Sunway City Kuala Lumpur, 4 December 2023 – Sunway REIT Management Sdn. Bhd., the Manager of Sunway Real Estate Investment Trust (Sunway REIT), continues to demonstrate its leadership in Environmental, Social and Governance (ESG) practices among Malaysian corporates, securing three prestigious recognitions in November 2023.
On 30 November 2023, Sunway REIT emerged as the Silver Excellence Award recipient under the category of companies with RM2 billion to RM10 billion in market capitalisation at the National Annual Corporate Report Awards (NACRA) 2023, an award dedicated to recognising excellence in corporate and sustainability reporting. This accolade underscores Sunway REIT’s commitment to transparent, timely, and informative reporting practices, aligning with NACRA’s objective of promoting effective corporate reporting and communication for Malaysian corporations. This is the 12th consecutive time that Sunway REIT has won an acknowledgement from NACRA, cementing its position as the governance and reporting leader in the Malaysian REIT landscape.
Earlier in November, Sunway REIT won the Silver award in the REIT category at The Edge Malaysia ESG Awards –Equity Awards. The prestigious awards honoured 38 of the best ESG performers among Malaysian corporates, feting their achievements in their respective industries, and reaffirming Sunway REIT’s dedication and leadership in sustainability practices among Malaysian REITs.
At the property level, Sunway REIT is also pleased to share that Sunway Resort Hotel, the flagship hotel in Sunway REIT’s portfolio, was recently accredited as a GreenRE Platinum Building, the highest recognition by GreenRE under their GreenRE Existing Non-Residential Building rating tool. Sunway Resort Hotel underwent an extensive refurbishment costing approximately RM300 million between 2020-2023 and now incorporates green features including an intelligently designed building facade to reduce heat gains, energy-efficient air conditioning systems, optimised natural ventilation, and innovative water management strategies utilising alternative water source to reduce potable water for hotel operational use. As the first GreenRE platinum-certified hotel in Malaysia, Sunway Resort Hotel solidifies its position as a pioneer in sustainable hospitality with notable green features.
To date, Sunway REIT has had four properties green-certified within its portfolio namely Sunway Resort Hotel, Sunway Lagoon Hotel, Sunway Carnival Mall and Sunway Pinnacle. Sunway REIT aspires to increase the number of green buildings in its portfolio annually through asset enhancements and mechanical, electrical and plumbing equipment upgrades with the ultimate aim of having its entire portfolio green-certified by 2030.
Commenting on these milestones, Clement Chen, the Chief Executive Officer of the Manager, expressed gratitude, stating, “We are honoured by the various ESG recognitions that reaffirm our efforts thus far towards fostering sustainable practices aligned with the United Nations Sustainable Development Goals. However, we believe that sustainability is still very much an ongoing journey and Sunway REIT remains resolute in creating real positive impact to the environment and generating enduring value for our multiple stakeholders as we uphold our responsibilities in ESG.”
The accolades received in November add on to other ESG achievements by Sunway REIT earlier in the year where, amongst others, Sunway REIT had leapt from a “BB” to an “A” MSCI ESG rating in August 2023, achieving an impressive two-notch improvement and underscoring its proactive management of financially relevant ESG risks and opportunities. MSCI ESG rating assessment is widely embraced as a critical decision support tool in capital markets worldwide and aims to measure a company’s resilience to long-term ESG risks.
Further in October, in its inaugural submission, Sunway REIT received a Global Real Estate Sustainability Benchmark (GRESB) 3-star rating and was rated “A” for public disclosure, placing Sunway REIT amongst the top 60% of global participants in the real estate industry. GRESB real estate assessment is an international ESG benchmarking tool for real estate investments, providing standardised and validated data to the capital markets. Sunway REIT is among the pioneers in the Malaysian real estate industry to submit for a GRESB rating as it seeks to break new ground in sustainability practices and bring itself to match the ESG standards of worldwide peers.
As Sunway REIT continues its journey towards sustainable development, it looks to shape a future where environmental stewardship, social responsibility, and sound governance converge seamlessly for a better society for all.