Allgreen-Kerry JVs obtain S$861.8 green loan for Pasir Ris development project

TWO 70:30 joint ventures between Allgreen Properties and Kerry Properties - Phoenix Residential and Phoenix Commercial - have obtained an S$861.8 million green loan from DBS, Maybank and OCBC to finance a mixed-use development project in Pasir Ris.

This marks the first green loan for both Allgreen and Kerry, said the property developers in a joint press statement with the lenders on Wednesday. It was raised under a new green loan framework set up by Allgreen with support from OCBC.

All three banks were joint mandated lead arrangers. DBS and OCBC acted as joint green loan advisers, with the latter also facility agent, security agent and account bank for the transaction.

The mixed-use development will comprise 487 residential apartments known as Pasir Ris 8. It will be integrated with a four-level retail podium that has a net lettable area of about 268,000 square feet.

The project's development plans are aligned with the criteria for Building and Construction Authority (BCA) Green Mark Gold Plus and Green Mark Platinum Award for the residential component and retail component, respectively.

Its features will include efficient air-conditioning systems, energy-saving vertical transportation systems, water efficiency fittings, and systems and climate responsive design.

Elaine Lam, head of global corporate banking at OCBC, said developments such as Pasir Ris 8 will play an "integral role in the growth of an eco-friendly city".

The green loan is another showcase of the real estate industry's continued commitment to sustainable development, she added.

Said Tan Su Shan, DBS group head of institutional banking: "This facility will support (Allgreen and Kerry's) plans to ensure that their mixed-use development project in Pasir Ris is aligned with BCA's criteria for green buildings, and in turn contribute to the national goal of greening 80 per cent of Singapore's buildings under the Singapore Green Plan 2030."