Nordic real estate investor NREP has teamed up with cleantech startup QHeat to create a sustainable housing development in Espoo, Finland.
The 700-home project, called Nittykumpu, will be use three 1,500 metre-deep geothermal wells to provide “almost emission-free” heating. The QHeat system also contributes towards the energy circular economy by drawing down heat during the summer and storing it in the well for later use.
NREP, which as €12.5 billion ($13.75 billion) of assets under management, has worked with QHeat previously for a logistics development, however this project will be a first for the residential sector and the firm believes it can showcase the viability of geothermal systems for developments in urban locations in other markets.
Petri Valkama, partner at NREP, said: "Our 2028 carbon neutrality target is accompanied by a pledge to help identify the most innovative technologies. As we have done here, our aim is to them pilot these solutions at scale, paving the way for wider industry adoption.
“It can be difficult for individual consumers to access clean energy solutions, so we are delighted to provide residents at Niittykumpu with a means of benefitting from renewable geothermal energy and to effortlessly live their daily lives sustainably.”
Singapore-based developer and asset manager CapitaLand has completed a 51-storey skyscraper in the city’s central business district, which the company says represents its vision of a “greener and more sustainable future”.
CapitaSpring is a 280m tall mixed-use tower, located at 88 Market Street, Raffles Place, which includes office, retail, F&B and serviced residential space. Around 93% of the tower’s 673,000 sq ft of workspace and retail space was leased at completion. Office tenants include JP Morgan, Sumitomo Mitsui Banking Corporation, JLL, and White & Case.
The asset is jointly owned by CapitaLand Development, CapitaLand Integrated Commercial Trust and Japanese developer Mitsubishi Estate. It was designed by Bjarke Ingels Group in collaboration with Carlo Ratti Associati. It has been awarded the Building and Construction Authority’s Green Mark Platinum Award.
The “biophilic” development has more than 90,000 sq ft of landscaped space, planted with 80,000 plants from more than 130 species. Biophilic properties aim to increase occupant connectivity to nature using landscaping and planting as well as direct or indirect exposure to nature.
Tan Yew Chin, CEO of CapitaLand Development, said: “We are delighted to mark the completion of CapitaSpring, a biophilic skyscraper that represents CapitaLand’s vision to build a greener and sustainable future as laid out in our 2030 Sustainability Master Plan. We are confident that CapitaSpring’s expansive lush green spaces and the specially curated community spaces and programmes will enhance human connections amidst safe distancing, and further enliven Singapore’s CBD.”
In 2020, CapitaLand launched its 2030 Sustainability Master Plan. The plan aims for a 78% reduction in carbon emissions intensity, to triple CapitaLand’s sustainable finance portfolio to S$6 billion by 2030 and to “accelerate sustainability innovation and collaboration”.