Obtained via its subsidiary, Fernvale Lane, the loan marked the group’s tenth green financing initiative and the first green loan for an EC development in Singapore. Photo: Mr Loo Choo Leong, CFO of Frasers Property. Credit: Frasers Property Limited.
Frasers Property on Tuesday (9 June) announced that it has secured a $350 million green loan from OCBC Bank, Malayan Banking Berhad and DBS Bank to fund the development of its Fernvale Lane executive condominium (EC).
Obtained via its subsidiary, Fernvale Lane, the loan marked the group’s tenth green financing initiative and the first green loan for an EC development in Singapore.
Fernvale Lane is 80% owned by Frasers Property’s fully-owned subsidiary, while the remaining 20% is owned by CSC Land Group (Singapore).
Fernvale Lane is set to develop an EC with about 500 units at the Fernvale Lane site “the group won in a Government Land Sale exercise in March 2020”, said Frasers Property in a release.
The EC development targets to obtain BCA Green Mark GoldPLUS upon its completion. The site is located near the Seletar Aerospace Hub as well as the upcoming Punggol Digital District.
Related story: 3 Reasons Why Sengkang’s Fernvale Lane EC is one to Watch
“Our Group is a key participant in the fast-evolving green financing market in the region because we have been quick to recognise the support from financial institutions for green financing. Including this latest green loan, as a Group, we have raised around S$4 billion in green financing to date,” said Loo Choo Leong, Group Chief Financial Officer of Frasers Property.
“Tapping the green loan market is not only an integral part of our capital management strategy, but a natural extension of our business focus on sustainability, and we intend to keep adding to Frasers Property’s track record of raising green financing.”
In September 2018, Frasers Property raised its first green financing – also the first syndicated green loan in Singapore and Southeast Asia — to refinance Frasers Tower. It subsequently obtained the “first corporate syndicated green loan in Australia as well as Singapore’s first green loan with pricing structure linked to BCA Green Mark”.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org