Green space adding value for built space

The recent “Green City” report by The Economist Intelligence Unit (EIU) noted Bangkok as being “below average” in terms of land use and buildings, a category in part assessing the city’s population density and green space per capita. 
According to the Bangkok Metropolitan Administration (BMA), green space in the metropolitan area currently stands at 5.46 square metres per capita, well below the EIU’s regional average of 39sqm. Green space is a key factor in enhancing a city’s quality of life and, in turn, property values, and Bangkok falling below regional competitors, even Jakarta, is noteworthy, with only Hanoi scoring lower. 
To the credit of city planners, a series of initiatives have been announced over the past five years to tackle challenges facing public transport, waste management, renewable energy use and efficiencies, in addition to proposals to expand green spaces significantly. 
According to an article from the Thai National News Bureau, over the course of 2015 and 2016, the BMA set out plans to add up to 1,350 rai (216 hectares) of green space per year. 
The plans will see the construction of nine parks in Bangkok. They are Watcharapirom Park and Dog Park at the Watcharapol Junction, Charoen Phirom Park in Bang Phlat district, Suwinthawong Soi 47 Park in Nong Chok district, His Majesty the King’s Honorary Park in Celebration of the Royal Occasion of His Majesty’s 84th Birthday, Bunglampai Park in Min Buri district, Phetkasem Soi 69 Park (Bangbon 3), Bung Lam Praya Park Ratcha-utid Road, the Natural Park at the Bangkok Development Station (Beachside Bangkhuntien Road), and the Romklao Community Housing Park in Lat Krabang district. 
As incomes rise, people care more about the environment, and as a result the demand for green space increases. 
Location and accessibility are not the only factors that drive property values. Amenities such proximity to a park makes a location more attractive and therefore more valuable. 
The development of green areas with more parks can only be driven by the government. Green areas within property developments are controlled by planning regulations but residential developers are using much more imagination and creativity in designing these public spaces because buyers want them.
Buyers and tenants are also paying more attention to the environmental efficiency of property. Residential purchasers are becoming more concerned about energy efficiency, while a growing number of local and multinational tenants demand office buildings with environmental certification, such as LEED (Leadership in Energy and Environmental Design). 
While the environmental challenges posed by rapid development and urbanisation are considerable, effective delivery of planned government initiatives will go some way to alleviating widely identified issues, with the expansion of green spaces a welcome addition to Bangkok’s urban landscape. 
Understanding and unlocking the potential created by green areas presents significant opportunities for developers, with public spaces, in addition to wider amenities and infrastructure improvements, key to enhancing a locality’s value and long-term prospects.