Singapore-based integrated real estate and healthcare service Perennial Holdings Private Limited (“Perennial”) and its consortium of investors have secured a SGD 3 billion green loan to finance the redevelopment of 8 Shenton Way. This is Asia’s largest real estate green loan to date, according to a press release.
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 colors 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 sector 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 match with Singapore’s Water Efficiency Labelling and Standards rating.
Image: DBS