UOL will be eligible for an interest rate reduction if its sustainability targets are met in reducing carbon emissions, energy and water intensities for its commercial properties.
See also: Who stands to gain from SingLand’s Marina Square redevelopment?
“As one of Singapore’s leading property developers, we are committed to managing our sustainability strategy in a holistic manner that creates value for our stakeholders. This inaugural SORA-based sustainabilitylinked loan highlights our commitment to bring about positive environmental and social impact while achieving business objectives. We believe integrating green financing is a staple in our sustainability journey and the way forward,” says UOL CFO Kwa Bing Seng.
In 2020, UOL secured its first green loan of $120 million to partially finance the development of the 347-room Pan Pacific Orchard into a biophilic hotel. Scheduled to open in the second half of 2022, Pan Pacific Orchard will be the first zero-waste hotel in Singapore. Earlier in March, the group’s property subsidiary, Singapore Land Group, secured its first sustainability-linked and green loans totalling $300 million for partial refinancing of existing facilities and general corporate purposes, and towards a major upgrading of the 48- storey Singapore Land Tower at 50 Raffles Place.
Since 2016, UOL has been a constituent member of iEdge SG ESG Leaders Index. The group also received an “A” rating under MSCI ESG Ratings.
Shares in UOL closed 1 cent or 0.15% higher at $6.86 on Sept 30.
Photo: UOL
