GuocoLand has been granted the green club of $974 million facility with DBS Bank, United Overseas Bank (UOB) and Oversea-Chinese Bank (OCBC)and Sumitomo Mitsui Banking Corporation for refinancing Guoco Tower’s commercial component. Guoco Tower. GuocoLand’s biggest green facility according to GuocoLand’s property group on the 28th of June.
J’Den Jurong East Central floor plan of 368 units of flat/apartment and 7 commercial units units ranging from 1 to 5 bedrooms spread over floors.
It was repaid under the company’s new Green Finance Framework, which provides GuocoLand and its affiliates access to a variety of fundraising options that are tied directly to “eligible eco-friendly projects”.
Initiatives to improve the performance of green buildings on Guoco Tower, for example are enhancements in the effectiveness of the air conditioning and the system of mechanical air ventilation, as well as improvements on the system for building administration in order to better control the tower’s energy use GuocoLand says. GuocoLand.
Guoco Tower comprises a three-dimensional mixed-use project in Tanjong Pagar, comprising 890,000 square feet of premium grade A office space 100,000 square feet in retail, and 181 luxury residences located at Wallich Residence, an exclusive hotel located within the Sofitel Singapore City Centre and 150,000 square feet of Urban Park.
In accordance with the guidelines, GuocoLand has committed to open and transparent reporting of pertinent important information about the green financing transactions (GFTs) as well as the environmental impact that is resulting from eligible green projects that are financed through the GFTs.
DBS, UOB and OCBC are the green loan advisors for the framework. Moody’s Investors Service was engaged to provide an independent external audit of the structure.
GuocoLand claims that the framework is in line to the Green Loan Principles for 2023 adopted by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications and Trading Association in addition to GuocoLand’s Green Bond Principles 2021 by the International Capital Market Association (ICMA) and the Asean Green Bond Standards 2018 from the Asean Capital Markets Forum.
The categories that are eligible in this structure are “likely to be able to contribute to a number goals of the United Nations’ Sustainable Development Goals” GuocoLand adds.
Prior to the creation of the framework GuocoLand had obtained green financing, which included $750 million and $730 millions in facilities for the construction of Lentor Modern and Midtown Modern and Midtown Modern, respectively, including commercial elements. With the new Green Facility, GuocoLand have secured over $2.4 billion in green financing as of today.
Andrew Chew, group chief financial officer at GuocoLand Andrew Chew, GuocoLand’s chief financial officer, states: “Our newly-established Green Finance Framework is intended to aid in our ongoing journey to decarbonise and our efforts to be a part of our contribution to Singapore Green Plan 2030.”