Frasers Property bags $1.2b syndicated green loan

It will be utilised to refinance existing loans for the development of Frasers Tower.

Frasers Property secured a $1.2b syndicated green loan which is the first of its kind in Singapore and Southeast Asia, an announcement revealed.

The net proceeds of thefive-year term loan will be used to refinance existing loans relating to the development of Frasers Tower.

Located on Cecil Street in the Central Business District (CBD), Frasers Tower is a 38-storey Premium Grade-A office tower with column-free and highly efficient rectilinear floor plates, and an adjacent three-storey cascading retail podium.

“Nestled amongst lush greenery that is irrigated by recycled water, the property features four unique zones which are designed to promote greater community interaction and integration,” the firm noted.

The property also pushes for green commuting through its direct underground access to Tanjong Pagar MRT Station and secured bicycle parking lots with end-of-trip facilities.

“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,” Frasers Property group CEO Panote Sirivadhanabhakdi commented.

In recognition of the property’s environmentally-friendly design, including the use of systems that optimise water and energy efficiency and improve indoor air quality, it has received the Singapore Building and Construction Authority (BCA) Green Mark Platinum Award.

The green loan from a syndicate of six banks, comprising of BNP Paribas, ING Bank, Malayan Banking Berhad, OCBC, and UOB.