Knight Frank is leading a real estate revolution and is on a mission to greenify every square inch of real estate

Jackie Cheung, director for ESG at Knight Frank APAC, is at the forefront of redefining real estate’s role in building sustainable cities. From his roots in Hong Kong to his current work in Singapore, Cheung’s journey in sustainability is fueled by a deep commitment to exploring new ideas and challenging traditional paths.

“I love working in sustainability because as an open-minded individual, I prefer exploring new ideas rather than following traditional career trajectories,” he says. For him, sustainability goes beyond meeting environmental standards — it's about making a meaningful impact on communities and driving lasting change.

“Real estate plays a pivotal role in shaping the cities of the future, acting as the foundation upon which smart and sustainable urban environments are built,” Cheung explains, asserting that real estate can be a powerful tool that shapes cities and the lives of those who inhabit them.

His vision of future cities blends technological advancements with sustainable practices: AI-driven resource management, eco-friendly materials, and vibrant, mixed-use spaces that foster community engagement. 

But, Cheung insists, it’s not just about the “E” in ESG. “Sustainability in real estate is far beyond going green. The social and governance pillars are equally important,” he notes, highlighting how thoughtful design and community-centric spaces can improve lives, equity, and well-being.

The future of urban development

Knight Frank’s sustainability approach resonates strongly with Cheung’s vision, emphasising the real estate sector’s critical role in tackling global carbon emissions, which account for around 40 per cent of the total. This stark reality highlights an urgent need to adopt greener practices. Their research shows that green-rated buildings actively contribute to environmental goals while also meeting the growing demand for sustainable spaces. 

This shift reflects a broader understanding: sustainability in real estate is about creating spaces that are kinder to the planet and more responsive to community needs, proving that the future of urban development is one where ethical choices and impactful design go hand in hand.

Yet, this broad view of sustainability often clashes with public perception. “The most unexpected challenge at the intersection of real estate and ESG has been the evolution of people’s perception and understanding of sustainability’s importance,” he reflects. He recounts how initial efforts to promote sustainable practices often felt abstract and disconnected from everyday life. “This disconnect often resulted in a lack of motivation to take action.”

But Cheung remains optimistic, believing that framing sustainability regarding physical risks — like extreme weather events and rising temperatures — helps bridge the gap between global challenges and personal responsibility.

“People need to take action because sustainability is no longer just a trend — it’s a necessity,” he states, pointing to the urgency of addressing climate change before it’s too late.

Real estate as a driver for social change

The company emphasises measuring the positive and negative impacts of real estate projects on communities, aiming to embed genuine social value in every aspect of their operations. Their approach includes evaluating factors like community well-being, economic benefits, and environmental sustainability, aligning with Cheung’s emphasis on the need for real estate to support broader societal goals.

“We’re at a point where real estate is not just about buildings — it’s about creating social values that improve lives, equity, and well-being,” Cheung notes. “Real estate plays a critical role in shaping our cities. It’s both a catalyst and a beneficiary in urban transformation, especially as cities evolve to become smarter, more sustainable, and more liveable. What excites me most is how we can integrate social pillars into these developments and positively impact everyone — from occupiers and tenants to everyday people spending 90% of their time in these spaces.”

Cheung also draws attention to real estate’s ability to influence behavior, much like data influences decision-making. “The design of these spaces shapes how people live, work, and interact," he asserts. "Look at how flexible working and hot desking have changed the way we operate post-COVID. Without those provisions in real estate, the shift to flexible work might not have been possible.”

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Urban innovations are another area where Cheung sees real estate making a significant impact: “Urban farming is a perfect example. It used to be something you’d only find on farmland, but now we’re seeing it integrated into commercial buildings and hotels as part of tenant engagement. It’s these kinds of innovations that are driving healthier and more sustainable ways of living.”

He continues, “And it’s not just about sustainability — it’s also about technology. AI and IoT are being embedded into buildings, automating energy savings and personalising comfort for occupants. This kind of integration is exciting because it’s shaping not just spaces, but behaviours, and pushing real estate forward.”

On the topic of social value in investment decisions, Cheung tells me that investors and occupiers are recognising that buildings can do more than generate profits — they can also enhance community well-being. "In the UK, we’ve seen how integrating social amenities into developments boosts both market value and community impact. It’s a trend that’s only going to grow.”

Still, Cheung stresses the importance of leadership in ensuring these ambitions become a reality. “Strong leadership and governance are key. Every stakeholder — from planning to design and property management — needs to be aligned with sustainability goals to make a real difference.”

The complexity of implementing ESG also extends to regulatory and jurisdictional challenges. Cheung highlights how ESG standards, such as the Global Reporting Initiative (GRI), Task Force on Climate-Related Financial Disclosures (TCFD), and International Sustainability Standards Board (ISSB), have evolved significantly.

“The EU has a strong mandate, with countries working together to establish robust regulations, such as the EU taxonomy for classifying green assets,” he notes, emphasising the reliance of European investors on these standards.

In contrast, Asia-Pacific is more dynamic but still grappling with varying levels of regulatory strength. Cheung points out that while the region is evolving, there remains a critical need to address these differences to ensure better decision-making and mitigate long-term ESG risks.

A transformative potential

Despite the complexities, Cheung’s vision remains hopeful and forward-looking. Advances in AI are making sustainability reporting more accessible, and renewable energy technologies are increasingly integrated into everyday operations. Governments across the Asia-Pacific region are also stepping up with action plans, reinforcing that sustainability is a mainstream imperative.

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As he pushes for change, Cheung’s message is clear: real estate holds the potential to transform the world, and the moment to harness that power is now. For Cheung, every building, investment, and policy decision is an opportunity to reshape our cities and reimagine urban spaces as essential elements in crafting a more equitable and sustainable future.

This mitigates, in no small way, the impacts of climate change, which include more frequent and severe weather events, rising sea levels, and other environmental challenges that directly affect human lives and livelihoods.

He is heartened as well that sustainability is no longer just the domain of environmental professionals. “Sustainability experts are now essential within companies to drive internal ESG agendas and bridge the management gap. This broadening support network means I no longer feel alone in this mission.”