Frasers Property secures $350m green loan

This will be Singapore’s first green loan for executive condo development.

Frasers Property Limited has secured a $350m green loan through its subsidiary, Fernvale Lane, according to an announcement. This is under the LMA/APLMA Green Loan Principles to finance its Fernvale Lane Executive Condominium development.

This will be Singapore’s first green loan for an executive condominium (EC) development, and the group’s 10th green financing initiative.

The group raised its first green financing, which was also Singapore’s and Southeast Asia’s first syndicated green loan, in September 2018 for the refinancing of Frasers Tower. The group subsequently secured the first corporate syndicated green loan in Australia, as well as Singapore’s first green loan, with pricing structure linked to BCA Green Mark.

“Including this latest green loan, as a group, we have raised around $4b in green financing to date,” according to Loo Choo Leong, group chief financial officer of Frasers Property.

Fernvale Lane is 80% held by a wholly-owned subsidiary of Frasers Property and 20% held by CSC Land Group (Singapore). Fernvale Lane will develop an EC with approximately 500 units at the Fernvale Lane site. Upon completion, the development is targeted to obtain BCA Green Mark GoldPLUS.

The site is said to have attractive locational attributes, including its proximity to amenities, the Seletar Aerospace Hub and the upcoming Punggol Digital District, on top of easy access to the CTE and key transportation nodes.