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MARKETS & INVESTING, RESIDENTIAL PROPERTY | Staff Reporter, Singapore
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United Engineers converts $333m loan to green home development loan

It will be used to develop a Dairy Farm road parcel into a green residential property.

United Engineers has converted a $333m loan into one of the region’s first green loans for a residential property in Asia, an announcement revealed. The firm first secured the loan in 2018 from DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).

The green loan will be used to develop a land parcel along Dairy Farm Road into a green residential property comprising about 450 residential units. Plans for amenities such as a childcare centre, supermarket, food court and retail shops are also in the works.

The property’s green features will centre on concepts such as climate responsive building design, energy performance, resource stewardship, as well as smart and healthy building.

The green features of the development also include lift and escalator systems equipped with sleep mode technology, air conditioning system with five-ticks rating under the Singapore Energy Labelling Scheme for residential units and energy efficient lighting, as well as the installation of water fittings with PUB Water Efficiency Labelling Scheme.

It will also optimise concrete usage and use of sustainable building systems for more than 50% of the constructed floor area, and feature sustainable products by using green products certified by approved local certification bodies and products including the use of low volatile organic compound paints.

The green features are expected to bring annual residential energy savings of up to 473,206 kWh, which is 20.6% higher than the average Singapore standards. Annual commercial energy savings are projected at up to 681,961 kWh, 25.8% higher than the average Singapore standards.

Residential water savings are projected at up to 21,302 m3 per year, with commercial water savings projected at up to 2,658 m3.

“This is a landmark deal which bolsters Singapore’s reputation in green financing. Given the finite resources we have in our natural environment, it is vital that we create an urban landscape that is smart, healthy and sustainable,” Elaine Lam, head of global corporate banking at OCBC Bank, said in a statement. 

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