FRASERS Property has raised S$1.2 billion in a syndicated secured green loan, with the net proceeds to be used to refinance existing loans related to the development of Frasers Tower.
The loan, which has been drawn down by its indirect wholly owned subsidiary, is for a five-year period and is the first syndicated green loan under the Green Loan Principles in Singapore and South-east Asia, said Frasers Property. It secured the loan from six banks, namely BNP Paribas, DBS Bank, ING Bank (Singapore Branch), Malayan Banking Berhad (Singapore Branch), Oversea-Chinese Banking Corporation, and United Overseas Bank.
Located on Cecil Street in the Central Business District, Frasers Tower comprises a 38-storey Premium Grade A office tower and an adjacent three-storey retail podium. With lush greenery that is irrigated by recycled water, the property features four distinct zones designed to promote greater interaction.
Meanwhile, Frasers Tower has direct underground access to Tanjong Pagar MRT Station and has secured bicycle parking lots with end-of-trip facilities.
In recognition of the property's environmentally-friendly design - including the use of systems that optimise water and energy efficiency as well as improved indoor air quality - it has received the Singapore Building and Construction Authority's Green Mark Platinum Award, added Frasers Property.
Panote Sirivadhanabhakdi, group chief executive of Frasers Property, said: "Frasers Tower is a key addition to Frasers Property's portfolio of environmentally friendly buildings in Singapore, and it is befitting that the property is being funded by a financial instrument that is aligned to the green concept. Moving forward, we will continue to embrace a progressive mindset and collaborate with our stakeholders to collectively stay ahead of the curve."