board Member and Board Technical Lead
Mr Chia Ngiang Hong, Honorary Advisor / Past President

Singapore Health Services
Singapore Institute of Directors
Singapore Interior Design Accreditation Council
Singapore River One
Singapore University of Social Sciences112

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Ms Esther An, Board Member; Chairperson, Stakeholder Engagement and Capacity Building
Mr Sherman Kwek, Member, SingHealth Property Committee
Ms Esther An, Vice Chair, ESG Committee
Mr Chia Ngiang Hong, Council Member
Mr Chia Ngiang Hong, Board Director
Ms Yiong Yim Ming, Board Member

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

DEVELOPINGSUSTAINABLE COMMUNITIESOrganisation
Temasek Polytechnic
The Artground (Managed and Nurtured by The Ground Co Limited)
Tripartite Oversight Committee on Workplace Safety & Health & Sub Committee 2
United Nations Development Programme
United Nations Environment Programme Finance Initiative
United Nations ESCAP Sustainable Business Network
United Nations Principles for Responsible Investment
United Nations Sustainable Stock Exchanges
Urban Land Institute

Women4Green Network
Women in Sustainability and Environment
World Green Building Council
Young Women’s Leadership Connection

CDL Representation
Mr Ivan Ng, Advisory Committee Member, School of Informatics and IT
Ms Yiong Yim Ming, Committee Member
Mr Chia Ngiang Hong, Member and Co-chair
Ms Esther An, Advisor, Private Sector Advisory Group for Promoting A Fair Business Environment in
ASEAN
Ms Esther An, Member, Property Working Group
Ms Esther An, Member, Executive Council
Ms Esther An, Member, Real Estate Advisory Committee
Ms Esther An, Member, Green Finance Advisory Group
Ms Esther An, Steering Committee Member, Women's Leadership Initiative; Co-chair, Singapore
Sustainability Product Council; Member, Greenprint
Mr Frank Khoo, Executive Committee Member, Integrated Development Council
Ms Esther An, Founder
Ms Esther An, Advisor
Ms Esther An, Vice Chair, Corporate Advisory Board
Ms Esther An, Mentor, YWLC Mentorship Programme

LOOKING AHEAD
CDL is committed to adding greater purpose to our business and creating a stronger triple bottom line that will benefit the planet and people. As we scale new heights in our global partnerships
and collaboration, CDL will continue to push the boundaries for stakeholder engagement, community outreach, and training and capacity building for sustainability professionals in Singapore
and beyond.
In January 2022, in partnership with Global Green Connect, we launched Sustainability Connect, a platform for sustainability practitioners by sustainability practitioners. This collaboration
expands our focus on capacity building and aims to equip sustainability professionals with practical knowledge, allowing them to scale up their skillsets and support their employers to futureproof their businesses. We remain firmly committed to the UN SDGs, and caring for the planet and people by sharing our economic benefits. Moving forward, building a greener, healthier andmore resilient community where both people and businesses can prosper will remain our priority.

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CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
CDL’s pioneering and voluntary adoption of the TCFD recommendations since 2017 provides climate-related financial information for ESG investors tomake informed investment decisions. The findings of CDL’s 2021 materiality study revealed that “Climate Resilience” is CDL’s top material ESG issue.
In December 2021, the Singapore Exchange Regulation (SGX RegCo) announced that all issuers must provide climate reporting on a ‘comply or explain’ basis in their sustainability reports fromFY2022 onwards. For the building sector, climate reporting based on the recommendations of the TCFD framework will become mandatory from FY2024.1 CDL is proud to be one of the first few
companies in Singapore to have adopted TCFD reporting since 2017 and we have been consistently expanding our level of disclosure.
This section describes how we manage climate-related risks and opportunities, with reference to the four key pillars recommended by TCFD. As one of the pioneering adopters of TCFD reportingin Singapore, CDL is proud to push the envelope by being the first company in Singapore to secure external assurance for our TCFD disclosures. References to CDL’s Integrated Sustainability
Report 2022 have been made to provide further details.

TCFD Pillar
Governance

Recommended
Disclosure

CDL’s Approach

Addressed in Integrated
Sustainability Report 2022

Describe the board’s
oversight of climaterelated risks andopportunities.

The Board is committed to strategically integrating sustainability across key aspects of CDL’s business and advancing sustainability efforts.
Dedicated to Sustainability
On behalf of the Board and supported by the Chief Sustainability Officer (CSO), the Board Sustainability Committee (BSC) has direct
Integration, pg 14
advisory supervision on CDL’s sustainability strategy, material ESG issues, work plans, performance targets and sustainability reporting. The
current BSC comprises three independent directors and is chaired by Mr Sherman Kwek, CDL’s Group CEO.
The BSC has oversight of climate-related risks, opportunities and initiatives that drive climate mitigation and adaptation strategies — theseinclude the materiality assessment, Climate Change Scenario Analysis Studies and Supply Chain Risk Management Study. Apart frommeeting biannually to review and advise on strategic climate-related issues and our low-carbon strategy and initiatives, the CSO updates
the BSC on CDL's ESG performance and initiatives, as well as global and local ESG trends through the Quarterly Sustainability Reports andmeetings, when necessary.
The progress against our climate-related goals and targets is tracked regularly. Since mid-2017, we have been reporting the performance
Delivering Value and Bestof the CDL Future Value 2030 sustainability blueprint through our online Quarterly Sustainability Report, in addition to the annual Integrated Practices, pg 24
Sustainability Report (ISR). These reports are sent promptly to the BSC, the Sustainability Committee and all HODs. They are also publicly
available on CDL’s dedicated sustainability microsite.

Describe management’s
role in assessing andmanaging climaterelated risks andopportunities.

The CSO leads the Sustainability department and reports directly to the BSC. The sustainability portfolio engages all levels of the company’s Delivering Value and Best
operations across each operational unit. Chaired by the CSO, the Sustainability Committee is supported by an advisory committee
Practices, pg 14
comprising C-suites of all business units and the Executive Committee. The five sub-committees are led by the HODs of relevant business
units and are accountable for CDL’s ESG performance through CDL’s remuneration and appraisal processes. Each sub-committee is
supported by relevant management and operational staff across all departments and operational units.
The primary responsibilities of the Sustainability Committee members are to execute climate-related strategies, monitor the performanceof their business units in meeting CDL’s sustainability goals and targets, and track and submit their performance to the Sustainability
department. The Sustainability Committee is informed of climate-related issues related to the business and our progress against our ESG
goals and targets through the Quarterly Sustainability Reports, in addition to the annual ISR.

1114

SGX mandates climate and board diversity disclosures. SGX, 15 December 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar
Strategy

Recommended
Disclosure
Describe the climaterelated risks andopportunities theorganisation has
identified over the short,medium, and long term.

CDL’s Approach
Through regular stakeholder materiality assessments conducted by an independent external consultant, we identified that regulatorytransition risks such as carbon tax, water pricing, electricity tariffs and potentially stricter building design requirements will pose challenges
to maintain profitability and sustain our growth. Physical risks such as extreme weather patterns can lead to stranded assets and affect thewell-being of building occupants. Climate-proofing CDL’s buildings in line with a low-carbon future is key to our growth strategy. In 2021’s
materiality assessment, climate resilience was the top material ESG issue for CDL.

Delivering Value and Best
Practices, pg 24

CDL was one of four pioneering Singapore companies to adopt TCFD’s classification of climate-related risks and opportunities since 2017,
Decarbonising towards Net
which outlines both physical and transition risks. We conducted our first climate change scenario analysis study in 2018 based on 2°C and Zero, pg 68
4°C warmer scenarios. Climate risks, alongside potential financial impacts and opportunities were studied by a third-party consultant.
In 2019, the scope of the second climate change scenario analysis focused on 2°C and 1.5°C warmer scenarios, to align with the IPCC
Special Report on Global Warming of 1.5°C and the UN Global Compact’s Business Ambition for 1.5°C campaign. Climate change
related trends impacting our business and the real estate sector covering the following timeframes were studied – short term (starting
immediately to 2030); medium term (2030 to 2050); and long term (2050 to 2100).
The short term covered three horizons focused on reducing GHG emissions to limit warming and reducing exposure to carbon pricing;
mitigating negative financial impacts and protecting our current assets from more frequent and severe extreme weather events; while
adapting to changing regulatory requirements and market norms in a low-carbon economy.
In the longer term, which covers both medium term and long term timeframes, the measures looked at maximising future portfolio value
in the face of intensifying physical risks and market norms. Additional country specific climate risks and recommendations for China,
Singapore, UK and US were considered based on risks most material to CDL and expected national climate policy commitments to achieve a
1.5°C or 2°C warmer scenario. The second study also identified market and technology transformation opportunities such as potential for new
products and services in a new low-carbon economy and known benefits from leveraging green technology and the green debt market.
The second study highlighted major market trends for transition and physical risks in Singapore, UK, USA and China. CDL focused on key
transition risks such as building standards, carbon pricing and construction costs and physical risks such as flash floods, heat waves andindirect business disruptions, given their exposure and hazard levels to our business units. Cumulatively, the net negative impact is $82 million
on our operating profits in 2030, under a 1.5°C warmer scenario – using 2018 as the baseline year. The financial impact was derived froma comprehensive heatmapping exercise which prioritised top physical and transition risks to the business according to their hazard level andexposure scale across the different markets covered in the study. Relevant physical and transition hazards were determined by the increased
probabilistic frequencies of the event happening, related carbon price implications for commodities and required increased investment in green
design features. The calculated exposure is CDL-specific, e.g. revenue exposed, construction cost exposed, maintenance cost exposed etc.
Based on these risk factors, variables that indicate the level of hazard in the countries under analysis and the exposure of CDL’s business
units to these hazards were identified. Available scientific literature and baseline year data provided by CDL were used to quantify the risk
factors for hazard and exposure to make relevant quantitative and qualitative assessments.
Majority of the negative impact is attributed to transition risks, with maximum impact on our Development Properties due to anticipatedchanges in building standards and construction costs. For more details on the key findings and strategies, refer to ISR 2021, pg 49-51.
In December 2021, we commenced our third climate change scenario analysis, given the major shifts in the decarbonisation regulatory
landscape in Singapore and globally, driven by climate failure and social crisis. The latest study is using the Network for Greening the
Financial System (NFGS)'s Climate Scenarios portal, bringing together a global, harmonised set of transition pathways, physical climatechange impacts and economic indicators. We further expanded our geographical scope to include hotel assets in New Zealand. Following thesecond study, three different time horizons covering short term (present to 2030); medium term (2030 to 2050); and long term (2050 to 2100)
will be analysed, along with key transition and physical risks arising from potentially relevant COVID-19 impacts and key COP26 outcomes.
We have been focusing on nature based solutions and will be exploring the pathway to embrace TNFD when it is officially launched.

115

Addressed in Integrated
Sustainability Report 2022

CDL INTEGRATED SUSTAINABILITY REPORT 2022

ISR 2021, pg 49-50

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar

Recommended
Disclosure
Describe the impact
of climate-related risks
and opportunities on
the organisation’s
businesses, strategy andfinancial planning.

CDL’s Approach

Addressed in Integrated
Sustainability Report 2022

Under CDL’s Enterprise Risk Management (ERM) framework, climate change is identified as a strategic business risk under CDL Group.
The Group is committed to mitigate risk exposure through appropriate risk management strategies and adequate internal controls. Close
monitoring and control processes, including the use of appropriate key risk and key performance indicators, are implemented to ensure therisk profiles are managed within the Group’s risk appetite and tolerance limits.

Risk Management Report in
CDL Annual Report 2021

CDL recognises that a business’s vulnerability to the impact of climate change extends beyond the physical exposure of its direct operations
and sites. Disruptions to our supply chain, customers and markets have material impacts on our value chain and are considered in the
climate change scenario analysis studies as well.

Decarbonising towards Net
Zero, pg 58

Based on estimates by the International Energy Agency and UN Environment Programme (UNEP), the building and construction sector
accounted for 36% of global final energy use and 37% energy-related CO2 emission in 2021. Out of total emissions, 11% is attributed to
manufacturing building materials and products. This underscores CDL’s responsibility to mitigate the impact of our business on climate change.
CDL’s carbon mitigation strategy has been largely focused on addressing Scope 2 emissions as electricity usage forms the largest sourceof emissions for CDL’s core operations in Singapore. Through robust resource management and regular asset upgrading and enhancement
efforts, CDL has been maintaining good energy performance for our existing commercial properties. Since 2004, CDL has retrofitted all
our existing managed buildings. Our efforts from previous initiatives since 2012 continued to yield an estimated annual energy savings ofaround 15.1 million kWh, equivalent to more than $3.4 million of cost savings in 2021.
In 2019, CDL implemented a Sustainable Finance Framework to leverage sustainable financing for funding eligible green and social
projects that support CDL’s business and sustainability vision. As of 31 December 2021, CDL has secured more than $3 billion ofsustainable financing, including a green bond, several green loans and a sustainability-linked loan.
As an investor, CDL was accepted as a signatory to the UN PRI in 2021. UN PRI is an investor initiative in partnership with UNEP FinanceInitiative (UNEP FI) and the UN Global Compact.
We also introduced the CDL Sustainable Investment Principles (SIP) in 2021 to steward responsible capital allocation and investments
decision-making. The SIP is aligned with the Glasgow Climate Pact, UN SDGs and other global best practices and frameworks such as
UN PRI, TCFD, UNEP FI. It also complements CDL’s existing ESG policies and guidelines, including the Climate Change Policy, EHS Policy,
Green Building Policy, Biodiversity Policy and Human Rights Policy.

116

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated to Sustainability
Integration, pg 17

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar

Recommended
Disclosure
Describe the resilienceof the organisation’s
strategy, taking into
consideration different
climate-related
scenarios, including a
2°C or lower scenario.

CDL’s Approach
CDL is dedicated to strengthening the climate resiliency of our portfolio by setting targets towards carbon mitigation and environmental
protection. Through the early adoption of Climate Change Scenario Analysis based on the TCFD recommendations, we have gained
greater insight into climate-related risks and their potential impact on our business and financial bottom line under a 2°C and lower
scenario. We continuously review our climate-related targets against global standards and best practices. In 2018, we were the first realestate company in Singapore to set SBTi-validated targets based on a 2°C warmer scenario. In December 2021, we successfully raised
the carbon reduction targets that were assessed and validated by the SBTi, aligned with a 1.5°C warmer scenario. The revised targets also
support CDL’s World Green Building Council’s (WorldGBC) Net Zero Carbon Buildings Commitment.

