The South Beach mixed-use development will use this $1.2 billion green loan to create offices, hotel rooms, luxury residences, and dining and lifestyle outlets.
South Beach Consortium (SBC), a joint venture between City Developments Limited (CDL) and IOI Properties Group, has secured a five-year green loan totalling $1.2 billion from a group of lenders comprising DBS, Maybank, UOB, SMBC and OCBC.
SBC will use the proceeds to refinance the South Beach mixed-use development, in alignment with CDL’s sustainable finance framework.
The framework demonstrates how the CDL Group intends “to fund projects or innovations that will deliver social and environmental benefits to support the group’s business strategy and vision”.
DBS is the lead green advisor, while UOB is the green advisor.
“Including this green loan obtained by South Beach, CDL has secured over $2.5 billion of sustainable financing in the form of a green bond, green loans and a sustainability-linked loan to date,” said CDL Group Chief Financial Officer Yiong Yim Ming.
“As a green developer advocate, we are heartened that our strong sustainability track record enables CDL to tap the fast-growing sustainable financing pool to benefit our joint venture projects, sharing our green vision of a low-carbon future with our like-minded partners.”
A double Green Mark Platinum development, the mega South Beach complex comprises 510,000 sq ft of Grade A office space, a 634-room JW Marriott Singapore South Beach hotel, 190 luxury residences, as well as an array of dining and lifestyle establishments.
It is seamlessly connected to two underground MRT stations – namely, Esplanade and City Hall Interchange.
The consortium won the site tender back in 2007 via a “two-envelope” system which emphasised the quality of the developer’s concept.
Among the eco-friendly features of South Beach is its large microclimatic wave-like canopy that spans across the entire development, providing a high level of atmospheric comfort all throughout the day.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
