News: DBS and OCBC Bank support Perennial as green loan advisors on SGD 3 billion green loan, Asia's largest real estate green loan to date
Press Release - Singapore-based integrated real estate and healthcare company 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. 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.
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.
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.
With vast outdoor green spaces, featuring verdant gardens and sky terraces across the verticality of the building, measuring over 10,000 square metres which exceed the footprint of the entire site by over 20%, building users can enjoy an abundance of fresh air, open space and sunlight. 8 Shenton Way will connect to Singapore's subterranean pedestrian network, including direct underground connectivity to the Tanjong Pagar Mass Rapid Transit ("MRT") station, as well as two additional MRT stations within a five-minute walk: the Maxwell MRT Station, which serves the Thomson-East Coast Line, and the Prince Edward MRT Station, which will close the loop between Harbourfront and Marina Bay MRT stations on the Circle Line in 2026. Together with bicycle and electric vehicle parking, 8 Shenton Way will provide for a myriad of sustainable modes of transport for the vibrant community, positioning the mixed-use integrated development as an ideal work, live and play destination in the heart of the city.
Mr Pua Seck Guan, Chief Executive Officer of Perennial, said, "Sustainability has been, and will continue to be, a pivotal focus for the owners of 8 Shenton Way. The SGD 3 billion green loan underpins our commitment to develop 8 Shenton Way into an iconic landmark of Singapore's city skyline and one of Asia's most sustainable skyscrapers, which goes beyond benchmarking sustainability standards to incorporate post-pandemic features, as well as health and wellness considerations. We are thankful for like-minded sustainability-driven financial institutions who stand alongside us in our journey to create a more sustainable environment for our future generations."
Mr Chew Chong Lim, Managing Director and Global Head of Real Estate, Institutional Banking Group, DBS Bank, said, "We are pleased to support Perennial and its consortium of investors in their sustainability commitments to further green Singapore's real estate landscape with Asia's largest real estate green loan to date. These efforts are in line with Singapore's Green Plan 2030 which aims to green at least 80% of Singapore's buildings by 2030, and we look forward to building on collective efforts to realise a more sustainable urban landscape and achieve a net zero future."
Ms 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."
Press Release: DBS Bank