GuocoLand clinches S$974m green loan to refinance Guoco Tower

GuocoLand plans to improve the tower’s air-conditioning and mechanical ventilation system, amongst others.

GuocoLand has secured a S$974m green club facility from DBS, UOB, OCBC, and Sumitomo Mitsui Banking Corporation.

This is GuocoLand’s largest green facility to date, and will be used to refinance the commercial component of Guoco Tower, its mixed-used development at Tanjong Pagar.

Initiatives to enhance the tower’s green-building performance include improvements to the efficiency of its air-conditioning and mechanical ventilation (ACMV) system and upgrades to the building management system to better monitor the tower’s energy consumption, the property development and investment company said in a press statement.

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GuocoLand will apply its newly-established green finance framework for this loan. GuocoLand and its subsidiaries access to various fundraising options that include bonds, loans and other forms of debt financing. These fundraising options will be structured to contribute to sustainable development, with net proceeds funneled to eligible green projects in accordance with the framework’s criteria and guidelines. 

DBS, UOB and OCBC serve as the green loan advisors of the framework.