Addressed in Integrated
Sustainability Report 2022
Decarbonising towards Net
Zero, pg 60
ISR 2021, pg 51

In February 2021, CDL became the first real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings
Commitment. This is a global pledge to achieve net zero operational carbon by 2030, covering new and existing wholly-owned assets
under our direct management and operational control. In November 2021, during COP26, CDL joined 44 pioneering companies
worldwide to extend our pledge towards a net zero whole life carbon emissions approach. Through this expanded commitment, we
pledged to achieve maximum reduction of 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.
CDL’s net zero commitment covers Scope 1, 2 and 3 emissions and includes different phases of strategic action with stakeholders, to tackle the City Developments Limited |transition required under each scope. Our updated pledge to achieve net-zero whole life carbon-built environment includes five key actions: World Green Building Council(worldgbc.org)
1. Commit: Commit to achieving net-zero operational carbon for new and existing wholly-owned assets under direct operational andmanagement control. Maximise reduction in embodied carbon and compensate for any residual upfront emissions via offsetting for new
developments and major renovations.
2. Disclose: Measure and publicly disclose Scope 1 and 2 emissions, embodied carbon emissions and energy consumption by assessing
annual asset and portfolio energy demand and carbon emissions against set targets.
3. Act: Reduce energy consumption for construction and operations of assets, by implementing energy efficiency measures and transition to100% renewable energy via on-site production or procurement of clean energy, e.g. Renewable Energy Certificates. Adopt sustainablebuilding designs, materials and supply chain practices to reduce upfront embodied carbon and offset any residual upfront emissions.
4. Verify: Demonstrate enhanced energy performance, reduced carbon emissions and progress towards net-zero carbon assets via thirdparty certification by aligning with recognised and industry leading local third-party certification and verification schemes. Verify andreport lifecycle assessment for embodied carbon at asset level for new developments.
5. Advocate: Engage and influence value chain and building users to support and build towards a wider transition to a net-zero whole life
carbon-built environment.
Formed in 2018, the CDL Enterprise Innovation Committee (EIC) was generates customer- and digital-centric ideas for the advancementof CDL’s business, focusing on areas like energy analytics and building occupant comfort. These activities are powered by three mutuallyreinforcing engines: (1) Innovation Pipeline; (2) People and Culture; and (3) PropTech Investment. We have started exploring circularity
practices and solutions, such as adopting advanced low-carbon construction methods and materials as part of our efforts to reduce
embodied carbon.
In 2020, the Green Building and Technology Application team was formed as part of the Sustainability portfolio to explore innovative
carbon reduction solutions and partnerships targeted at mitigating our climate-related risks for our developments and managed buildings.

117

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Driving Innovation and
Building Performance, pg 45

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar
Risk
Management

Recommended
Disclosure
Describe theorganisation’s
processes for identifying
and assessing climaterelated risks.

CDL’s Approach
Since 2014, CDL started conducting materiality assessments annually, which is facilitated by an independent consultant, to determine
the key economic, environmental, social and governance (EESG) issues that are important to our stakeholders. Due to COVID-19, we
conducted more comprehensive materiality assessments in 2020 and 2021, to be in closer alignment with the shifting priorities andexpectations of our stakeholders.

Addressed in Integrated
Sustainability Report 2022
Delivering Value and Best
Practices, pg 24

Through a macro scanning exercise that considers global sustainability trends and climate regulations (e.g. carbon tax), and surveys andinterviews with more than 300 stakeholders, the findings revealed an increased prioritisation of environmental issues. “Climate Resilience”
was CDL’s top material issue in 2021. The rise in ranking of environmental-related issues, such as “Energy Efficiency and Adoption of
Renewables” and “Water and Waste Management” could be explained by global climate action momentum in 2021 (e.g. COP26) and theacceleration of climate-related agreements and commitments.
Facilitated by a third-party consultant, CDL also conducted climate change scenario analyses which identified and categorised climaterelated risks based on their financial impacts as provided by TCFD. These risks are considered strategic business risks and managed under
CDL’s Enterprise Risk Management (ERM) framework.

Decarbonising towards Net
Zero, pg 68

The Group adopts an integrated top-down and bottom-up risk review process that enables systematic identification and prioritisation of all
Risk Management Report inmaterial risks. An integral part of the process towards effective risk management is continuous communication and consultation with internal CDL Annual Report 2021
and external stakeholders. This enables the Group to understand the importance of risk management, to appreciate the decisions that are
taken within the Group, and to implement the best policies and practices necessary for the benefit of the Group.
Describe theorganisation’s processes
for managing climaterelated risks.

The Board is responsible for the governance of risk across the Group, while ensuring that Management maintains a sound system of risk
management and internal controls. The Audit and Risk Committee (ARC) assists the Board in carrying out the Board’s responsibility ofoverseeing the Group’s risk management framework and policies. The Management Risk Committee surfaces significant risk issues fordiscussion with the ARC and the Board, to keep them fully informed in a timely and accurate manner. All ARC members, including the
Chairman of the ARC, are independent non-executive directors. The Management Risk Committee monitors the Group risk profiles andregulatory compliance status on a quarterly basis.
The Group recognises that climate risks are business risks. A focal issue of the Paris Agreement and Singapore Green Plan 2030, climatechange is one of the long-term key global risks that can potentially impact the Group’s assets, revenue, operations, supply chain, productdesign, stakeholder engagement, and investor communication. Aside from physical risks arising from climate change, regulatory transition
risks can result in stricter emission standards, increased carbon tax and water pricing, and stricter building design requirements. The Groupprioritises ESG communication and reporting to proactively manage rising stakeholder capitalism, investor and consumer activism. In theface of climate change, climate-proofing its buildings for a low-carbon future is key to the Group’s growth strategy.

118

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Corporate Governance Reportin CDL Annual Report 2021

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar

Recommended
Disclosure
Describe how processes
for identifying, assessing
and managing
climate-related risks
are integrated into theorganisation’s overallrisk management.

CDL’s Approach

Addressed in Integrated
Sustainability Report 2022

Beyond managing climate-related risks and opportunities under the ERM framework, CDL also manages operational risks pertaining to energy, Decarbonising towards Net
water and supply of raw materials by adopting ISO management system standards that are internationally recognised and widely adopted. Zero, pg 65, 76, 78
In 2003, CDL became the first private property developer in Singapore to have our environmental management system audited against ISO Risk Management Report in
14001 for property development and project management. This provided a well-defined and clear framework through which we identified CDL Annual Report 2021
the environmental aspects and impacts associated with our activities, products and services, and allowed us to implement the necessarycontrols to manage these impacts.
To align with globally-recognised standards in carbon emissions measurement and reporting, CDL became the first developer in Singapore
in 2016 to validate our Greenhouse Gas (GHG) emissions data against the stringent ISO 14064-1 certification in GHG emissions
reporting. Conducted at a reasonable assurance level, the verification covers stringent audits of processes on GHG emissions control
and a review of emission factors used for diesel, petrol, refrigerant gases, electricity grid, transmission and distribution losses, employee
commuting, and business air travel. These processes have complemented CDL’s data-driven approach in assessing our climate change
resilience strategies and controls.

ISO 14064 Reasonable
Assurance Statement, pg 134

Electricity consumption has long been identified as a significant climate-related risk for CDL, as it forms the largest source of emissions for
CDL’s core operations in Singapore (reported as Scope 2 emissions). To systematically optimise energy performance and promote more
efficient energy management, CDL was the first developer in Singapore to achieve the ISO 50001 energy management system certification
for the provision of property and facilities management services in 2014.
Metrics andTargets

Disclose themetrics used by theorganisation to assessclimate-related risks andopportunities in linewith its strategy and risk
management process.

Since embarking on our sustainability journey more than two decades ago, CDL has put in place a comprehensive suite of policies,
processes and systems to measure our efforts in environmental protection and conservation.

Delivering Value and Best
Practices, pg 85

As an early adopter of sustainability reporting, CDL’s robust sustainability reporting has evolved into a unique blended model using the
GRI Sustainability Reporting Standards as its core since 2008. To address the diverse expectations of stakeholders, CDL embraced CDP
since 2010, Global Real Estate Sustainability Benchmark (GRESB) since 2013, the Value Reporting Foundation (VRF)’s Integrated Reporting
Framework since 2015, Sustainable Development Goals (SDG) Reporting since 2016, Task Force on Climate-related Financial Disclosures(TCFD) framework since 2017 and Sustainability Accounting Standards Board (SASB) Standards for Real Estate Sector since 2020.
CDL's Future Value 2030 Sustainability Blueprint sets long-term climate-related goals and targets towards 2030—a milestone year for UN
SDGs and the net zero climate agenda. Interim annual targets have been in place to monitor our progress.
Key metrics on carbon emissions, embodied carbon, energy and water usage, and waste management are published in our ISR. Monitoring Key Performance Summary,and reporting these metrics help us identify areas with highest climate-related risks, for more targeted approaches. To track the progress
pg 129 to 132
towards our over-arching goals set under the CDL Future Value 2030 sustainability blueprint, metrics and their corresponding performanceare provided for the last five years.

119

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

TCFD
DISCLOSURE
TCFD Pillar

2
3
120

Recommended
Disclosure

CDL’s Approach

Addressed in Integrated
Sustainability Report 2022

Disclose Scope 1,
Scope 2, and, if
appropriate, Scope 3
greenhouse gas (GHG)
emissions, and therelated risks.

CDL has been disclosing Scope 1, 2 and 3 GHG emissions of our core operations and six key subsidiaries in our ISRs since 2015. To
ensure proper accounting of our GHG emissions, CDL scopes our emission streams in accordance with the GHG Protocol Corporate
Accounting and Reporting Standard.

Decarbonising towards Net
Zero, pg 62

To further demonstrate CDL’s environmental practices’ alignment with international best practices, CDL was the first Singapore developerin 2016 to have our GHG emissions data, for our corporate office, industrial buildings, commercial buildings and development sites,
externally validated against ISO 14064 on GHG verification.

ISO 14064 Reasonable
Assurance Statement, pg 134

Describe thetargets used by theorganisation to manage
climate-related risks
and opportunities andperformance against
targets

CDL is into the fifth year of the CDL Future Value 2030 Sustainability Blueprint and is on track in meeting our interim 2030 targets. The diligent Delivering Value and Best
tracking of our progress towards our ESG goals results in prompt implementation of solutions to stay on track. Annual interim targets guide us Practices, pg 22
towards meeting our 2030 goals progressively.
CDL's climate-related targets such as those related to GHG emissions, water and energy usage, and waste generation, in line withregulatory and voluntary requirements, are published in our annual ISR.
Since 2007, CDL has established ambitious targets to reduce energy intensity across our operations in Singapore. We established our
first carbon emissions intensity reduction target in 2011 and voluntarily raised the target from 25% to 38% by 2030 (from 2007 levels)in 2017. Subsequently in 2018, we became the first real estate company in Singapore to have our carbon reduction targets validated by
SBTi, raising our carbon emissions intensity reduction target from 38% to 59% across our Singapore operations by 2030 from base year
2007, aligned with a 2ºC warmer scenario. In December 2021, we revalidated our carbon emissions intensity reduction target in line witha 1.5ºC warmer scenario with SBTi. The renewed targets aim to decarbonise CDL’s operations in three ways:•

Reduce Scope 1 and 2 GHG emissions 63% per m2 leased area by 2030 from a 2016 base year. Compared to our 2018 SBTi targetof reducing Scope 1 and 2 emissions by 59% by 2030 from base year 2007, the new baseline year of 2016 presents a more stringent
and aspirational goal.

•

Reduce Scope 32 GHG emissions from purchased goods and services 41% per m2 Gross Floor Area (GFA) by 2030 from 2016.

•

Reduce absolute Scope 3 GHG emissions from investments3 by 58.8% by 2030 from 2016, that covers hotels managed by CDL’s
wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C).

Decarbonising towards Net
Zero, pg 58

SBTi requires companies’ Scope 3 targets to cover 66% of their Scope 3 emissions. For CDL, Category 1 (purchased goods and services) and Category 15 (investments) have reduction targets as these categories cover more than 80% of its
Scope 3 emissions.
Investment refers to CDL’s six key subsidiaries – CBM Pte Ltd, CDL Hospitality Trusts, City Serviced Offices, Le Grove Serviced Residences, Tower Club Singapore, hotels owned and managed by M&C.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• GlossaryCDSB
DISCLOSURE
The table below illustrates our alignment with the Climate Disclosure Standards Board (CDSB) Framework, which was adopted since 2020. Besides the twelve
disclosure requirements of the CDSB framework, our report also adopts the seven guiding principles that guide how we prepare and report on environmental
information.

Requirements

Requirements Disclosures under “shall” requirements

Addressed in Integrated Sustainability Report 2022

REQ-01Governance

Disclosures shall describe the governance of environmental policies, strategy and information.

Dedicated to Sustainability Integration
Decarbonising towards Net Zero
Determined to Create a Fair, Safe and Inclusive
Business Environment

REQ-02Disclosures shall report management’s environmental policies, strategy and targets, including the indicators, plans andManagement’s environmental timelines used to assess performance.
policies, strategy and targets

Delivering Value and Best Practices
Decarbonising towards Net Zero
Determined to Create a Fair, Safe and Inclusive
Business Environment

REQ-03Risks and opportunities

Disclosures shall explain the material current and anticipated environmental risks and opportunities affecting the organisation.

REQ-04
Sources of environmental
impacts

Quantitative and qualitative results, together with the methodologies used to prepare them, shall be reported to reflect material Decarbonising towards Net Zerosources of environmental impact.
ISO 14064 Reasonable Assurance Statement
Key Performance Summary

REQ-05 Performance andcomparative analysis

Disclosures shall include an analysis of the information disclosed in REQ-04 compared with any performance targets set andwith results reported in previous periods.

Decarbonising towards Net Zero
Key Performance Summary

REQ-06 Outlook

Management shall summarise their conclusions about the effect of environmental impacts, risks and opportunities on theorganisation’s future performance and position.

Dedicated to Sustainability Integration
Decarbonising towards Net Zero
TCFD Disclosure

REQ-07 Organisationalboundary

Environmental information shall be prepared for the entities within the boundary of the organisation or group for which the
Decarbonising towards Net Zeromainstream report is prepared and, where appropriate, shall distinguish information reported for entities and activities outside Report Period and Scopethat boundary.

REQ-08 Reporting policies

Disclosures shall cite the reporting provisions used for preparing environmental information and shall (except in the first year of Report Period and Scopereporting) confirm that they have been used consistently from one reporting period to the next.

REQ-09 Reporting period

Disclosures shall be provided on an annual basis.

Report Period and Scope

REQ-10 Restatements

Disclosures shall report and explain any prior year restatements.

Decarbonising towards Net ZeroGRI Content Index Table (GRI 2-4)

REQ-11 Conformance

Disclosures shall include a statement of conformance with the CDSB Framework.

Report Period and Scope

REQ-12 Assurance

If assurance has been provided over whether reported environmental information is in conformance with the CDSB
Framework, this shall be included in or cross-referenced to the statement of conformance of REQ-11.

Report Period and Scope121

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Delivering Value and Best Practices
Decarbonising towards Net Zero
TCFD DisclosureDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

Developing Sustainable
Communities

SASB REAL ESTATESECTOR DISCLOSURE
CDL supports the Sustainability Accounting Standards Board (SASB) Standards by Value Reporting Foundation. It helps us to communicate with businesses and investors
on the financial impacts of sustainability by focusing on material sustainability information. The tables below reference the Standard for Real Estate Sector as definedby SASB’s Sustainability Industry Classification System and identifies how CDL has addressed the SASB Accounting Metrices and Activity Metrices for the scope of
CDL-owned and managed operations in Singapore. The SASB disclosures have been independently assured by Ernst and Young (EY) and the reasonable assurance
statement can be found in CDL’s Integrated Sustainability Report 2022, pg 136 to 149. References to CDL’s Integrated Sustainability Report 2022 have been made toprovide more details.
SASB Sustainability
Disclosure Topic

SASB Code

Accounting Metric

Energy Management

IF-RE-130a.1

Energy consumption data coverage as a percentage of Office
total floor area, by property subsector (%)
Shopping centre

IF-RE-130a.2

Total energy consumed by portfolio area with data
coverage, by property subsector (GJ)
Total energy consumed by percentage grid electricity,by property subsector (%)
Total energy consumed by percentage renewable, byproperty subsector (%)

IF-RE-130a.3

IF-RE-130a.4

Like-for-like percentage change in energy consumption
for the portfolio area with data coverage, by property
subsector (%)
Percentage of eligible portfolio that has an energy
rating, by property subsector (%)

Property Subsector

CDL INTEGRATED SUSTAINABILITY REPORT 2022

2021
100%

100%

100%

100%

48.9%

48.9%

48.9%

Office162,610

132,543

117,106

Shopping centre

104,027

89,881

93,386

Industrial

3,307

3,448

3,169

Office

99.9%

99.8%

100.0%

Shopping centre

100%

99.9%

99.9%

Industrial

100%

100%

100%

Office

2.7%

4.6%

4.6%

Shopping centre

2.9%

4.8%

0.3%

Industrial

2.6%

4.6%

0.0%

86%

88.4%

Shopping centre

86%

103.9%

Industrial

104%

91.9%

OfficeOffice

100%

100%

100%

Shopping centre

100%

100%

100%

0%

0%

31%

OfficeShopping centre
Industrial

122

2020
100%

Industrial

Industrial
Percentage of eligible portfolio that is certified to
ENERGY STAR®, by property subsector (%)

2019
100%

Not applicable to Singapore

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

SASB REAL ESTATESECTOR DISCLOSURE
SASB Sustainability
Disclosure Topic

Water Management

SASB Code

Accounting Metric

Property Subsector

IF-RE-130a.5

Description of how building energy management
considerations are integrated into property investment
analysis and operational strategy

CDL takes a holistic view towards energy reduction by adopting initiatives that maximise energy
efficiency, increase energy conservation and promote the use of renewable energy. CDL’s lifecycle
approach in energy management ensures measures are applied across our key business units andat various stages in a building’s lifecycle. Each business unit adheres to established guidelines thatdetail the strategic initiatives, performance standards, and specific requirements relating to energy
efficiency and climate change mitigation measures. In addition, CDL conducts due diligence exercises
for acquired properties, which cover environmental assessment. We also consider if the property has
any green certificates during the acquisition stage. More details can be found in CDL’s Integrated
Sustainability Report 2022, under “Decarbonising towards Net Zero”.

