Soilbuild gets maiden green loan of S$248m for Tai Seng project

SOILBUILD Group Holdings has secured a S$248 million green development club loan for the redevelopment of its upcoming Solaris @ Tai Seng project.

The group's first green loan will be used to build its third green mark platinum build-to-lease business space with a proposed gross floor area of 1.1 million square feet (sq ft), slated for completion in 2022.

Called Solaris @ Tai Seng, the business space is located within the Paya Lebar iPark precinct. It consists of four main blocks of eight and nine-storey business units. These will be integrated with supporting food and beverages, ancillary retail units and recreational amenities.

When completed, the project is expected to meet the Building and Construction Authority's Green Mark Platinum certification standards - the highest certification for green buildings in Singapore. The property's green features include multiple rooftop gardens and corner sky terraces.

The business space will also encourage green commuting through secured bicycle parking lots with end-of-trip and shower facilities. In addition, it will also adopt smart technologies to enhance building security, reduce human traffic and improve building operation and maintenance.

The sole green structuring arranger for the group's green finance framework is HSBC Singapore. The joint mandated lead arrangers for the green loan meanwhile are HSBC Singapore and OCBC Bank.

Soilbuild director Lim Han Qin said: "We hope that the adoption of the green financing will further enunciate our commitment in this aspect and encourage more industrialists to embrace green buildings and sustainability."

Gary Tan, HSBC Singapore head of Asean commercial real estate, added that with multi-national corporations, consumers, governments and investors turning their attention to sustainability, green loans are shifting the way in which businesses are viewed by their stakeholders.

OCBC Bank head of global commercial banking, Linus Goh, said: "Having supported [Soilbuild's] first green mark project, Solaris @ one-north, and observed their commitment to sustainability over the past decade, we are confident Soilbuild will continue to lead the way for the industry in the shift towards green developments and financing."