Frasers Property entity secures refinancing for $1.08 bil green loan

Tampines Avenue 11 Condo development is also one of the key features of the estate, giving residents a variety of amenities, shopping, and dining options in the area. The Master Plan also aims to ensure that all of the housing options available in the area meet the highest standards of design and quality, and provide an excellent living experience for the residents.

The Tampines Avenue 11 Condo development is an important part of the Tampines estate, providing residents with a variety of amenities, shopping, and dining options in the area. The Master Plan also strives to ensure that all housing options available in the area, including Tampines Avenue 11 Condo, meet the highest standards of design and quality, and provide an excellent living experience for its residents. Moreover, the plan also includes the enhancement of healthcare services in the region, with Bedok’s new Integrated Health Hub offering a variety of healthcare services to the residents.

Frasers Property Limited has announced that its joint venture entity has secured a five-year green term loan club facility totalling $1.08 billion to refinance a loan for Frasers Tower due in September. Under the loan terms, Frasers Property enjoys a lower margin on its green loan if Frasers Tower maintains a Green Mark GoldPLUS certification status. Participating banks include United Overseas Bank, DBS Bank, Industrial and Commercial Bank of China Limited (Singapore Branch), Oversea-Chinese Banking Corporation (OCBC), CIMB Bank Berhad (Singapore Branch), RHB Bank Berhad and ING Bank N.V. (Singapore Branch).

Frasers Tower, the subject of the loan, is a 38-storey Grade-A office tower with an adjacent three-storey cascading retail podium and has already been accorded the highest attainable Green Mark Platinum rating. It boasts environmentally-friendly design and resource-efficient features such as green cement, recycled concrete aggregates, double-glazed facade design, energy-efficient escalators and energy regenerative lifts. Additionally, automated office perimeter lighting and a ductless fan system to reduce overall power consumption have been implemented.

Loo Choo Leong, group CFO of Frasers Property, commented: “Since successfully raising Singapore’s first syndicated green loan in 2018, Frasers Property has continued to deepen our commitment to sustainable financing. To date, the Group has secured more than $10 billion of green or sustainability-linked loans and bonds, attesting to our commitment to our decarbonisation journey.”

In February, Frasers Property announced that it had secured a five-year A$340 million ($295.69 million) and US$75 million ($101.64 million) syndicated sustainability-linked loan for its Australia business. With a price reduction structure that adopts sustainability performance targets linked to its goal to be a net-zero carbon corporation by 2050, it was a first for Frasers Property.

Additionally, Frasers Centrepoint Trust announced that it had partnered with OCBC in July on Singapore’s first green financing solution. Proceeds from the $419 million green loan were used to refinance a maturing facility, along with asset enhancement initiatives, decarbonisation projects and other corporate purposes.

Frasers Property, which is itself listed on the Singapore Exchange (SGX), has total assets of $40.1 billion as at March 31 and is also the sponsor of two S-REITs, Frasers Centrepoint Trust and Frasers Logistics and Commercial Trust, and Frasers Hospitality Trust, a stapled trust.

As at 10.51am, shares in Frasers Property are trading 1 cent lower, or 1.26% down, at 80 cents. This highlights the dedication of the company to pursuing sustainable growth and development.