IF-RE-140a.1

Water withdrawal data coverage as a percentage of
total floor area, by property subsector (%)

Office

28.5%

29.7%

29.6%

Shopping centre

36.9%

36.9%

36.8%

Industrial

23.5%

23.5%

23.4%

100%

100%

100%

100%

100%

100%

Water withdrawal data coverage as a percentage of
Officetotal floor area, by property subsector (%) floor area
Shopping centre
in regions with High or Extremely High Baseline Water
Industrial
Stress, by property subsector (%)
IF-RE-140a.2

IF-RE-140a.3

IF-RE-140a.4

123

Total water withdrawn by portfolio area with data
coverage, by property subsector (m3)

2019

2020

2021

100%

100%

100%

Office254,380

162,577

125,733

Shopping centre

141,582

87,77489,279Industrial

8,752

7,635

8,275

Total water withdrawn by percentage in regions withHigh or Extremely High Baseline Water Stress, byproperty subsector (%)

Office

100%

100%

100%

Shopping centre

100%

100%

100%

Industrial

100%

100%

100%

Like-for-like percentage change in water withdrawn
for portfolio area with data coverage, by property
subsector (%)

Office68%

77%

Shopping centre

62%

102%

Industrial

87%

108%

Description of water management risks and discussionof strategies and practices to mitigate those risks

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Headquartered in water-scarce Singapore, CDL recognises that water supply to the company’s
core activities is especially vital as our operations are water-intensive and highly dependent on areliable supply of water. Therefore, CDL takes a holistic approach towards water management tomaintain and enhance the efficiency, resilience, desirability and long-term value of our assets anddevelopments. Our water management guidelines direct the strategies and practices throughout the
lifecycle of our assets — from design and development to operation — and are embraced by therelevant business units. More details can be found in CDL’s Integrated Sustainability Report 2022,
under “Decarbonising towards Net Zero”.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

Developing Sustainable
Communities

SASB REAL ESTATESECTOR DISCLOSURE
SASB Sustainability
Disclosure TopicManagement of Tenant
Sustainability Impacts

SASB Code

Accounting Metric

Property Subsector

2019

2020

2021

IF-RE-410a.1

Percentage of new leases that contain a cost
recovery clause for resource efficiency-related capital
improvements, by property subsector (%)

Office0%0%0%Shopping centre

0%

0%

0%

Industrial

0%

0%

0%

Associated leased floor area, of new leases that
contain a cost recovery clause for resource efficiencyrelated capital improvements, by property subsector(sq. ft)

Office000Shopping centre

0

0

0

0

0

0

Percentage of tenants that are separately meteredor submetered for grid electricity consumption, by
property subsector (%)1

Office

100%

100%

100%

Shopping centre

100%

100%

100%

Industrial

100%

100%

100%

Office

100%

100%

100%

Shopping centre

100%

100%

100%

Industrial

100%

100%

100%

IF-RE-410a.2

Percentage of tenants that are separately meteredor submetered for water withdrawals, by property
subsector (%)
IF-RE-410a.3

1
124

Industrial

Discussion of approach to measuring, incentivising and CDL’s Green Lease Partnership Programme encourages our tenants to reduce their environmental
footprint and has achieved a 100% participation rate for retail and office tenants. Tenants also have
improving sustainability impacts of tenants
access to a digital energy monitoring portal through a partnership with Tuas Power, which provides
near real-time updates of energy consumption to tenants, allowing them to better track and manage
their energy usage. Over the years, we have also been actively engaging tenants in CDL’s corporate
sustainability and outreach programmes to raise the level of awareness and adoption of green
practices at work and at home. One example is our partnership with PUB to commemorate World
Water Day 2021. More details can be found in CDL’s Integrated Sustainability Report 2022, under“Determined to Create a Fair, Safe & Inclusive Business Environment”.

This excludes tenants that rent kiosks in the common area, and the interim periods needed for new tenants to carry out fit-out works and register their electrical accounts with the grid electricity provider.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

SASB REAL ESTATESECTOR DISCLOSURE
SASB Sustainability
Disclosure Topic
Climate Change
Adaptation

SASB Code

Accounting Metric

IF-RE-450a.1

Area of properties located in 100-year flood zones, by Officeproperty subsector (net leasable area, in sq. ft)2
Shopping centre

Property Subsector

Industrial
IF-RE-450a.2

Description of climate change risk exposure analysis,
degree of systematic portfolio exposure, and strategies
for mitigating risks

2019

2020

2021

0

0

0

0

0

0

Since 2018, CDL has been identifying and managing our climate risks and opportunities througha climate change scenario analysis study based on TCFD recommended disclosures. The first study
was conducted in 2018 under 2ºC and 4ºC warmer scenarios by 2030 for our three core businesses— development properties, investment properties and hotel operations — in Singapore, China andthe UK. In response to the IPCC special report on a 1.5°C warming future, a second climate change
scenario study was initiated in 2019 and completed in 2020, wherein the scope was extended tocover 1.5°C scenario and additional market in the US. In 2021, we commenced our third climatechange scenario analysis based on 2ºC and 1.5ºC warmer scenarios. This study is in response
to major shifts in the decarbonisation regulatory landscape in Singapore and globally as well as
prolonged impacts from COVID-19 on climate change. As such CDL has further expanded ourgeographical scope to include assets in New Zealand. This study is in progress.
As a result of the completed analyses, the physical and transition risks, as well as the degree of eachrisk type, were assessed and classified into categories that are explicitly linked to financial impacts
as provided by TCFD. Risk mitigation measures were identified and incorporated into our operations
through business risk management under CDL's Enterprise Risk Management (ERM) framework,
interim performance-tracking against our 2030 goals under the CDL Future Value 2030 Sustainability
Blueprint, and continuous refinement of environmental management systems and carbon performance
metrics in accordance with global standards including the GHG Protocol and ISO 14064.
More details can be found in CDL’s Integrated Sustainability Report 2022 under “Decarbonising
towards Net Zero” and “TCFD Disclosure”.

2
125

As 100-year flood zones is a US definition and unavailable in Singapore, flood zones defined by the PUB, Singapore’s national flood and drainage management agency have been used instead. The flood zones
are identified through referencing PUB’s live map of flood-prone areas, and latest updated lists of flood-prone areas and flood hotspots as at 31 December 2021.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

Developing Sustainable
Communities

SASB REAL ESTATESECTOR DISCLOSURE
Table 2: Activity Metrics
SASB Code

Activity MetricManaged Building Type

IF-RE-000.A

Number of assets, by property subsector

OfficeIF-RE-000.B

IF-RE-000.C

Leasable floor area, by property subsector (sq. ft)

2020

2021

93

84

8

Shopping centre

2

2

2

Industrial

3

3

3
1,778,178

OfficePercentage of indirectly managed assets, by property subsector (%)

2019

2,062,850

1,776,750

Shopping centre

487,713487,718

487,829

Industrial

390,811

390,867

391,081

Office0%0%0%Shopping centre

0%

0%

0%

0%

0%

0%

Industrial
IF-RE-000.D

Average occupancy rate, by property subsectorAll

We do not publicly report our average occupancy rate as
the data is commercially sensitive and confidential.

Table 3: FTSE-NAREIT Classification of Property Subsectors
No.

CDL Property AssetClassification CodeClassification Category

1Central Mall Conservation

N742

Office2Central Mall Office Tower

N742

Office3

Cideco Industrial Complex

N741

Industrial

4

City House

N742

Office5

City Industrial Building

N741

Industrial

6

City Square Mall

N761

Shopping centre

7

Fuji Xerox Towers

N742

Office8

King's Centre

N742

Office9

Palais Renaissance

N742

Office10

Quayside Isle

N761

Shopping centre

11

Republic Plaza

N742

Office12

Tagore 23 Warehouse

N741

Industrial

13

Tampines Concourse

N742

Office3
4
126

Manulife Centre was divested in early Jan 2019, hence it was removed from the reporting scope in 2019.
Tampines Grande was divested in mid-2019, hence it was removed from the reporting scope in 2020.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

REPORT PERIODAND SCOPE
This is CDL’s 15th Integrated Sustainability Report. It
represents our latest annual publication dedicated toproviding information on financial, governance, socialand environmental performance that are material to CDL’s
business and stakeholders.
This Report contains a full year’s data from 1 January to
31 December 2021 and focusses primarily on operations
wholly-owned and directly managed by CDL’s headquarters
in Singapore. CDL's operations in this Report cover corporate
office, managed buildings and construction sites in Singapore,and exclude hotel properties, unless otherwise stated.
Following the inclusion of carbon emissions data of our key
subsidiaries since 2015, we have further expanded thereporting scope to include their energy and water usage
data. These six subsidiaries are:• CBM Pte Ltd• CDL Hospitality Trusts• City Serviced Offices• Le Grove Serviced Residences• Tower Club Singapore• Hotels owned and managed by Millennium &Copthorne Hotels Limited (M&C)
Monetary values in this Report are presented in Singapore
dollars, which is CDL’s functional currency. Where possible,
we have provided up to five years of historical data forcomparison. CDL voluntarily discloses the information as we
believe in upholding the principles of corporate transparency,
disclosure, and communication with our stakeholders.
For additional information on our comprehensive initiatives
on sustainability, please refer to our sustainability microsite:www.cdlsustainability.com.

127

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

GRI 2-2, 2-3, 2-4

Report Content
In each reporting cycle, CDL’s Sustainability Committee
reviews the content of the Report for accuracy,completeness and balanced reporting. Efforts are also
made to ensure that current and emerging material
issues pertaining to sustainability and the interests ofour stakeholders are addressed. The BSC reviews andapproves the Report before it is published.
Other operational committees oversee existing management
systems and certifications such as the ISO 14001
Environmental Management System, ISO 50001 Energy
Management System, ISO 45001 Occupational Healthand Safety and Singapore Quality Class. Relevant ESG
targets and key performance indicators are established,tracked, and disclosed within this Report. In line with
our steadfast commitment to align CDL’s environmental
practices with international best practices, CDL became thefirst Singapore developer in 2016 to validate our GHG
emissions data against ISO 14064 Greenhouse Gases for
GHG verification.
Our Report continues to integrate ISO 26000:2010
Guidance on social responsibility, and the Company
actively promotes compliance with internationallyadopted standards and regulations in the fields ofoccupational standards, environmental protection and thefight against corruption.

Reporting Principles and Standards
This Report has been prepared in accordance with the
GRI Standards and its latest Universal Standards 2021. Its
Reporting Principles are:• Accuracy: Reporting information that is correct andsufficiently detailed to allow an assessment of theorganisation’s impacts.

• Balance: Report information in an unbiased way andprovide a fair representation of the organisation’s
negative and positive impacts.
• Clarity: Presenting information in a way that isaccessible and understandable.
• Comparability: Selecting, compiling, and reporting
information consistently to enable an analysis ofchanges in the organisation’s impacts over time andan analysis of these impacts relative to those of otherorganisations.
• Completeness: Providing sufficient information to enable
an assessment of the organisation’s impacts during thereporting period.
• Sustainability Context: Reporting information about its
impacts in the wider context of sustainable development.
• Timeliness: Reporting information on a regular scheduleand making it available in time for information users tomake decisions.
• Verifiability: Gathering, recording, compiling,
and analysing information in such a way that the
information can be examined to establish its quality.
For the GRI Content Index - Essentials Service, GRI
reviewed that Disclosures 2-1, 2-2, 2-3, 2-4, 2-5, 3-1 and
3-2 are correctly located in both the GRI Content Index andin the text of the final report when it is published.
This Report continues to adopt the International Integrated
Reporting Council’s (IIRC) Integrated Reporting Framework
by connecting ESG performance with business andfinancial impact for more meaningful and all-rounded
corporate reporting. Centred around six capitals—
Financial, Organisational, Natural, Manufactured, Human,and Social and Relationship—this approach aims to present
a holistic picture to our investors and stakeholders on how
the interrelation between our business and sustainability
performance leads to long-term value creation. In steppingDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

REPORT PERIODAND SCOPE
up our climate-related disclosures, CDL’s TCFD and SASB realestate sector disclosures have been expanded substantiallysince 2020 and are available in the annexes of this Report.
The environmental information in this Report has been
prepared and reported according to the guiding principles
and requirements of the CDSB framework. This Reportis also prepared in accordance with the sustainability
reporting requirements set out in the Listing Manual of theSingapore Exchange Securities Trading Limited (“SGX-ST”)(Rules 711A and 711B).
Committed to UNGC’s Ten Principles, CDL has been asignatory to the UNGC since 2005 and is engaged atthe ‘Participant’ level since 2019. This Report also
serves as our Communication on Progress (CoP) conductedby UNGC annually. Details are available atwww.unglobalcompact.org.
This Report is also aligned with relevant performanceindicators of key sustainability benchmarks such as CDP,
DJSI, FTSE4Good, Global 100, GRESB, and MSCI.
Our carbon footprint is calculated in accordance with
the GHG Protocol, developed by the World Resources
Institute and the World Business Council on Sustainable
Development. The GHG Protocol supplies the world’s mostwidely used greenhouse gas accounting standards.
In addition to the GHG Protocol, our carbon emissions
are also calculated based on The CarbonNeutral®
Protocol, a set of guidelines to meet the global standard
for managing our offset-inclusive programmes. The Protocol
includes requirements for GHG assessments, emissions
reduction planning, carbon credit eligibility, managementof carbon credits through registration and retirement, andcommunication of CarbonNeutral® programmes.

128

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI 2-3, 2-4

We use an operational consolidation approach todetermine organisational boundaries. For example, ourcarbon and energy data include only the distribution
impacts. Data is consolidated from a number of sources,
including our project sites and fuel use information, andis analysed centrally. Our baseline year is 2007 and ouremissions are independent of any GHG trades.

