Letter to Stakeholders
Dear Stakeholders,
We are pleased to present PRIME’s fifth Sustainability Report, which showcases our approach and initiatives to further integrate sustainability into our business activities. As market dynamics continue to evolve, PRIME remains steadfast in our commitment towards more sustainable business practices and long-term value creation for our stakeholders.
This year, we deepened our focus on improving the resource efficiency of our portfolio. The built environment contributes a significant proportion of global greenhouse gas (“GHG”) emissions, and we recognise the responsibility we have in mitigating our environmental footprint. To that end, we adopt a data-driven approach to identifying areas for resource efficiency improvements. Our investments in technology solutions have resulted in reliable monitoring of environmental metrics across our properties. The data has empowered us to set quantitative targets surrounding emissions and energy management this year, guiding our future sustainability efforts.
We are motivated by our progress towards our environmental targets. This year, our Scope 1 and 2 emissions are reduced by 20% from the baseline year of FY2022, as a direct result of improved energy efficiency across our portfolio. We are also working with an external consultant to quantify the potential impact of selected climate-related risks on our properties, which will help guide strategic decision-making.
As part of our ongoing tenant engagement efforts, we will continue to create vibrant and attractive environments for our tenants. This year, we rebranded two of our properties, The 101 (previously known as 101 South Hanley) and Waterfront at Washingtonian (previously known as One Washingtonian Center), to further enhance the tenant experience. Additionally, our asset enhancement initiatives have led to significant upgrades to amenities across several properties. Waterfront at Washingtonian, for example, underwent renovation this year to provide tenants with a modern, refreshing and energy-efficient workplace environment, complete with a variety of new on-site amenities. We are encouraged by the rising levels of tenant satisfaction and will continue to invest in asset and amenity enhancement strategies to elevate tenant experience and satisfaction.
In July 2024, PRIME divested a property, One Town Center, and we remain focused on optimising our property portfolio through strategic initiatives.
Looking ahead, PRIME remains focused on delivering long-term value for our stakeholders whom we appreciate for their continued support, as we work together to build a more sustainable future.
Mr Richard Peter Bren
Chairman, on behalf of the Board