StakeholdersKey outcomes ENVIRONMENT Upcycling existing homes has a far lower carbon footprint than new builds and greatly enhances the energy use of the building. Properties also go through a flood risk check before entering the UrbanWave programme. Typically, the abandoned properties are located within central neighbourhoods; therefore, new residents have far less need to use a private car compared to where many are currently living – in the outer areas of the met- ropolitan area. This, therefore, reduces emissions and the subsequent negative air quality impacts. ECONOMY UrbanWave diverts funds from speculative property investments into a longer term, sustainable and socially beneficial development model. The business model discourages owners from “flipping” houses, by encouraging own- er-occupancy. Furthermore, the programme has pio- neered the creation of a new mortgage product where only the homeowner is named in the mortgage while both the homeowner and UrbanWave are named in property ownership documents. DIVERSITY By making centrally-located housing more affordable, UrbanWave assists families of varying ethnicities and incomes to move into traditionally higher-income and monoethnic neighbour- hoods, encouraging ethnic and social class diversity. CONTEXT UrbanWave homeowners are sup- ported to restore their homes to incorporate design elements that better respond to the tropical climate and diverse heritage of the existing neighbourhoods. In addition, UrbanWave homes can preserve the heritage of neighbourhoods and help to reduce problems associated with abandoned housing. SENSE OF PLACE The programme reinvigor- ates existing neighbour- hoods and new residents help build on existing social networks unlike many new urban developments that need entirely new social infrastructure. By giving home- owners the opportunity to own a home in an urban loca- tion, homeowners can choose to live in the same neigh- bourhood as their family and community, positively contributing to homeowners’ well-being. With the free- dom to design to their liking, the homeowner has the freedom to express their identity through the design of their home, making each home unique to the homeowner. An UrbanWave Home Co-ownership scheme Local bank Real estate agents Local architectural groupsMinistry of Federal TerritoriesMinistry of Housing and Local Government UrbanWave (40%) Co-ownership Development CompanyPrivate funds Homeowner (60%) INNOVATIVE PRACTICE: UrbanWave 3

PR199 Innovative Practice UrbanWave 2024