External AssuranceThis Report continues to be externally assured to validate
the accuracy and reliability of its content. Ernst & Young
LLP (EY) was engaged to provide independent reasonableassurance of this Report against the GRI Standards forsustainability reporting and the Construction & Real Estate
Sector Supplement and SASB disclosures; and independent
limited assurance for CDSB framework (with the exceptionof Principle 1 on materiality) and TCFD reporting. The
assurance covered figures and statements found in thisReport that are related to the subject matters approved by
CDL’s Chief Sustainability Officer and Board Sustainability
Committee and agreed upon as per the Assurance Statement.
EY reviewed the underlying systems and processes that
support the subject matters in this Report. The assurance is inaccordance with ISAE 3000 Assurance Engagements Other
than Audits or Reviews of Historical Financial Information.
The assurance, including the scope of work and conclusions,can be found in the Assurance Statement on pages 136 to 153.
In line with our steadfast commitment to align CDL’s
environmental practices with international best practices,
CDL’s 2021 GHG emissions data continue to be verified
against ISO 14064 by Lloyd’s Register Quality Assurance
Ltd. (LRQA) in accordance with the requirements of ISO
14064-1. LRQA’s Assurance Statement on the GHG report
prepared by CDL, can be found on pages 134 to 135.

Accessibility
This Report is only available in a digital version. Current andprevious editions are available at www.cdlsustainability.com.

Feedback Channel
Feedback from our stakeholders is vital for us to continually
improve our reporting and sustainability practices. We welcome
your views, comments or feedback, which may be directed to:Ms Esther An
Chief Sustainability Officer
City Developments Limited
9 Raffles Place, #36-00 Republic Plaza,
Singapore 048619
Email: sustainability@cdl.com.sg

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

KEY PERFORMANCESUMMARY
Indicator
Unit of Measurement
Legal Compliance
Convicted cases of corruption
NumberConvicted cases of fraud
NumberConvicted cases involving product responsibility
NumberConvicted cases involving anti-competitive behaviour Number
EHS Related Fines: CDL Managed Properties
NumberNumber
EHS Related Fines: CDL Construction Sites
Total Amount of Fines$
Environment
I. Energy Usage
Corporate Office
MWhManaged Buildings (Total Energy)
MWhConstruction Sites (Total Energy)
MWhRenewable Energy (Solar + REC)
MWh
Subsidiaries
MWh
CBM1,2,3
1
MWh
CDL Hospitality Trusts (CDLHT)
City Serviced Offices
MWh
MWh
Le Grove Serviced Residences (Le Grove)1,3,4
Tower Club
MWh
Millennium & Copthorne Hotels Limited (M&C)
MWhII. Water Usage
3
Corporate Office5,6m
3Managed Buildings6
m3
Construction Sitesm3
Conserved water (Construction Sites)m
3
Use of NEWater instead of potable water
m

1
2
3
4
5
6

129

2017

2018

2019

2020

2021

0
0
0
0
2
4
22,40000000521,100

0
0
0
0
0
10
48,00000002
873,50000001325,200651
44,368
5,733
213

527
42,485
4,538
1,140

450
39,278
9,956
2,065

331
33,125
7,100
2,938

326
30,764
13,7561,870

13241,501433
5983
507,724607
40,657
381
1,045
1,008
492,784940
44,800
325
2,084
1,017
546,560

966
33,168
202
1,990
762
347,230

1,025
47,459
190
2,041
790
330,4392,857
339,143
158,765
21,004
119,2422,898
311,533
28,99948,800122,858

4,067
313,50769,46290,01087,1402,404
191,164
94,546
20,38564,417

1,814
170,697
120,155
70,23652,589Energy from fuel consumption has been included in data from 2018 onwards.
Operations of Ingensys was added upon acquisition by CBM in 2019.
CBM and Le Grove’s 2020 values were corrected to include fuel consumption for vehicles.
Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
Estimated numbers were used for Corporate Office water usage in 2018 and January to March 2019 due to the ongoing efforts of installing water meters in CDL Corporate Office, having relocated from City House to Republic Plaza. Water
consumption data from April 2019 was taken from installed water meters.
Since Corporate Office’s water use data is reported separately, the water use figures for Corporate Office have been separated from managed buildings to avoid double counting.
CDL INTEGRATED SUSTAINABILITY REPORT 2022

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Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
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Determined To Create A Fair, Safe
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Developing Sustainable
Communities

•
•
•
•

TCFD, CDSB & SASB Disclosures
Assurance Statements
GRI Content Index
Glossary

KEY PERFORMANCESUMMARY
Indicator
Subsidiaries7
CDLHT
Le Grove8
Tower Club
M&C
III. Waste Disposed
Corporate Office
Managed Buildings9
Construction Sites10
IV. Waste Recycled
Corporate Office
Managed Buildings9
Construction Sites
V. GHG Emissions11
Corporate Office
Scope 1
Scope 2
Scope 3
Managed Buildings
Scope 1
Scope 2
Scope 3
Construction Sites
Scope 1
Scope 2
Scope 3
VI. Total Suspended Solids12
7
8
9
10
11

Unit of Measurement

2017

2018

2019

2020

2021

493,0287,235
4,582,223

514,207
11,638
7,692
4,445,746

353,20231,2298,860
4,441,932

239,622
19,002
5,685
2,888,659

299,647
19,7285,268
3,004,369

tonnestonnestonnes

17
4,425
3,796

17
4,220
1,345

15
3,929
3,031

7
2,930
3,878

3
3,121
6,914

tonnestonnestonnes

n/a
730
1,350

n/a
693
1,180

3
739
5,160

2
567
2,808

3
551
4,546

tonnes CO2e
tonnes CO2e
tonnes CO2e

31
224
492

22
0
410

19
0
459

6
0
155

4
0
79

tonnes CO2e
tonnes CO2e
tonnes CO2e599
18,682
3,614

1,524
17,4883,112

383
15,7152,973

1,449
12,405
2,330

2,642
11,906
2,043

tonnes CO2e
tonnes CO2e
tonnes CO2e
mg/litre

0
0
2,147
5,370

0
0
1,277
112

0
0
2,780
45

0
0
2,405
49

0
0
4,076
40

3

m
3
m
3
m
3
m

CBM and CSO are tenants within a building and water provided by their landlords is not metered separately.
Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
Since corporate office waste data is reported separately, the waste figures for corporate office have been separated from managed buildings to avoid duplication.
A more accurate value of waste disposed for Piermont Grand was obtained. Hence, the values in 2019 and 2020 were adjusted to reflect the new total.
Scope 2 GHG emissions reflected from 2018 onwards are reported using a market-based method to account for the procured energy attribute certificates. Carbon emissions arising from the construction activity carried out by builders are under
Scope 3 carbon emissions to align with sector classification of GRI Business Activity Group Descriptions as recommended by the SBTi.
12 Figures show the highest recorded total suspended solids (TSS) recorded across active construction sites for the reporting year.
130

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KEY PERFORMANCESUMMARY
Indicator
Health and Safety
I. Fatalities
II. Occupational Diseases
III. Lost-Time Injury Frequency Rate12
Corporate Office
Managed Buildings
Construction Sites
IV. Injury Rate14
Corporate Office
Managed Buildings
Construction Sites

Unit of Measurement

2017

2018

2019

2020

2021

0
0

0
0

0
0

0
0

0
0

Number of workplace
accidents per million
manhours worked

2.4
1.1
0.13

1.3
0.9
0.4

1.3
2.9
0.3

1.3
2.613
0.4

0
6.8
0.9

WIR: Number of fatal andnon-fatal workplace injuries
per 100,000 persons
employed

505

250

311

255

Major IR: Number ofmajor workplace injuries
per 100,000 persons
employed

33

117

Major IR: 0
Minor IR: 253
Major IR: 0
Minor IR: 713
Major IR: 0
Minor IR: 52

Major IR: 0
Minor IR: 243
Major IR: 0
Minor IR: 613
Major IR: 0
Minor IR: 135

Major IR: 0
Minor IR: 0
Major IR: 0
Minor IR: 604
Major IR: 47
Minor IR: 142

392
269
121
1
1
38
62
16.0
4.3

400
274
122
2
2
50
50
17.3
4.1

403
274
127
1
1
52
48
16.1
3.8

415
282
130
1
2
55
45
7.0
4.1

408
279
127
2
0
15
17
14.0
4.7

NumberNumberMinor IR: Number ofminor workplace injuries
per 100,000 persons
employed
Human Capital and Development
Total number of employees
Full-time female employees
Full-time male employees
Part-time female employees
Part-time male employees
Female HODs
Male HODs
Employee resignation rate
Employee involuntary turnover rate

NumberNumberNumberNumberNumber%%%%12 Lost-Time Injury Frequency Rate; CDL had previously reported Accident Frequency Rate (AFR) as defined by MOM.
13 This value has been revised in alignment with what was previously reported in ISR 2021 section, "Achieving A Fair, Safe and Inclusive Business Environment".
14 To provide more data granularity, from 2019, we reported Major and Minor Injury Rates (IR) instead of the previously reported Workplace Injury Rate (WIR).
131

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Glossary

KEY PERFORMANCESUMMARY
Indicator
Employee training

Social Impact
Employee participation rate
Employee volunteer manhours
Financial
RevenueTax paid
Staff costs
Profit/(Loss) before tax
Profit for the year attributable to owners of theCompany (PATMI)
Return on equity
Net asset value per share
Basic earnings per share
Ordinary dividend per share– Final– Special interim– Special final– Distribution in specie of units in
CDL Hospitality Trusts
Cash and bank balances (including restricted deposits)
Net borrowings
Net gearing ratio17
Net gearing ratio if fair value gains on investment
properties are taken into consideration
Interest cover ratio
15
16
17
18
19
132

Unit of Measurement
Average days per
employee per year
(rounded up)

2017
4

2018
4

2019
4

2020
6

2021
5

%
Hours

90
3,140

94
2,899

88
2,277

28
322

29
352

$
$

3,829 m162 m

4,223 m211 m3,429 m244 m

2,108 m76 m

2,626 m
100 m

$
$
$

831 m
763 m
522 m

850 m
876 m
557 m

887 m
754 m
565 m

517 m
(1,791) m(1,917) m

542 m
228 m
98 m

%
$
$

5.6
10.33
56.0 cents

5.6
11.07
59.9 cents

5.4
11.60
60.8 cents(22.5)
9.38(212.8) cents

1.2
9.28
9.3 cents$$$$

8.0 cents
4.0 cents
6.0 cents-

8.0 cents
6.0 cents
6.0 cents-

8.0 cents
6.0 cents
6.0 cents-

8.0 cents
4.0 cents-

8.0 cents15
3.0 cents
1.0 cent15
19.1 cents16

$
$
%
%

3,990 m
1,047 m9
72,512 m
3,830 m31
23

3,084 m
6,851 m61
43

3,237 m
8,589 m
93
62

2,191
9,231 m
99
61

13.5

14.9

14.0

3.418

3.019

Times

Final and special final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2021 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
Illustrative valuation based on CDLHT unit price of $1.20.
Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses.
Exclude non-cash impairment losses on investment properties and property, plant and equipment, and net loss from Sincere Property Group.
Exclude non-cash reversal of impairment losses on investment properties and property, plant and equipment, net loss from Sincere Group, and negative goodwill on acquisition of subsidiaries.
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BREAKDOWN OFENVIRONMENTAL PERFORMANCE IN 2021
GHG Emissions Performance from CDL’s Construction Sites
Project Size
GFA >80,000m2
GFA <80,000m2

Site Bid Price($mil)
509
2,955

Number of Projects
1
6

Manhours
Worked (hr)2,434,279
5,170,491

GHG Emissions(tCO2e)
1,548
2,528

GHG Intensity(kgCO2e/$mil/year)
3,039
855

GHG Intensity(kgCO2e/hr/year)
0.64
0.49

GHG Emissions Performance from CDL’s Managed Buildings

Type of Building
OfficeRetailIndustrial
Total

Number of
Buildings
8
2
3
13

Scope 1

Floor Area(m2)
165,198
45,32136,333
246,852

1,522
1,120
0
2,642

GHG Emissions (tCO2e)
Scope 2
Scope 3
Location-based Market-based
7,940
7,332
1,290
4,465
4,465
733
108
108
20
12,513
11,906
2,043

Total
Location-based Market-based
10,752
10,145
6,318
6,318
129
129
17,198
16,591

GHG Intensity(kgCO2e/m2/year)
Location-based Market-based
65.08
61.41
139.41139.41
3.54
3.54
69.67
67.21

Energy and Water Performance from CDL’s Managed Buildings
EnergyEnergy Intensity(kWh/m2/year)

Potable Water
Consumption
Water Intensity(m3)(m3/m2/year)

NEWater
Consumption
Water Intensity(m3)(m3/m2/year)

Number of
Buildings

Floor Area(m2)

Consumption(kWh)

Office8

165,198

19,473,242

117.8873,1440.44

52,5890.32

Retail2

45,321

11,025,811

243.2889,279

1.97

0

0.00

Industrial

3

36,333

265,232

7.30

8,275

0.23

0

0.00

Total

13

246,852

30,764,284

124.63

170,697

0.69

52,5890.21

Type of Building133

CDL INTEGRATED SUSTAINABILITY REPORT 2022

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ISO 14064 REASONABLE
ASSURANCE STATEMENTRELATING TO THE GHG REPORTPREPARED BY CITY DEVELOPMENTS
LIMITED FOR CALENDAR YEAR 2021
Terms of Engagement
This Assurance Statement has been prepared for City
Developments Limited.
LRQA Limited (Singapore Branch) (LRQA) was
commissioned by City Developments Limited (CDL) to assure
its GHG Emissions Inventory declared in the GHG Reportfor the calendar year 2021 (hereafter referred to as “theGHG report”) for its Singapore Operations.
The GHG Report relates to direct GHG emissions andenergy indirect GHG emissions and other indirect GHG
emissions arising from construction main contractors'
activities (fuel used in power generators and heavy
vehicles, purchased electricity, electricity upstream
emissions and transmission losses and water usage) for
property development operations, electricity upstream
emissions, distribution and transmission losses, local andinternational courier services, employee commute, overseas
business travel (excluding the influence of radiative forcing)and overseas hotel accommodations, water supply andwater treatment for corporate office and asset management
operations, summarised in Table 1 below.

Management Responsibility
CDL’s management was responsible for preparing the GHG
Report and for maintaining effective internal controls overthe data and information disclosed. LRQA’s responsibility
was to carry out an assurance engagement on the GHG
Report in accordance with our contract with CDL.

134

CDL INTEGRATED SUSTAINABILITY REPORT 2022

GRI 2-5–

Ultimately, the Report has been approved by, and remains
the responsibility of CDL.

LRQA’s Approach
Our verification has been conducted in accordance with
ISO 14064–3:2006, ‘Specification with guidance forvalidation and verification of greenhouse gas assertions’ toprovide reasonable assurance that GHG data as presented
in the GHG Report have been prepared in conformancewith ISO 14064–1:2006, ‘Specification with guidance atthe organizational level for quantification and reporting ofgreenhouse gas emissions and removals’.
To form our conclusions the assurance engagement wasundertaken as a sampling exercise and covered thefollowing activities:• conducted the site tour of the following “Corporate
Office”, “Commercial Buildings”, “Industrial Buildings”
and remote verification of the following “Property
Developments Sites” located at the following addresses:oCorporate office located at 9, Raffles Place,
Republic Plaza, #36-00, Singapore 048619.

oIndustrial Buildings:o–Tagore 23 Warehouse located at 23 Tagore
Lane, Singapore 787601,–

City Industrial Building located at 71, Tannery
Lane, Singapore 347807;

Commercial Buildings:oQuayside Isle located at 31 Ocean Way,
Sentosa Cove, Singapore 098375;

Property Development & Project Management Sites:–

Whistler Grand located at 105 West CoastVale, Singapore 126757,–

Piermont Grand / Sumang Walk EC located at
Punggol Way, Singapore 821314,–

Irwell Hill Residences located at 2 Irwell Hill,
Singapore 239588;• reviewed processes related to the control of GHG
emissions data and records;• reviewed the GHG Report for conformance with ISO
14046-1:2006;• interviewed key personnel responsible for the
management of GHG data and information and for the
preparation of the GHG report at the above facilities;• verified, on a sampling basis, the historical GHG
emissions data and records included in the GHG reportback to source for the calendar year 2021;• verified the emission factors used that included ‘average
operating margin for electricity grid’ factoring upstream
fugitive methane emissions, transmission & distribution
losses, purchase of renewable energy certificates, watersupply and water treatment, diesel, petrol, refrigerant
gases, business air travel (excluding the influence ofradiative forcing), overseas hotel accommodation andemployee commuting with the source reference andconfirmed its appropriateness.

