South Beach Secures S$1.22 Billion Green Loan from DBS, UOB, Maybank, SMBC and OCBC
Singapore, 13 April 2021 – South Beach Consortium (SBC) has secured a 5-year green loan totaling S$1.22 billion – one of Singapore’s largest green loans to date. It is provided by a group of lenders comprising DBS, UOB, Maybank, SMBC and OCBC. DBS is the lead green advisor and UOB is the green advisor.
Proceeds from the green loan will be used for the refinancing of the South Beach mixed-use development – a double Green Mark Platinum development – in alignment with the City Developments Limited (CDL) Sustainable Finance Framework. This framework was developed and adopted when CDL’s SDG Innovation Loan was launched in 2019. It demonstrates how CDL and its Group’s entities intend to fund projects or innovations that will deliver social and environmental benefits to support the Group’s business strategy and vision. The framework also stipulates how the financing proceeds are to be applied to eligible projects.
Ms Yiong Yim Ming, CDL Group Chief Financial Officer, said, “Since CDL issued the first green bond by a Singapore company in 2017, we have continued to advance on sustainable financing initiatives. By doing so, we are channeling capital to achieve better environmental outcomes and aligning with the expectations of the investment community for more sustainable developments. Including this green loan obtained by South Beach, CDL has secured over S$2.5 billion of sustainable financing in the form of a green bond, green loans and a sustainability-linked loan to date. As a green developer advocate, we are heartened that our strong sustainability track record enables CDL to tap the fast-growing sustainable financing pool to benefit our joint venture projects, sharing our green vision of a low-carbon future with our like-minded partners.”
South Beach was built with sustainability in mind. The CDL-led consortium which won the site tender back in 2007 was evaluated through a “two-envelope” system that emphasised the quality of the developer’s concept. The Consortium had proposed to adopt an environmental design and green technology to create a distinctive, high-quality development that fits in well with Singapore’s tropical climate and urban context. In February 2021, in recognition of its sustainability features, South Beach was recertified with two Green Mark Platinum rating by Building and Construction Authority (BCA) – the highest tier of the Green Mark Certifications for its commercial and residential components.
Bordering the city state’s Central Business District, the iconic mixed-use development complements an innovative form with environmentally conscious design and ingenious green technologies. South Beach’s most striking feature is its signature large microclimatic wave-like canopy which spans across the whole development and provides a high level of atmospheric comfort throughout the day. Please refer to Annex A for a list of sustainability features at South Beach.
Ms Samantha Tan, General Manager of South Beach Consortium, said “From inception, South Beach was designed to exemplify Singapore’s ideal of a “City in a Garden” and with the intention to embody top design and environmental sustainability. The Green Loan is a strong testament to South Beach’s efforts in driving the green built environment movement and further cements South Beach as one of Singapore’s most sustainable and energy-efficient mixed-use development.”
About South Beach
The mega South Beach complex is a joint venture between City Development Limited (CDL) and IOI Properties Group Berhad. Strategically located on Beach Road bordering Singapore’s Central Business District, the mixed-use development seamlessly integrated four conserved military buildings with 2 towers to collectively comprise 510,000 sqft of Grade A office space, 190 luxury residences, the 634-room JW Marriott Singapore South Beach and an array of dining and lifestyle establishment, including one by Michelin Stared chef Akira Back. It is also strategically located and seamlessly connected to two underground MRT stations – Esplanade and City Hall Interchange.
Conceived by world renowned architectural firm Foster + Partners, South Beach’s iconic architecture is designed with the idea of blending innovative form with environmentally sustainable design to create a distinctive, high-quality development that fits in with Singapore’s tropical climate and urban context.
One of South Beach’s unique eco-friendly features is its state-of-the-art microclimatic canopy that extends throughout the development. The canopy, engineered to harvest rainwater and fitted with photovoltaic cells to convert solar energy into electricity, also serves an added purpose of providing pedestrians beneath it with a naturally ventilated shelter from the worst of the city’s tropical climate.
The development’s green efforts are further supported by its good orientation, high-performance glass façade and extensive sky gardens which help to absorb heat and maintain a high level of thermal comfort throughout the day. In addition, energy- and water- efficient fittings and certified green label building materials all contribute to South Beach’s commitment to being one of Singapore’s most environmentally conscious developments.
Blending innovative form with environmentally conscious design and ingenious green technologies, South Beach has been honoured with two Green Mark Platinum Awards (Residential and Commercial) by the Building and Construction Authority of Singapore. It also received the prestigious FIABCI Singapore Awards, topping the Sustainable Development category; and also the ASEAN Energy Awards 2019 – sole Singapore winner of the ‘Energy Efficient Buildings Awards’ in the New and Existing Building category.
Most recently, South Beach has been awarded the highest industry honour of 5-stars in Best Mixed-Use Development (Singapore) category at the Asia Pacific Property Awards 2020/2021. It also reached another milestone with South Beach achieving the recertification of the Green Mark Platinum Awards in February 2021.
For more information, please contact:
Jason Ler
South Beach Consortium Pte Ltd
Mobile +65 97599387