Perennial Holdings clinches S$3b green loan for 8 Shenton Way redevelopment
It is the world’s largest real estate green loan in Asia to date.
Singapore’s Perennial Holdings and its consortium of investors have secured an S$3b green loan for the development of 8 Shenton Way.
This makes it the largest real estate green loan in Asia to date, according to a joint statement by DBS and OCBC, who both acted as green loan advisors for the transaction.
Upon completion of the redevelopment in 2028, 8 Shenton Way is expected to be Singapore’s tallest building at 305 metres and will be amongst Asia’s most sustainable skyscrapers. It will also be Singapore’s first supertall building, according to the press release.
The two banks, together with Bangkok Bank Singapore, China CITIC Bank, Hong Leong Finance, Malayan Banking Berhad (Singapore), the Shanghai Pudong Development Bank, and UOB, also acted as mandated lead arrangers.
OCBC served as facility agent and security agent for the loan.
8 Shenton Way is committed to secure the Building Construction Authority of Singapore Green Mark Platinum certification, one of the highest sustainability standards in the industry, which mandates an energy saving of 55% as compared to the benchmark.
The redevelopment will also minimize water usage by harvesting rainwater for irrigation of the expansive green spaces, and install water-efficient fittings that comply with Singapore’s Water Efficiency Labelling and Standards rating.