–

Central Mall Office Tower located at No.1
Magazine Road, Singapore 059567,

Level of Assurance & Materiality–

City House located at 36 Robinson Road,
Singapore 068877,

The opinion expressed in this Assurance Statement has
been formed based on a reasonable level of assurance andat a materiality of 5%.

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ISO 14064 REASONABLE
ASSURANCE STATEMENTLRQA’s Opinion
Based on LRQA’s approach, the total direct GHG
emissions and energy indirect GHG emissions and otherindirect GHG emissions arising from construction main
contractors' activities (fuel used in power generators andheavy vehicles, purchased electricity, electricity upstream
emissions and transmission losses and water usage) for
property development operations, electricity upstream
emissions, distribution and transmission losses, local andinternational courier services, employee commute, overseas
business travel (excluding the influence of radiative forcing)and overseas hotel accommodations, water supply andwater treatment for corporate office and asset management
operations, as disclosed in the GHG report and assummarized in Table 1 below, are materially correct, andthat the GHG Report has been prepared in conformancewith ISO 14064-1:2006.

GRI 2-5

Table 1. Summary of CDL GHG Emissions Inventory / Report 2021
Scope of GHG emissions

Tonnes CO2e

Direct GHG emissions (Scope 1)
Energy indirect GHG emissions (Scope 2, Location-based)
Energy indirect GHG emissions (Scope 2, Market-based)
Other indirect GHG emissions (Scope 3)

2,645
12,64011,906
6,199[Other indirect emissions arising from construction main contractors' activities (fuelused in power generators and heavy vehicles, purchased electricity, electricity
upstream emissions and transmission losses and water usage) for property
development operations, electricity upstream emissions, distribution and transmission
losses, local and international courier services, employee commute, overseas
business travel (excluding the influence of radiative forcing) and overseas hotel
accommodations, water supply and water treatment for corporate office and asset
management operations]
Note 1:
Scope 2, Location-based and Scope 2, Market-based are defined in the GHG Protocol Scope 2 Guidance, 2015

Dated: 16 February 2022

Cindy Zhang
LRQA Lead Verifier LRQA Limited (Singapore Branch)
2 Science Park Drive, #02-05/06, Ascent,Singapore 118222
on behalf of LRQA Limited
1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES,
United Kingdom
LRQA reference number: SNG6034635

135

CDL INTEGRATED SUSTAINABILITY REPORT 2022

This Assurance Statement is subject to the provisions of thislegal section:

responsibility or liability is exclusively on the terms andconditions set out in that contract.

LRQA Group Limited, its affiliates and subsidiaries
and their respective officers, employees or agents are,individually and collectively, referred to in this clause as
LRQA. LRQA assumes no responsibility and shall not beliable to any person for any loss, damage or expensecaused by reliance on the information or advice in thisdocument or howsoever provided, unless that person has
signed a contract with the relevant LRQA entity for theprovision of this information or advice and in that case any

The English version of this Assurance Statement is the only
valid version. LRQA assumes no responsibility for versions
translated into other languages.
This Assurance Statement is only valid when publishedwith the GHG Report to which it refers. It may only be
reproduced in its entirety.
Copyright © LRQA, 2022.

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INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)

GRI 2-5

Independent Reasonable Assurance Statement in connection with the Subject Matter included in the 2022 Integrated Sustainability Report of City Developments Limited(‘CDL’)
In connection with our engagement letter dated 7 September 2020 and addendums dated March 2021, December 2021 and March 2022, we have been engaged by
CDL to perform a ‘reasonable assurance engagement,’ as defined by International Standards on Assurance Engagements, here after referred to as the engagement, toreport on CDL’s selected sustainability information as detailed below (the “Subject Matter”) contained in CDL’s Integrated Sustainability Report 2022 covering the period
from 1 January 2021 to 31 December 2021 (the “Report”).
The Subject Matter
GRI Standards Disclosures(A) Highly Critical Material Issues
Highly Critical Material Issues

Mapped GRI Standards Disclosures

1. Climate Resilience

GRI 305-4

Sub-indicators under "Shall" requirements (referenced as per GRI Standards)

GHG emissions intensity

a. GHG emissions intensity ratio for the organization.
b. Organization-specific metric (the denominator) chosen to calculate the ratio.
c. Types of GHG emissions included in the intensity ratio; whether direct (Scope 1), energy indirect(Scope 2), and/or other indirect (Scope 3).
d. Gases included in the calculation; whether CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, or all.

CRE 3

136

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Greenhouse gas emissions
intensity from buildings

2.7.

When compiling the information specified in Disclosure 305-4, the reporting organization shall:

2.7.1

Calculate the ratio by dividing the absolute GHG emissions (the numerator) by the organization-specific metric(the denominator);

2.7.2

If reporting an intensity ratio for other indirect (Scope 3) GHG emissions, report this intensity ratio separatelyfrom the intensity ratios for direct (Scope 1) and energy indirect (Scope 2) emissions.

2.1.

Identify the number and type of buildings, total annual greenhouse gas emissions (kilograms CO2 equivalent),
and corresponding floor area (in m2) or number of people using the building.

2.2.

Identify the method used to ensure that the annual kilograms CO2 equivalent and floor area (m2), or numbersof persons, are consistent and accurate, thereby taking account of different landlord and tenant metering
scenarios. In particular, where the reporting organization does not have all energy consumption andassociated greenhouse gas emissions data for a building

2.3.

Calculate, using data from 2.1: Greenhouse gas emissions intensity = Sum of annual kilograms CO2
equivalent / Sum of floor area (m2) or number of people

2.4.

Report greenhouse gas emissions intensity of buildings in use (on unadjusted basis), based on calculation in
2.3, by:- kg CO2e/m2/year; or- kg CO2e/person/year.

2.5.

Report the methodology used to calculate the greenhouse gas emissions intensity from buildings.

Dedicated To
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INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Highly Critical Material Issues

Mapped GRI Standards Disclosures

1. Climate Resilience

CRE 4

Greenhouse gas
emissions intensity fromnew construction andredevelopment activity

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
2.1.

Identify annual turnover (millions) and total annual greenhouse gas emissions (tonnes CO2 equivalent).

2.2.

Calculate, using data from 2.1: Greenhouse gas emissions intensity = Sum of annual kilograms CO2
equivalent (tonnes) / Annual turnover from the construction activities (millions)

2.3.

Report greenhouse gas emissions intensity of construction activities:- tonnes CO2e/monetary value (either by turnover or spend or value/year); and- other relevant greenhouse gas emissions intensity measures (e.g., per employee hour).

2.4.

Report how monetary value was identified.

2.5.
2. Energy Efficiency and Adoptionof Renewables

GRI 302-3

Energy intensity

Report the methodology used to calculate the greenhouse gas emissions intensity.
a. Energy intensity ratio for the organization.
b. Organization-specific metric (the denominator) chosen to calculate the ratio.
c. Types of energy included in the intensity ratio; whether fuel, electricity, heating, cooling, steam, or all.
d. Whether the ratio uses energy consumption within the organization, outside of it, or both.

GRI 302-4

2.5.

When compiling the information specified in Disclosure 302-3, the reporting organization shall:

2.5.1

Calculate the ratio by dividing the absolute energy consumption (the numerator) by the organization-specificmetric (the denominator);

2.5.2

If reporting an intensity ratio both for the energy consumed within the organization and outside of it, reportthese intensity ratios separately.

Reduction of energy
consumption

a. Amount of reductions in energy consumption achieved as a direct result of conservation and efficiency
initiatives, in joules or multiples.
b. Types of energy included in the reductions; whether fuel, electricity, heating, cooling, steam, or all.
c. Basis for calculating reductions in energy consumption, such as base year or baseline, including therationale for choosing it.
d. Standards, methodologies, assumptions, and/or calculation tools used.

GRI 302-5

Reductions in energy
requirements of products
and services

2.7.

When compiling the information specified in Disclosure 302-4, the reporting organization shall:

2.7.1

Exclude reductions resulting from reduced production capacity or outsourcing;

2.7.2

Describe whether energy reduction is estimated, modelled, or sourced from direct measurements. If estimation
or modelling is used, the organization shall disclose the methods used.
a. Reductions in energy requirements of sold products and services achieved during the reporting period, injoules or multiples.
b. Basis for calculating reductions in energy consumption, such as base year or baseline, including therationale for choosing it.
c. Standards, methodologies, assumptions, and/or calculation tools used.

137

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Decarbonising
Towards Net Zero

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& Inclusive Business Environment

Developing Sustainable
Communities

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Highly Critical Material Issues

Mapped GRI Standards Disclosures

2. Energy Efficiency and
Adoption of Renewables

CRE 1

3. Innovation

4. Stakeholder Impact andPartnerships

CRE 8

GRI 201-1

Building Energy Intensity

Type and number ofsustainability certification,
rating and labeling schemes
for new construction,
management, occupation
and redevelopment

Direct economic value
generated and distributed

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
2.1.

Identify the number and type of buildings, total annual energy consumption (in kWh) and corresponding floorarea (in m2), or number of persons using or visiting the buildings.

2.2.

Identify the method used to ensure that annual energy consumption and floor area, or numbers of persons,are consistent and accurate, thereby taking account of different landlord and tenant metering scenarios. In
particular, where the reporting organization does not have all energy consumption data for a building, it isimportant to ensure that the result of the calculation of energy intensity by building is consistent and accurate,
for example by:excluding such properties from the aggregation;
defining the floor area to cover only the building area serviced by known energy consumption;or revising the overall consumption data to take account of unknown data.

2.3.

Calculate, using data from 2.1: Building energy intensity = sum of annual kWh energy consumption / sum offloor area (m2) or number of people

2.4.

Report energy intensity of buildings in use (on unadjusted basis), based on calculation in 2.3:
kWh/m2/year; or
kWh/person/year.
Energy intensity should be reported by meaningful segmentation, for example by building type, geographic
location, portfolio and fund. Separately, adjustments consistent with a recognized methodology can also be
applied to any of the following factors:
hours of operation or working days per week;
vacancy;occupant density;
heating and cooling (weather correction); or
special uses.

2.5.

Report the methodology used to calculate the energy intensity of the building in use and any adjustments.

2.1.

Report the type and number of mandatory and voluntary sustainability certification, rating or labeling schemes
in at least one of the following ways:
Total number of assets that have achieved a certification, rating or labeling within a portfolio (buildings
and construction projects), and level of certification attained; orPercentage of assets certifications, ratings or labels achieved within a portfolio.

2.2.

Report building operational performance improvements that result from the introduction of the certification,
rating or labeling schemes compared to the design specification using any of the criteria of the certification,
rating or labeling schemes.
a. Direct economic value generated and distributed (EVG&D) on an accruals basis, including the basic
components for the organization’s global operations as listed below. If data are presented on a cash
basis, report the justification for this decision in addition to reporting the following basic components:i.

138

CDL INTEGRATED SUSTAINABILITY REPORT 2022

• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

Economic value distributed: operating costs, employee wages and benefits, payments to providers ofcapital, payments to government by country, and community investments.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Highly Critical Material Issues

Mapped GRI Standards Disclosures

4. Stakeholder Impact andPartnerships

Non GRINA

5. Product Quality and Responsibility

GRI 2-29*limiting the scope to“results of customer
satisfaction surveys”

Approach to stakeholder
engagement

GRI 416-2

Incidents of non-complianceconcerning the health andsafety impacts of products
and services

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
Number of volunteer hours by employees.
a. describe its approach to engaging with stakeholders, including:i.

the categories of stakeholders it engages with, and how they are identified;ii. the purpose of the stakeholder engagement;
iii. how the organization seeks to ensure meaningful engagement with stakeholders.
a. Total number of incidents of non-compliance with regulations and/or voluntary codes concerning thehealth and safety impacts of products and services within the reporting period, by:i.

Incidents of non-compliance with regulations resulting in a fine or penalty;

ii. Incidents of non-compliance with regulations resulting in a warning;iii. iii. Incidents of non-compliance with voluntary codes.
b. If the organization has not identified any non-compliance with regulations and/or voluntary codes, a brief
statement of this fact is sufficient.
2.1.

When compiling the information specified in Disclosure 416-2, the reporting organization shall:

2.1.1

exclude incidents of non-compliance in which the organization was determined not to be at fault;

2.1.2

exclude incidents of non-compliance related to labeling. Incidents related to labeling are reported inDisclosure 417-2 of GRI 417: Marketing and Labeling;

2.1.3

if applicable, identify any incidents of non-compliance that relate to events in periods prior to the reporting
period.

(B) Critical Material Issues
Critical Material Issues

Mapped GRI Standards Disclosures

6. Economic Contribution to Society

GRI 201-1

Direct economic value
generated and distributed

Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. Direct economic value generated and distributed (EVG&D) on an accruals basis, including the basic
components for the organization’s global operations as listed below. If data are presented on a cash
basis, report the justification for this decision in addition to reporting the following basic components:b. Economic value distributed: operating costs, employee wages and benefits, payments to providers ofcapital, payments to government by country, and community investments;

7. Occupational Health, Safety and
Well-being139

GRI 403-4

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Worker participation,
consultation, andcommunication on
occupational health andsafetya. A description of the processes for worker participation and consultation in the development,
implementation, and evaluation of the occupational health and safety management system, and forproviding access to and communicating relevant information on occupational health and safety to workers.
b. Where formal joint management–worker health and safety committees exist, a description of their
responsibilities, meeting frequency, decision-making authority, and whether and, if so, why any workers
are not represented by these committees.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Critical Material Issues

Mapped GRI Standards Disclosures

7. Occupational Health, Safety and
Well-being

GRI 403-8

Workers covered by an
occupational health andsafety management system

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. If the organization has implemented an occupational health and safety management system based on
legal requirements and/or recognized standards/guidelines:i.

the number and percentage of all employees and workers who are not employees but whose work
and/or workplace is controlled by the organization, who are covered by such a system;ii. the number and percentage of all employees and workers who are not employees but whose work
and/or workplace is controlled by the organization, who are covered by such a system that has beeninternally audited;b. Whether and, if so, why any workers have been excluded from this disclosure, including the types ofworker excluded.
c. Any contextual information necessary to understand how the data have been compiled, such as any
standards, methodologies, and assumptions used.
GRI 403-9

Work-related injuries

a. For all employees:i.

The number and rate of fatalities as a result of work-related injury;

ii. The number and rate of high-consequence work-related injuries (excluding fatalities);
iii. The number and rate of recordable work-related injuries;
iv. The main types of work-related injury;v.

The number of hours worked.

b. For all workers who are not employees but whose work and/or workplace is controlled by theorganization:i.

The number and rate of fatalities as a result of work-related injury;

ii. The number and rate of high-consequence work-related injuries (excluding fatalities);
iii. The number and rate of recordable work-related injuries;
iv. The main types of work-related injury;v.

