Singapore-based integrated real estate and healthcare company Perennial Holdings Private Limited (Perennial) and its consortium of investors have secured a SGD3 billion green loan to finance the redevelopment of 8 Shenton Way.
8 Shenton Way will be Singapore’s tallest building towering 305 metres and among Asia’s most sustainable skyscrapers. It will also be Singapore’s first supertall building, defined as a structure above 300 metres. This is the largest real estate green loan in Asia to date.
DBS and OCBC Bank acted as Green Loan Advisors on this transaction. Both banks, together with six other financial institutions – Bangkok Bank Public Company Limited (Singapore Branch), China CITIC Bank International Limited, Hong Leong Finance Limited, Malayan Banking Berhad (Singapore Branch), Shanghai Pudong Development Bank, Singapore Branch, and UOB – are also Mandated Lead Arrangers. OCBC Bank is the Facility Agent and Security Agent for the SGD 3 billion green loan.
Designed with a holistic view of sustainability in mind, including post-pandemic features and wellness considerations, 8 Shenton Way is committed to secure the Building Construction Authority of Singapore Green Mark Platinum certification, one of the highest sustainability standards in the industry which mandates an energy saving of 55% as compared to the benchmark.
Apart from energy efficiency, the building is designed to attain water efficiency through minimising water usage by harvesting rainwater for irrigation of the expansive green spaces, as well as the installation of water-efficient fittings that comply with Singapore’s Water Efficiency Labelling and Standards rating.
Slated for completion in 2028, the 63-storey landmark mixed-use integrated development also seeks to minimise embodied and operational carbon through measures such as reusing 100% of the existing foundation and part of the existing infrastructure.
It will also make use of sustainable building materials, such as Singapore Green Building Council-certified materials where available. Additionally, it will integrate environment factors in design planning, including orientating the building to capture prevailing winds for optimal ventilation and natural light, as well as blending in sun-shading fins on the façade to reduce heat.
Elaine Lam, Head, Global Corporate Banking, OCBC Bank, said, “We are pleased to support Perennial and its consortium of investors with the largest real estate green loan in Asia to date. This transaction will provide a boost to Singapore’s green finance hub aspirations, while the new building will set new standards for Asia’s real estate sector. This partnership attests to our commitment to help our customers transition to a low-carbon, more sustainable future.”
#DBS #OCBC #GreenLoan