Proceeds will be used for lyf one-north Singapore, ART's maiden development project.
Ascott Residence Trust (ART) has obtained a $50m five-year green loan from DBS bank, according to a press release. ART said it is the first hospitality trust in Singapore to secure a green loan.
Proceeds from the loan will be used to finance lyf one-north Singapore, ART’s maiden development project and co-living property. Lyf one-north is one of ART’s 15 properties that attained green certfications in 2020, bringing ART’s green properties to 21.
Slated for completion in Q4 2021, the 324-unit coliving property is the first coliving property in Singapore’s research and innovation hub. It will be fitted with green, energy-efficient and smart building features. This includes an energy monitoring system, dual-technology motion sensors and light-emitting diode (LED) light fixtures which can achieve energy savings of over 30%.
Each apartment will also be equipped with an energy-efficient centralised heat pump for its hot water system, and a variable refrigerant flow (VRF) air-conditioning system to reduce water and energy consumption.
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