The number of hours worked.

c. The work-related hazards that pose a risk of high-consequence injury, including:i.

how these hazards have been determined;

ii. which of these hazards have caused or contributed to high-consequence injuries during the reporting
period;iii. actions taken or underway to eliminate these hazards and minimize risks using the hierarchy of controls.
d. Any actions taken or underway to eliminate other work-related hazards and minimize risks using thehierarchy of controls.
e. Whether the rates have been calculated based on 200,000 or 1,000,000 hours worked.
f.

Whether and, if so, why any workers have been excluded from this disclosure, including the types ofworker excluded.

g. Any contextual information necessary to understand how the data have been compiled, such as any
standards, methodologies, and assumptions used.
140

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Critical Material Issues

Mapped GRI Standards Disclosures

7. Occupational Health, Safety and
Well-being

GRI 403-9

Work-related injuries

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
2.1.

When compiling the information specified in Disclosure 403-9, the reporting organization shall:

2.1.1. exclude fatalities in the calculation of the number and rate of high-consequence work-related injuries;
2.1.2. include fatalities as a result of work-related injury in the calculation of the number and rate of recordable workrelated injuries;
2.1.3. include injuries as a result of commuting incidents only where the transport has been organized by theorganization;
2.1.4. calculate the rates based on either 200,000 or 1,000,000 hours worked, using the following formulas:
Rate of fatalities as a result of work-related injury = Number of fatalities as a result of work-related injury /Number of hours worked x [200,000 or 1,000,000]
Rate of high-consequence work-related injuries (excluding fatalities) = Number of high-consequence workrelated injuries (excluding fatalities) / Number of hours worked x [200,000 or 1,000,000]
Rate of recordable work-related injuries = Number of recordable work-related injuries / Number of hours
worked x [200,000 or 1,000,000]

8. Water and Waste Management

GRI 303-3

Water withdrawal

a. Total water withdrawal from all areas in megaliters, and a breakdown of this total by the following
sources, if applicable:i.

Surface water;

ii. Groundwater;iii. Seawater;
iv. Produced water;v.

Third-party water.

b. Total water withdrawal from all areas with water stress in megaliters, and a breakdown of this total by thefollowing sources, if applicable:i.

Surface water;

ii. Groundwater;iii. Seawater;
iv. Produced water;v.

Third-party water, and a breakdown of this total by the withdrawal sources listed in i-iv.

c. A breakdown of total water withdrawal from each of the sources listed in Disclosures 303-3-a and 303-3b in megaliters by the following categories:i.

Freshwater (≤1,000 mg/L Total Dissolved Solids);

ii. Other water (>1,000 mg/L Total Dissolved Solids).
d. Any contextual information necessary to understand how the data have been compiled, such as any
standards, methodologies, and assumptions used.
2.1.

141

CDL INTEGRATED SUSTAINABILITY REPORT 2022

When compiling the information specified in Disclosure 303-3, the reporting organization shall use publicly
available and credible tools and methodologies for assessing water stress in an area.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Critical Material Issues

Mapped GRI Standards Disclosures

8. Water and Waste Management

CRE 2

Building water intensity

GRI 306-3

Waste generated

GRI 306-4

Waste diverted from
disposal

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
2.1.

Identify the number and type of buildings, total annual water consumption (in liters or m3) and corresponding
floor area (in m2), or number of persons using or visiting the buildings.

2.2.

Identify the method used to ensure that annual liters or m3 of water consumption and floor area (m2), or
number of persons, are consistent and accurate, thereby taking account of different landlord and tenant
metering scenarios.

2.3.

Calculate, using data from 2.1: Building water intensity = Sum of annual litres or m3 water consumption) /Sum of floor area (m2) or number of persons

2.4.

Report water intensity of buildings in use (on unadjusted basis), based on calculation in 2.3, by:liters/person/year; or
m3/m2/year.

2.5.

Report the methodology used to calculate the water intensity of the building in use and adjusted intensity
indicator.
a. Total weight of waste generated in metric tons, and a breakdown of this total by composition of the waste.
b. Contextual information necessary to understand the data and how the data has been compiled.
a. Total weight of waste diverted from disposal in metric tons, and a breakdown of this total by compositionof the waste.
b. Total weight of hazardous waste diverted from disposal in metric tons, and a breakdown of this total by
the following recovery operations:i.

Preparation for reuseii. Recyclingiii. Other recovery operations
c. Total weight of non-hazardous waste diverted from disposal in metric tons, and a breakdown of this total
by the following recovery operations:i.

Preparation for reuseii. Recyclingiii

Other recovery operations

d. For each recovery operation listed in Disclosures 306-4-b and 306-4-c, a breakdown of the total weight inmetric tons of hazardous waste and of non-hazardous waste diverted from disposal:i.

onsiteii. offsite
e. Contextual information necessary to understand the data and how the data has been compiled.

142

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Critical Material Issues

Mapped GRI Standards Disclosures

8. Water and Waste Management

GRI 306-5

Waste directed to disposal

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. Total weight of waste directed to disposal in metric tons, and a breakdown of this total by composition of
the waste.
b. Total weight of hazardous waste directed to disposal in metric tons, and a breakdown of this total by thefollowing disposal operations:i.

Incineration (with energy recovery)ii. Incineration (without energy recovery)iii. Landfilling
iv. Other disposal operations
c. Total weight of non-hazardous waste directed to disposal in metric tons, and a breakdown of this total by
the following disposal operations:i.

Incineration (with energy recovery)ii. Incineration (without energy recovery)iii. Landfilling
iv. Other disposal operations
d. For each disposal operation listed in Disclosures 306-5-b and 306-5-c, a breakdown of the total weight inmetric tons of hazardous waste and of non-hazardous waste directed to disposal:i. onsiteii. offsite
e. Contextual information necessary to understand the data and how the data has been compiled.
9. Ethical and Transparent Business

GRI 205-2

Communication and training
about anti-corruption policies
and procedures

a. Total number and percentage of governance body members that the organization’s anti-corruption policies
and procedures have been communicated to, broken down by region.
b. Total number and percentage of employees that the organization’s anti-corruption policies and procedures
have been communicated to, broken down by employee category and region.
c. Total number and percentage of business partners that the organization’s anti-corruption policies andprocedures have been communicated to, broken down by type of business partner and region. Describe if
the organization’s anti-corruption policies and procedures have been communicated to any other persons
or organizations.
d. Total number and percentage of governance body members that have received training on anti-corruption,broken down by region.
e. Total number and percentage of employees that have received training on anti-corruption, broken downby employee category and region.

143

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Critical Material Issues

Mapped GRI Standards Disclosures

9. Ethical and Transparent Business

GRI 205-3

Confirmed incidents ofcorruption and actions taken

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. Total number and nature of confirmed incidents of corruption through the defined whistle blowing channels
b. Public legal cases regarding corruption brought against the organization or its employees during thereporting period and the outcomes of such cases.
c. Total number of confirmed incidents when contracts with business partners were terminated or not
renewed due to violations related to corruption.
d. Public legal cases regarding corruption brought against the organization or its employees during thereporting period and the outcomes of such cases.

GRI 2-27*limiting the scope to
non-compliance withenvironmental laws
and regulations only”

Compliance with laws andregulations
Limited to only environmental

a. Report the total number of significant instances of non-compliance with laws and regulations during thereporting periods, and a breakdown of this total by:i.

Instances for which fines were incurred;

ii. Instances for which non-monetary sanctions were incurred;b. Report the total number and the monetary value of fines for instances of non-compliance with laws andregulations that were paid during the reporting period, and a breakdown of this total by:i.

Fines for instances of non-compliance with laws and regulations that occurred in the current reporting
period;ii. Fines for instances of non-compliance with laws and regulations that occurred in previous reporting
periods;c. Describe the significant instances of non-compliance;d. Describe how it has determined significant instances of non-compliance.

(C) Moderate Material Issues
Moderate Material Issues

Mapped GRI Standards Disclosures

10. Healthy Buildings

GRI 416-1

Assessment of the health andsafety impacts of productand service categories

Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. Percentage of significant product and service categories for which health and safety impacts are assessed
for improvement.

11. Diversity and Inclusion

GRI 405-1

Diversity of governancebodies and employees

a. Percentage of individuals within the organization’s governance bodies in each of the following diversity
categories:i.

Gender;ii. Age group: under 30 years old, 30-50 years old, over 50 years old;iii. Other indicators of diversity where relevant (such as minority or vulnerable groups).
b. Percentage of employees per employee category in each of the following diversity categories:i.

Gender;ii. Age group: under 30 years old, 30-50 years old, over 50 years old;iii. Other indicators of diversity where relevant (such as minority or vulnerable groups).

144

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)

GRI 2-5Moderate Material Issues

Mapped GRI Standards Disclosures

12. Responsible Supply Chain

GRI 308-1

New suppliers thatwere screened using
environmental criteriaa. Percentage of new suppliers that were screened using environmental criteria.

GRI 414-1

New suppliers that werescreened using social criteriab. Percentage of new suppliers that were screened using social criteria.

GRI 418-1

Substantiated complaints
concerning breaches ofcustomer privacy and lossesof customer dataa. Total number of substantiated complaints received concerning breaches of customer privacy, categorized by:

13. Cyber-readiness, security anddata privacy

Sub-indicators under "Shall" requirements (referenced as per GRI Standards)i.

Complaints received from outside parties and substantiated by the organization;

ii. Complaints from regulatory bodies.
b. Total number of identified leaks, thefts, or losses of customer data.
c. If the organization has not identified any substantiated complaints, a brief statement of this fact is sufficient.
2.1.

14. Future-ready Workforce

When compiling the information specified in Disclosure 418-1, the reporting organization shall indicate if asubstantial number of these breaches relate to events in preceding years.

Average hours of training
per year per employee

a. Average hours of training that the organization’s employees have undertaken during the reporting period, by:

GRI 401-1

New employee hires andemployee turnovera. Total number and rate of new employee hires during the reporting period, by age group, gender and region.

GRI 406-1

Incidents of discriminationand corrective actions takena. Total number of incidents of discrimination during the reporting period.

GRI 404-1

i.

Gender

ii. Employee category
15. Human Rights and Labour
Conditions

b. Total number and rate of employee turnover during the reporting period, by age group, gender and region.
b. Status of the incidents and actions taken with reference to the following:i.

Incident reviewed by the organization;

ii. Remediation plans being implemented;
iii. Remediation plans that have been implemented, with results reviewed through routine internalmanagement review processes;
iv. Incident no longer subject to action.
2.1.

GRI 409-1

Operations and suppliers at
significant risk for incidents
of forced or compulsory
labor

When compiling the information specified in Disclosure 406-1, the reporting organization shall include
incidents of discrimination on grounds of race, color, sex, religion, political opinion, national extraction, or
social origin as defined by the ILO, or other relevant forms of discrimination involving internal and/or external
stakeholders across operations in the reporting period.
a. Operations and suppliers considered to have significant risk for incidents of forced or compulsory labor
either in terms of:i.

Type of operation (such as manufacturing plant) and supplier;ii. Countries or geographic areas with operations and suppliers considered at risk.
b. Measures taken by the organization in the reporting period intended to contribute to the elimination of all
forms of forced or compulsory labor.

145

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Moderate Material Issues

Mapped GRI Standards Disclosures

16. Biodiversity Conservation

GRI 304-1

Operational sites owned,
leased, managed in, or
adjacent to, protectedareas and areas of highbiodiversity value outside
protected areas

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. For each operational site owned, leased, managed in, or adjacent to, protected areas and areas of highbiodiversity value outside protected areas, the following information:i.

Geographic location;ii. Subsurface and underground land that may be owned, leased, or managed by the organization;iii. Position in relation to the protected area (in the area, adjacent to, or containing portions of theprotected area) or the high biodiversity value area outside protected areas;
iv. Type of operation (office, manufacturing or production, or extractive);v.

Size of operational site in km2 (or another unit, if appropriate);vi. Biodiversity value characterized by the attribute of the protected area or area of high biodiversity
value outside the protected area (terrestrial, freshwater, or maritime ecosystem)vii. Biodiversity value characterized by listing of protected status (such as IUCN Protected Area
Management Categories, Ramsar Convention, national legislation).
viii. Biodiversity value characterized by the attribute of the protected area or area of high biodiversity
value outside the protected area (terrestrial, freshwater, or maritime ecosystem);ix. Biodiversity value characterized by listing of protected status (such as IUCN Protected Area
Management Categories, Ramsar Convention, national legislation).
GRI 304-2

Significant impacts ofactivities, products, andservices on biodiversity

a. Nature of significant direct and indirect impacts on biodiversity with reference to one or more of thefollowing:i.

Construction or use of manufacturing plants, mines, and transport infrastructure;ii. Pollution (introduction of substances that do not naturally occur in the habitat from point and non-point
sources);iii. Introduction of invasive species, pests, and pathogens;iv. Reduction of species;v.

Habitat conversion;

vi. Changes in ecological processes outside the natural range of variation (such as salinity or changes ingroundwater level).
b. Significant direct and indirect positive and negative impacts with reference to the following:i.

Species affected;

ii. Extent of areas impacted;
iii. Duration of impacts;
iv. Reversibility or irreversibility of the impacts.

146

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Moderate Material Issues

Mapped GRI Standards Disclosures

16. Biodiversity Conservation

GRI 304-4

IUCN Red List species andnational conservation list
species with habitats inareas affected by operations

GRI 2-5Sub-indicators under "Shall" requirements (referenced as per GRI Standards)
a. Total number of IUCN Red List species and national conservation list species with habitats in areas
affected by the operations of the organization, by level of extinction risk:i.

Critically endangered

ii. Endangerediii. Vulnerable
iv. Near threatenedv.

Least concern

SASB Real Estate Industry Standard
Topic

SASB Accounting Metric

Energy Management

Energy consumption data coverage as a percentage of total floor area, by property subsector(1) Total energy consumed by portfolio area with data coverage, (2) percentage grid electricity, and (3) percentage renewable, by property subsector
Like-for-like percentage change in energy consumption for the portfolio area with data coverage, by property subsector
Percentage of eligible portfolio (1) has an energy rating and (2) is certified to ENERGY STAR, by property subsector
Description of how building energy management considerations are integrated into property investment analysis and operational strategy

Water Management

Water withdrawal data coverage as a percentage of (1) total floor area and (2) floor area in regions with High or Extremely High Baseline Water Stress, by property
subsector(1) Total water withdrawn by portfolio area with data coverage and (2) percentage in regions with High or Extremely High Baseline Water Stress, by property subsector
Like-for-like percentage change in water withdrawn for portfolio area with data coverage, by property subsector
Description of water management risks and discussion of strategies and practices to mitigate those risks

Management of Tenant
Sustainability Impacts(1) Percentage of new leases that contain a cost recovery clause for resource efficiency-related capital improvements and (2) associated leased floor area, by property
subsector
Percentage of tenants that are separately metered or sub-metered for (1) grid electricity consumption and (2) water withdrawals, by property subsector
Discussion of approach to measuring, incentivising, and improving sustainability impacts of tenants

Climate Change Adaptation

Area of properties located in 100-year flood zones, by property subsector
Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risks*

147

The above subject matters only cover operations wholly owned and directly managed by CDL’s Singapore headquarters, excluding subsidiaries.

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
Criteria applied by CDL
In preparing the report, CDL applied the GRI Sustainability
Reporting Standards (‘GRI Standards’), SASB Real Estate
Industry Standard (‘Criteria’). Such Criteria were specificallydesigned for sustainability performance; as a result, thesubject matter may not be suitable for another purpose.

