Shinsegae Property, the real estate development arm of South Korea's Shinsegae Group, said Tuesday that its Starfield Hanam and Starfield Goyang shopping malls received five-star ratings in the 2026 Global Real Estate Sustainability Benchmark assessment. The recognition marks the third consecutive year the two properties have earned GRESB's highest grade.

The malls became the first retail facilities in South Korea to achieve a five-star GRESB rating in 2024 and have maintained that distinction for three years running. No other retail property in the country has matched the rating.

GRESB evaluates the environmental, social and governance policies and operational performance of real estate assets and investment managers worldwide. The benchmark is used by institutional investors to compare sustainability performance across portfolios.

Shinsegae Property attributed the recognition to its efforts to incorporate energy-efficient equipment and other environmentally friendly infrastructure from the planning and design stages. The company said it also maintained continued monitoring and management of energy consumption during operations.

The Starfield portfolio represents a test case for whether sustainability measures embedded at the design stage can produce consistent operational results. The three-year track record suggests the infrastructure investments are yielding repeatable performance under GRESB's scoring methodology.

The distinction comes as South Korean institutional investors face pressure to demonstrate ESG compliance in their real estate holdings. GRESB ratings have become a standard screening tool for pension funds and insurers allocating to commercial property in Asia.