Artist’s impression of Pasir Ris 8. Photo: Allgreen Properties Ltd.
Two of Allgreen Properties and Kerry Properties’ 70:30 joint ventures (JVs) – Phoenix Residential and Phoenix Commercial – have obtained an $861.75 million green loan from Maybank, OCBC Bank and DBS Bank to finance mixed-use development project, Pasir Ris 8.
This marks the first green loan for both Allgreen and Kerry. It was raised under a new green loan framework that was set up by Allgreen Properties, with support from OCBC.
All three banks served as joint mandated lead arrangers, while DBS and OCBC acted as joint green loan advisors. OCBC was also the security agent, facility agent and account bank for the transaction.
The mixed-use development will feature 487 residential units and four levels of retail podium with a net lettable area of around 268,000 sq ft.
In a joint release, the property developers noted that the development plans for the project “are aligned with the criteria for Building and Construction Authority (BCA) Green Mark GoldPlus and Green Mark Platinum Award for the residential component and retail component, respectively”.
Some of the project’s green features include energy-saving vertical transportation systems, efficient air-conditioning systems, water-efficiency fittings and systems as well as climate-responsive design.
Recommended read: 10 Eco-friendly Condos in Singapore That Are BCA Green Mark Award-Certified
Elaine Lam, Head of Global Corporate Banking at OCBC Bank, believes that developments with climate responsive designs and energy-efficient systems “will play an integral role in the growth of an eco-friendly city”.
DBS Group Head of Institutional Banking Tan Su Shan said the facility will support Allgreen and Kerry’s plans “to ensure that their mixed-use development project in Pasir Ris is aligned with BCA’s criteria for green buildings, and in turn contribute to the national goal of greening 80% of Singapore’s buildings under the Singapore Green Plan 2030”.
“As more of our clients advance on their sustainability agendas, the financial industry will need to double down on our shared commitment to collectively realise a greener, more sustainable future for all,” she added.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com