Management’s and Board of Directors’ responsibility
Management is responsible for selecting Criteria, andfor presenting the Subject Matter in accordance with that
Criteria, in all material respects. This responsibility includes
establishing and maintaining internal controls, maintaining
adequate records and making estimates that are relevantto the preparation of the subject matter, such that it is freefrom material misstatement, whether due to fraud or error.
The Board has ultimate responsibility for the company’ssustainability reporting. For the purpose of the 2022
Integrated Sustainability Report, there are no legallyprescribed requirements relating to the verification ofsustainability reports.

Auditor’s responsibility
Our responsibility is to express a conclusion on thepresentation of the Subject Matter based on the evidence
we have obtained.

148

CDL INTEGRATED SUSTAINABILITY REPORT 2022

We conducted our engagement in accordance with theInternational Standard for Assurance Engagements Other
Than Audits or Reviews of Historical Financial Information(‘ISAE 3000’) and the terms of reference for this engagement
as agreed with CDL on 7 September 2020 and addendums
dated March 2021, December 2021 and March 2022.
Those standards require that we plan and perform ourengagement to obtain reasonable assurance about whether,in all material respects, the Subject Matter is presented inaccordance with the Criteria, and to issue a report. The
nature, timing, and extent of the procedures selected depend
on our judgment, including an assessment of the risk ofmaterial misstatement, whether due to fraud or error.
We believe that the evidence obtained is sufficientand appropriate to provide a basis for our reasonableassurance conclusions.
Our review was limited to the information on the selectindicators set out within the Report from 01 January 2021
to 31 December 2021 and our responsibility does notinclude:• Any work in respect of sustainability information
published elsewhere in CDL’s annual report, website
and other publications,• Sustainability information prior to 01 January 2021
and subsequent to 31 December 2021, and• Management’s forward looking statements such as
targets, plans and intentions.

GRI 2-5

Auditor’s Independence and Quality Control
We have complied with the independence and otherethical requirements of the Accounting and Corporate
Regulatory Authority (ACRA) Code of Professional Conduct
and Ethics for Public Accountants and Accounting Entities(ACRA Code), which is founded on fundamental principles
of integrity, objectivity, professional competence and due
care, confidentiality and professional behaviour.
Our firm applies Singapore Standards on Quality Control
1 of the Institute of Singapore Chartered Accountants and,accordingly, maintains a comprehensive system of quality
control including documented policies and procedures
regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
We have the required competencies and experience toconduct this assurance engagement. Our professionals
have experience in both assurance skills and in theapplicable subject matter including environmental, socialand financial aspects.

Description of procedures performed
A reasonable assurance engagement consists of making
enquiries and applying analytical, controls testing, andother evidence-gathering procedures sufficient for us toobtain a meaningful level of assurance as the basis forproviding a positive form of conclusion.

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT REASONABLE
ASSURANCE STATEMENT (GRI, SASB)
While we considered the effectiveness of the Management’s
internal controls when determining the nature and extent
of our procedures, our assurance engagement was notdesigned to provide assurance on internal controls. Our
procedures did not include testing controls or performing
procedures relating to checking aggregation or calculationof data within IT systems.

3. Interviewing employees and management (Sustainability
committee, human resources, property & facilities
management, environment health & safety, internal
audit, enterprise risk management, projects) tounderstand key sustainability issues related to the selectindicators and processes for the collection and accurate
reporting of performance information

Our procedures performed included, but were not limited to:

4. Obtaining documentation through sampling methods toverify assumptions, estimations and computations madeby management in relation to the concerned subject
matters in the Report

1. Inquiring CDL’s Sustainability team toa. Understand principal business operations,b. Appreciate key sustainability issues anddevelopments,c. Map out information flow for sustainability reporting
and the controls on information collation,
d. Identify data providers with their responsibilities, ande. Recognise the likelihood of possible manipulation ofsustainability data.
2. Conducting process walk-through of systems andprocesses for data aggregation and reporting, with
relevant personnel to understand the quality of checks
and control mechanisms, assessing and testing thecontrols in relation to the concerned subject matters in
the Report149

CDL INTEGRATED SUSTAINABILITY REPORT 2022

5. Checking that data and statements had been correctlytranscribed from corporate systems and / or supporting
evidence, into the Report
6. Obtaining various certifications, audit reports andfinancial statement report in relation to the concerned
subject matters in the Report

GRI 2-5

Observations and areas for improvement
Our observations and areas for improvement will beraised in an internal report to CDL’s Management. Theseobservations do not affect our conclusions on the Report set
out below.

Conclusion
In our opinion, the Subject Matter as of 30 March 2022
for the year ended 31 December 2021 is presented, in allmaterial respects in accordance with the Criteria.

Restricted use
This report is intended solely for the information anduse of the Management of CDL and is not intended to
be and should not be used by anyone other than thosespecified parties.

7. Seeking management representations on key assertions
We also performed such other procedures as we
considered necessary in the circumstances.
Ernst & Young LLP
Signed for Ernst & Young LLP by
Simon Yeo
Partner, Climate Change and Sustainability Services
Singapore
30 March 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

INDEPENDENT LIMITEDASSURANCE STATEMENT (CDSB, TCFD)

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI 2-5

Independent Limited Assurance Statement in connection with the Subject Matter included in the 2022 Integrated Sustainability Report of City Developments Limited (‘CDL’)
In connection with our engagement letter dated 7 September 2020 and addendums dated March 2021, December 2021 and March 2022, we have been engaged by CDL
to perform a ‘limited assurance engagement’, as defined by International Standards on Assurance Engagements, here after referred to as the engagement, to report on CDL’s
selected sustainability information as detailed below (the “Subject Matter”) contained in CDL’s Integrated Sustainability Report 2022 covering the period from
01 January 2021 to 31 December 2021 (the “Report”).

The Subject matter
Climate Disclosure Standards Board
Principles
P2
P3
P4
P5
P6
P7

Elaboration
Disclosures shall be faithfully represented
Disclosures shall be connected with other information in the mainstream report
Disclosures shall be consistent and comparable
Disclosures shall be clear and understandable
Disclosures shall be verifiable
Disclosures shall be forward looking

Requirements

Disclosures under “shall” requirements

Disclosures shall describe the governance of environmental policies, strategy and information.
Disclosures shall report management’s environmental policies, strategy and targets, including the indicators, plans and timelines used to assess
performance.
Disclosures shall explain the material current and anticipated environmental risks and opportunities affecting the organisation.
Quantitative and qualitative results, together with the methodologies used to prepare them, shall be reported to reflect material sources of
REQ-04 Sources of environmental impacts
environmental impact.
REQ-05 Performance and comparative
Disclosures shall include an analysis of the information disclosed in REQ-04 compared with any performance targets set and with results reported inanalysis
previous periods.
REQ-06 Outlook
Management shall summarise their conclusions about the effect of environmental impacts, risks and opportunities on the organisation’s future
performance and position.
Environmental information shall be prepared for the entities within the boundary of the organisation, or group, for which the mainstream report is
REQ-07 Organisational boundary
prepared and, where appropriate, shall distinguish information reported for entities and activities outside that boundary. The basis on which theorganisational reporting boundary has been determined shall be described.
Disclosures shall cite the reporting provisions used for preparing environmental information and shall confirm that they have been used consistently
REQ-08 Reporting policies
from one reporting period to the next.
REQ-09 Reporting period
Disclosures shall be provided on an annual basis.
REQ-01 Governance
REQ-02 Management’s environmental
policies, strategy and targets
REQ-03 Risks and opportunities

150

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

INDEPENDENT LIMITEDASSURANCE STATEMENT (CDSB, TCFD)

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI 2-5

Requirements

Disclosures under “shall” requirements

REQ-10 Restatements
REQ-11 Conformance

Disclosures shall report and explain any prior year restatements.
Disclosures shall include a statement of conformance with the CDSB Framework.
If assurance has been provided over whether reported environmental information is in conformance with the principles and requirements of the
CDSB Framework, this shall be included or cross-referenced in the statement of conformance (REQ-11).

REQ-12 Assurance

Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
CDL’s disclosures in relation to the TCFD Recommendations, as presented in CDL’s 2022 Integrated Sustainability Report which excludes the assumptions and approach supporting CDL’s scenario
analysis and portfolio analysis.
TCFD elements
Governance
Strategy

Risk Management

Metrics & Targets

Recommended disclosuresa) Describe the board’s oversight of climate-related risks and opportunitiesb) Describe management’s role in assessing and managing climate-related risks and opportunities.
a) Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.
b) Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planningc) Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
a) Describe the organization’s processes for identifying and assessing climate-related risks.
b) Describe the organization’s processes for managing climate-related risks.
c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management.
a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.
b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.
c) Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.

* The above subject matters only cover operations wholly owned and directly managed by CDL’s Singapore headquarters, excluding subsidiaries.
** For CDSB, the scope of assurance covers environmental information relating to energy, emissions, climate change, water and waste management. Our assurance scope does not cover Principle 1 Environmental information shall be prepared
applying the principles of relevance and materiality.

151

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT LIMITEDASSURANCE STATEMENT (CDSB, TCFD)

GRI 2-5

engagement as agreed with CDL on 7 September 2020
and addendums March 2021, December 2021, March
2022. Those standards require that we plan and perform
our engagement to obtain limited assurance about whether,in all material respects, the Subject Matter is presented
in accordance with the Criteria, and to issue a report.
The nature, timing, and extent of the procedures selected
depend on our judgment, including an assessment of therisk of material misstatement, whether due to fraud or error.

of integrity, objectivity, professional competence and due
care, confidentiality and professional behaviour.

Management is responsible for selecting Criteria, andfor presenting the Subject Matter in accordance with that
Criteria, in all material respects. This responsibility includes
establishing and maintaining internal controls, maintaining
adequate records and making estimates that are relevantto the preparation of the subject matter, such that it is freefrom material misstatement, whether due to fraud or error.

We believe that the evidence obtained is sufficient andappropriate to provide a basis for our limited assurance
conclusions.

We have the required competencies and experience toconduct this assurance engagement. Our professionals
have experience in both assurance skills and in theapplicable subject matter including environmental, socialand financial aspects.

The Board has ultimate responsibility for the company’ssustainability reporting. For the purpose of the 2022
Integrated Sustainability Report, there are no legallyprescribed requirements relating to the verification ofsustainability reports.

• Any work in respect of sustainability information
published elsewhere in CDL’s annual report, website
and other publications,

Criteria applied by CDL
In preparing the report, CDL applied the CDSB Framework
and TCFD Recommendations (‘Criteria’). Such Criteria
were specifically designed for sustainability performance;
as a result, the subject matter may not be suitable foranother purpose.
Management’s and Board of Directors’ responsibility

Our review was limited to the information on theselect indicators set out within the Report from 1 January
2021 to 31 December 2021 and our responsibility does
not include:

Our firm applies Singapore Standards on Quality Control
1 of the Institute of Singapore Chartered Accountants and,accordingly, maintains a comprehensive system of quality
control including documented policies and procedures
regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.

Description of procedures performed

Auditor’s responsibility• Management’s forward looking statements such as
targets, plans and intentions.

Our responsibility is to express a conclusion on thepresentation of the Subject Matter based on the evidence
we have obtained.

Auditor’s Independence and Quality Control

Procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than fora reasonable assurance engagement. Consequently the levelof assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would havebeen obtained had a reasonable assurance engagement
been performed. Our procedures were designed toobtain a limited level of assurance on which to base ourconclusion and do not provide all the evidence that would be
required to provide a reasonable level of assurance.

We have complied with the independence and otherethical requirements of the Accounting and Corporate
Regulatory Authority (ACRA) Code of Professional Conduct
and Ethics for Public Accountants and Accounting Entities(ACRA Code), which is founded on fundamental principles

While we considered the effectiveness of management’s
internal controls when determining the nature and extent
of our procedures, our assurance engagement was notdesigned to provide assurance on internal controls. Our
procedures did not include testing controls or performing

We conducted our engagement in accordance with theInternational Standard for Assurance Engagements Other
Than Audits or Reviews of Historical Financial Information(‘ISAE 3000’) and the terms of reference for this152

CDL INTEGRATED SUSTAINABILITY REPORT 2022

• Sustainability information prior to 1 January 2021 andsubsequent to 31 December 2021, andDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

INDEPENDENT LIMITEDASSURANCE STATEMENT (CDSB, TCFD)
procedures relating to checking aggregation or calculationof data within IT systems.
A limited assurance engagement consists of making
enquiries, primarily of persons responsible for preparing
the Subject Matter and related information, and applying
analytical and other appropriate procedures.
Our procedures included
1. Inquiring with CDL’s Sustainability team toa. Understand principal business operations,b. Appreciate key sustainability issues anddevelopments,c. Map out information flow for sustainability reporting
and the controls on information collation,
d. Identify data providers with their responsibilities,
ande. Recognise the likelihood of possible manipulation ofsustainability data.
2. Conducting process walk-through of systems andprocesses for data aggregation and reporting, with
relevant personnel to understand the quality of checks
and control mechanisms, assessing and testing thecontrols in relation to the concerned subject matters in
the Report153

CDL INTEGRATED SUSTAINABILITY REPORT 2022

3. Interviewing employees and management (Sustainability
committee and environment health & safety) tounderstand key sustainability issues related to the selectindicators and processes for the collection and accurate
reporting of performance information
4. Obtaining documentation through sampling methods toverify assumptions, estimations and computations madeby management in relation to the concerned subject
matters in the Report
5. Checking that data and statements had been correctlytranscribed from corporate systems and / or supporting
evidence, into the Report
6. Obtaining relevant reports in relation to the concerned
subject matters in the Report
7. Seeking management representations on key assertions
We also performed such other procedures as we
considered necessary in the circumstances.

GRI 2-5

Observations and areas for improvement
Our observations and areas for improvement will beraised in an internal report to CDL’s Management. Theseobservations do not affect our conclusions on the Report set
out below.
Conclusion
Based on our procedures and the evidence obtained, weare not aware of any material modifications that should
be made to the Subject Matter as of 30 March 2022 forthe year ended 31 December 2021, in order for it to be inaccordance with the Criteria.
Restricted use
This report is intended solely for the information anduse of the Management of CDL and is not intended to
be and should not be used by anyone other than thosespecified parties.

