Frasers Property acquires refinancing of $1.08b green loan for Frasers Tower
Seven banks backed the refinancing.
Frasers Property secured support from seven banks to refinance the $1.08b green loan, which will be used for Frasers Tower.
In a statement, the property firm said one of its JV entities had drawn down a five-year green-term loan club facility.
The refinancing will be used for the maturing term loan facility, due in September 2023, for Frasers Tower, a premium Grade-A commercial building located on Cecil Street in Singapore’s Central Business District.
It also installed a double-glazed façade design to reduce solar heat gain while its building systems optimise water and energy efficiency and improve indoor air quality.
Under the loan terms, the Green Loan has a reduction in “margin if Frasers Tower maintains at least a Green Mark GoldPLUS certification status that is issued by Singapore’s Building and Construction Authority.” Frasers Tower has already been accorded the higher rating of Green Mark Platinum rating.
Loo Choo Leong, Group CEO of Frasers Property, said the group has so far secured more than $10b of green or sustainability-linked loans and bonds.
Frasers Tower is one of six office properties managed by Frasers Property Singapore. Its environmentally friendly design and resource-efficient features include the use of sustainable and recycled materials during construction such as green cement and recycled concrete aggregates.