Keppel Land secures $170m green loan facility

It will fund the development of Seasons City (Phase 1) in the Sino-Singapore Tianjin Eco-City.

Keppel Land, through a wholly-owned subsidiary of Keppel Land China, has secured its first green loan facility of approximately $170m (RMB850m) from HSBC Group China for the development of Seasons City (Phase 1) in the Sino-Singapore Tianjin Eco-City (Eco-City) in China, an announcement revealed.

Green loans are loan instruments made available exclusively to finance or re-finance eligible green projects. Keppel Land’s green loan for Seasons City (Phase 1), which will be on a five-year term, is the first green loan granted by HSBC Group China to support the development of a property project in mainland China.

According to Keppel Land China’s president Ben Lee, the firm has been actively involved in the Sino-Singapore Tianjin Eco-City since the conception of the project more than a decade ago.
“When completed, Seasons City will contribute further to the vibrancy and attractiveness of the Eco-City,” he said.

Seasons City is part of Keppel Land's growing commercial portfolio in China to meet the rising demand for prime office and retail space. It will feature three office towers and retail premises with a total gross floor area (GFA) of about 161,800 sqm. Phase 1 of Seasons City, which comprises a five-storey retail complex and a 10-storey office tower, is targeted for completion in 2020.

The commercial development at Phase 1 of Seasons City reportedly adopts energy-efficient lighting designs, chillers and ventilation systems, and taps on non-potable water to reduce water consumption.

The project has also installed a photovoltaic (PV) system and a solar hot water system to utilise solar energy. The total energy and water savings to be achieved by Seasons City (Phase 1) is estimated to be over $1.8m (RMB9m) a year.