Ernst & Young LLP
Signed for Ernst & Young LLP by
Simon Yeo
Partner, Climate Change and Sustainability Services
Singapore
30 March 2022

Delivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEXFor the GRI Content Index – Essentials Service, GRI reviewed that Disclosures 2-1, 2-2, 2-3, 2-4, 2-5, 3-1 and 3-2 are correctly located in boththe GRI Content Index and in the text of the final report when it is published.
The CDL Annual Report (AR) 2021 can be found here.
Statement of use
GRI 1 used
Applicable GRI Sector Standard(s)City Developments Limited has reported in accordance with the GRI Standards for the period 1 Jan 2021 to 31 Dec 2021.
GRI 1: Foundation 2021
GRI G4 Construction and Real Estate Sector (CRES). We will be validating our list of material ESG issues with the latest GRI Sector Standard for our industry
when it is published by GRI.
Omission

GRI Standard/
Other Source

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Disclosure

Location

2-1

Organizational details

5

N

2-2

Entities included in the organization’s sustainability reporting

114

N

2-3

Reporting period, frequency and contact point

114-115N

2-4

Restatements of information

58, 61, 67, 77, 114-115

N

2-5

External assurance

114-115, 134-153

N

2-6

Activities, value chain and other business relationships

5, 37

N

2-7

Employees

92-93

N

2-8

Workers who are not employees

89-90

N

2-9

Governance structure and composition

AR 2021 (32-33, 38-39)

N

2-10

Nomination and selection of the highest governance body

AR 2021 (41-42)

N

2-11

Chair of the highest governance body

AR 2021 (32)

N

2-12

Role of the highest governance body in overseeing themanagement of impacts

14-15, AR 2021 (32-33)

N

2-13

Delegation of responsibility for managing impacts

14

N

2-14

Role of the highest governance body in sustainability
reporting14, 24, 113-114,

N

2-15

Conflicts of interest

AR 2021 (25-29, 33, 38)

N

2-16

Communication of critical concerns

84-85

N

2-17

Collective knowledge of the highest governance body

15, AR 2021 (25-29, 34)

N

2-18

Evaluation of the performance of the highest governance AR 2021 (42-43)
body

N

2-19

Remuneration policies

N

General disclosures
GRI 2: General
Disclosures 2021

154

CDL INTEGRATED SUSTAINABILITY REPORT 2022

AR 2021 (43-46)

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Disclosure

Location

2-20

Process to determine remuneration

96-97, AR 2021 (43-46)

2-21

Annual total compensation ratio

2-22

Statement on sustainable development strategy

8-13

N

2-23

Policy commitments

85-87

N

2-24

Embedding policy commitments

27-29, 78, 85-89, 91, 95

N

2-25

Processes to remediate negative impacts

85, 95N

2-26

Mechanisms for seeking advice and raising concerns

27-29, 85-86, 95

N

2-27

Compliance with laws and regulations

77, 84-86

Y (Pg 136–149)*limiting thescope to noncompliance withenvironmental
laws andregulations
only”

2-28

Membership associations

111-113N

2-29

Approach to stakeholder engagement

24-29

Y (Pg 136–149)*limiting thescope to “resultsof customer
satisfaction
surveys”

2-30

Collective bargaining agreements

96

N

General disclosures
GRI 2: General
Disclosures 2021

155

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Na, b, cInformation
unavailable/
incomplete

The performance
evaluation of staff andcalculation of bonuses
for FY 2021 takes
place in H1 2022.
Calculation for FY2021
total compensation is
not ready at the time of
publication of this report.

N

Dedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

3-1 Process to determine material topics

24, 53-55, 68-69, 78,
91-92

3-2 List of material topics

30-36

3-3 Management of material topics

22, 25, 30, 58-61, 6869, 114-122

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Material topics
GRI 3: Material Topics
2021
Climate Resilience
GRI 3: Material Topics
2021

GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions

GRI Sector Disclosures:Construction and Real
Estate156

N62-63, 117, 120

3, 12, 13,
14, 15N

305-2 Energy indirect (Scope 2) GHG emissions

62-63, 117, 120

3, 12, 13,
14, 15

N

305-3 Other indirect (Scope 3) GHG emissions

62-63, 117, 120

3, 12, 13,
14, 15

N

305-4 GHG emissions intensity

63

13, 14, 15

Y (Pg 136–149)

305-5 Reduction of GHG emissions

22, 61

13, 14, 15N

305-6 Emissions of ozone-depleting substances (ODS)

a, b, c, dNotapplicable

Disclosure is notapplicable as CDL does
not emit a material
amount of theseemissions through our
products and services

12N305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and othersignificant air emissions

a, b, cNot
applicable

Disclosure is notapplicable as CDL does
not emit a material
amount of theseemissions through our
products and services

12, 14, 15

N

13, 14, 15

Y (Pg 136–149)

13, 14, 15

Y (Pg 136–149)

CRE 3 Greenhouse gas emissions intensity from buildings

63

CRE 4 Greenhouse gas emissions intensity from new construction 63, 133
and redevelopment activity

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Delivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Material topics
Energy Efficiency and Adoption of Renewables
GRI 3: Material Topics
2021

3-3

GRI 302: Energy 2016

302-1 Energy consumption within the organization

66-67, 116, 120

7, 8, 12, 13N302-2 Energy consumption outside of the organization

66-67, 116, 120

7, 8, 12, 13N302-3 Energy intensity

66, 120

7, 8, 12, 13

Y (Pg 136–149)

302-4 Reduction of energy consumption

65

7, 8, 12, 13

Y (Pg 136–149)

302-5 Reductions in energy requirements of products andservices

65

7, 8, 12, 13

Y (Pg 136–149)

CRE 1

Building energy intensity

66, 120

7, 8, 12, 13

Y (Pg 136–149)

GRI 3: Material Topics
2021

3-3

Management of material topics

25, 31GRI Sector Disclosures:Construction and Real
EstateCRE 8 Type and number of sustainability certification,
rating and labeling schemes for new construction,
management, occupation and redevelopment

GRI Sector Disclosures:Construction and Real
EstateManagement of material topics

22-23, 25, 31, 64-65,

N

InnovationN43, 49, 55, 65, 71, 7879, 81, 87, 91

10

Y (Pg 136–149)

Stakeholder Impact and Partnerships
GRI 3: Material Topics
2021

3-3

Management of material topics

GRI 201: Economic
Performance 2016

201-1 Direct economic value generated and distributed

20, 25, 31
101-110Na, bConfidentiality Total community
constraints
investments is notdisclosed as CDL
believes that it isintegrated into ourbusiness.

8, 9

Y (Pg 136–149)

Product/Service Quality and Responsibility
GRI 3: Material Topics
2021

157

3-3

Management of material topics

CDL INTEGRATED SUSTAINABILITY REPORT 2022

20, 25, 32NDedicated To
Sustainability Integration

Delivering Value& Best Practices

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Material topics
Product/Service Quality and Responsibility
GRI 416: Customer
Health and Safety 2016

GRI 417: Marketing andLabeling 2016

GRI 2-29*limiting the scope to “results of customer satisfaction surveys”

53

Y (Pg 136–149)

416-1 Assessment of the health and safety impacts of productand service categories

32, 43, 55

N416-2 Incidents of non-compliance concerning the health andsafety impacts of products and services

77

16

Y (Pg 136–149)

417-1 Requirements for product and service information andlabeling

43, 47-49

12N

417-2 Incidents of non-compliance concerning product andservice information and labeling

84

16

N

417-3 Incidents of non-compliance concerning marketing
communications

84

16

N

Economic Contribution to Society
GRI 3: Material Topics
2021

3-3 Management of material topics

GRI 201: Economic
Performance 2016

201-1 Direct economic value generated and distributed

16, 17, 119

9

Y (Pg 136–149)

201-2 Financial implications and other risks and opportunities
due to climate change

30, 32, 68-69

13

N

201-3 Defined benefit plan obligations and other retirement
plans

97

201-4 Financial assistance received from government158

CDL INTEGRATED SUSTAINABILITY REPORT 2022

16, 17, 26, 32

NN
a, b, cConfidentiality CDL is not at liberty toconstraints
disclose this information
as the Company isbound by confidentiality

NDelivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

Requirement(s)OmittedMapped to
SDGs

ReasonExplanation

Information
unavailable/
incomplete

Disclosure is unavailable 5, 8
as there is no minimum
wage system in
Singapore. Furthermore,
CDL's direct hires are
skilled technical andprofessional employees
whose pay is not linked
to laws concerning
minimum wage.

Externally
Assured (Y/N)

Material topics
Economic Contribution to Society
GRI 202: Market
Presence 2016

GRI 203: Indirect
Economic Impacts 2016

202-1 Ratios of standard entry level wage by gender comparedto local minimum wagea, b, c, dN

202-2 Proportion of senior management hired from the local
community

94

8

N

203-1 Infrastructure investments and services supported

46-51, 101-110

5, 9

N

203-2 Significant indirect economic impacts

30-36, 89-91, 101-102

8, 11

N

Occupational Health, Safety and Well-being
GRI 3: Material Topics
2021

3-3

GRI 403: Occupational
Health and Safety 2018403-1 Occupational health and safety management system

34, 76-77, 83-85, 87-91,

8N

403-2 Hazard identification, risk assessment, and incident
investigation

23, 38, 77, 87-91, 118

8N

403-3 Occupational health services

87-91, 97-98

8

N

403-4 Worker participation, consultation, and communication
on occupational health and safety

33, 34, 87-91

8, 16

Y (Pg 136–149)

403-5 Worker training on occupational health and safety

87-91, 97-98

8

N

403-6 Promotion of worker health33, 91, 97-98

3

N

403-7 Prevention and mitigation of occupational health andsafety impacts directly linked by business relationships

23, 39, 78-79, 89-90

8

N

403-8 Workers covered by an occupational health and safety
management system

33, 87-91

8

Y (Pg 136–149)

403-9 Work-related injuries

23, 87-91, 118

3, 8, 16

Y (Pg 136–149)

403-10 Work-related ill health23, 87-91, 118

3, 8, 16

N

159

Management of material topics

CDL INTEGRATED SUSTAINABILITY REPORT 2022

26, 33N

Delivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

8

N

Material topics
Occupational Health, Safety and Well-being
GRI Sector Disclosures:Construction and Real
EstateCRE 6 Percentage of the organisation operating in verifiedcompliance with an internationally recognised healthand safety management system

88, 114

3-3

Management of material topics

17, 26, 33

NManagement of material topics

26, 33

N

Sustainable Finance
GRI 3: Material Topics
2021

Water and Waste Management
GRI 3: Material Topics
2021

3-3

GRI 303: Water andEffluents 2018

303-1 Interactions with water as a shared resource

26, 33, 70-73, 98

6, 12

N

303-2 Management of water discharge-related impacts

22-23, 33, 60, 76

6N

303-3 Water withdrawal

70, 72

6

Y (Pg 136–149)

303-4 Water discharge

70, 72, 76

6

N

303-5 Water consumption

70, 72-73

6

N

306-1 Waste generation and significant waste-related impacts

74-75

3, 6, 11, 12N

306-2 Management of significant waste-related impacts

74-75

3, 6, 11, 12N

306-3 Waste generated

76

3, 11, 12

Y (Pg 136–149)

306-4 Waste diverted from disposal

75, 76bNotapplicable

Disclosure on hazardous 3, 11, 12
waste is not applicableas there is no handlingof hazardous substances
for CDL's direct
construction and asset
management activities.

Y (Pg 136–149)

306-5 Waste directed to disposal

76

b

Not
applicable

Disclosure on hazardous 3, 11, 12
waste is not applicableas there is no handlingof hazardous substances
for CDL's direct
construction and asset
management activities.

Y (Pg 136–149)

GRI 306: Waste 2020

160

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Delivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Mapped to
SDGs

Externally
Assured (Y/N)

6, 8, 12

Y (Pg 136–149)

85, 8616

N85, 8616

Y (Pg 136–149)

85

16

Y (Pg 136–149)

206-1 Legal actions for anti-competitive behavior, anti-trust, and 84
monopoly practices

16

N

Disclosure

Location

Requirement(s)OmittedReasonExplanation

Material topics
Water and Waste Management
GRI Sector Disclosures:Construction and Real
EstateCRE 2 Building water intensity

72

Ethical and Transparent Business
GRI 3: Material Topics
2021

3-3

Management of material topics

GRI 205: Anti-Corruption 205-1 Operations assessed for risks related to corruption
2016
205-2 Communication and training about anti-corruption
policies and procedures
205-3 Confirmed incidents of corruption and actions taken
GRI 206: Anticompetitive Behavior
2016

26, 34, 84-86

Healthy Buildings
GRI 3: Material Topics
2021

3-3

GRI 416: Customer
Health and Safety 2016

Management of material topics

26, 34

N416-1 Assessment of the health and safety impacts of productand service categories

32, 42, 43

Y (Pg 136–149)

416-2 Incidents of non-compliance concerning the health andsafety impacts of products and services

77

GRI 3: Material Topics
2021

3-3

26, 34, 94-96

GRI 405: Diversity andEqual Opportunity 2016405-1 Diversity of governance bodies and employees

16

N

Diversity and Inclusion

161

Management of material topics

N

94

5

Y (Pg 136–149)

405-2 Ratio of basic salary and remuneration of women to men 96

5N

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Delivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

3-3

26, 35Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Material topics
Responsible Supply Chain
GRI 3: Material Topics
2021

Management of material topics

GRI 301: Materials 2016 301-1 Materials used by weight or volume

N

79-80

8, 12

N

301-2 Recycled input materials used

79-80

8, 12

N

301-3 Reclaimed products and their packaging materials

Disclosure is notapplicable for CDL's
operations in Singapore

8, 12

N

GRI 308: Supplier
Environmental
Assessment 2016308-1 New suppliers that were screened using environmental
criteria

78-79

Y (Pg 136–149)

308-2 Negative environmental impacts in the supply chain andactions taken

78

N

GRI 414: Supplier Social
Assessment 2016414-1 New suppliers that were screened using social criteria

78-79

5, 8, 16

Y (Pg 136–149)

414-2 Negative social impacts in the supply chain and actions
taken

78

5, 8, 16N

Cyber-readiness, Security and Data Privacy
GRI 3: Material Topics
2021

3-3

Management of material topics

26, 31, 35

N

GRI 418: Customer
Privacy 2016418-1 Substantiated complaints concerning breaches ofcustomer privacy and losses of customer data86

GRI 3: Material Topics
2021

3-3

31, 35

GRI 404: Training and
Education 2016404-1 Average hours of training per year per employee

97, 984, 8, 10

Y (Pg 136–149)

404-2 Programs for upgrading employee skills and transition
assistance programs

98

8

N

404-3 Percentage of employees receiving regular performanceand career development reviews

95, 96

5, 8, 10

N

16

Y (Pg 136–149)

Future-ready Workforce

162

Management of material topics

CDL INTEGRATED SUSTAINABILITY REPORT 2022

NDelivering Value& Best Practices

Dedicated To
Sustainability Integration

Driving Innovation &Building Performance

Decarbonising
Towards Net Zero

Determined To Create A Fair, Safe
& Inclusive Business Environment

Developing Sustainable
Communities• TCFD, CDSB & SASB Disclosures• Assurance Statements• GRI Content Index• Glossary

GRI
CONTENT INDEX
Omission
GRI Standard/
Other Source

Disclosure

Location

Requirement(s)OmittedReasonExplanation

Mapped to
SDGs

Externally
Assured (Y/N)

Material topics
Human Rights and Labour Conditions
GRI 3: Material Topics
2021

3-3

Management of material topics

26, 36, 89-90, 92-98

N

GRI 401: Employment2016

401-1 New employee hires and employee turnover

93-94

5, 8, 10

Y (Pg 136–149)

401-2 Benefits provided to full-time employees that are notprovided to temporary or part-time employees

96-97

5, 8

N

401-3 Parental leave

96

5, 8

N

GRI 402: Labor/
Management Relations
2016402-1 Minimum notice periods regarding operational changes

92

8

N

GRI 406: Nondiscrimination 2016406-1 Incidents of discrimination and corrective actions taken

95

5, 8

Y (Pg 136–149)

GRI 409: Forced orCompulsory Labor 2016409-1 Operations and suppliers at significant risk for incidents
of forced or compulsory labor

78

8

Y (Pg 136–149)

GRI 3: Material Topics
2021

3-3

26, 36, 81

GRI 304: Biodiversity
2016

304-1 Operational sites owned, leased, managed in, or
adjacent to, protected areas and areas of highbiodiversity value outside protected areas

Biodiversity Conservation

163

Management of material topics

N81

6, 14, 15

Y (Pg 136–149)

304-2 Significant impacts of activities, products and services on 81
biodiversity

Notapplicable

In 2021, there were nosites located within or
adjacent to protectedareas.

6, 14, 15

Y (Pg 136–149)

304-3 Habitats protected or restored81

Not
applicable

In 2021, there were nosites located within or
adjacent to protectedareas.

6, 14, 15N

304-4 IUCN Red List species and national conservation list
species with habitats in areas affected by operations81

CDL INTEGRATED SUSTAINABILITY REPORT 2022

Y (Pg 136–149)

www.cdlsustainability.com