Frasers Property secures Singapore’s first green loan for Fernvale Lane EC
By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Frasers Property has secured a green loan of $350 million to finance an executive condominium (EC) at Fernvale Lane through subsidiary Fernvale Lane. The loan was funded by three banks: DBS Bank, Malayan Banking and OCBC Bank. Fernvale Lane is 80% held by a wholly-owned subsidiary of Frasers Property and 20% is held by CCS Land Group (Singapore).
The upcoming EC will comprise approximately 500 units. Upon completion, the development is targeted to obtain the BCA (Building and Construction Authority) Green Mark GoldPlus, which differentiates the environment-friendly buildings by judging criteria such as energy, water and material resource usage and quality of the environment indoors.
The group won the Fernvale Lane site in a government land sale exercise in March. The site is close to Seletar Aerospace Hub and the upcoming Punggol Digital District. Key transportation nodes such as Central Expressway are easily accessible.
Green loans are designed to finance green or sustainable projects. The green loan is the first in Singapore for an EC in Singapore and the 10th green financing initiative by Frasers Property.
Loo Choo Leong, group CFO of Frasers Property, says that the group has been quick to “recognise the support from financial institutions for green financing”. He adds that tapping on the green loan market is “a natural extension of [the company’s] business focus on sustainability”.
In September 2018, the group raised its first green loan, which was also the first syndicated one in Southeast Asia, for the refinancing of Frasers Tower. The group has raised around $4 billion in green financing to date.
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