South Beach secures $1.2 bil green loan

By
/ EdgeProp Singapore
|
April 13, 2021 6:51 PM SGT
SINGAPORE (EDGEPROP) - South Beach Consortium (SBC), a joint venture between Singapore developer City Developments Ltd (CDL) and Malaysia's IOI Properties Group, has secured a five-year green loan of $1.22 billion from DBS, UOB, Maybank, SMBC and OCBC.
South-Beach - EDGEPROP SINGAPORE
The loan from DBS, UOB, Maybank, SMBC and OCBC will be used to refinance the South Beach mixed-use development (Credit: CDL)
SBC will be using the proceeds from the loan to refinance the South Beach mixed-use development.
“Since CDL issued the first green bond by a Singapore company in 2017, we have continued to advance on sustainable financing initiatives,” says Yiong Yim Ming, CDL group CFO.
“Including this green loan obtained by South Beach, CDL has secured over $2.5 billion of sustainable financing in the form of a green bond, green loans and a sustainability-linked loan to date,” Yiong adds.
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South Beach complex is a mixed-use development comprising 510,000 sq ft of Grade-A office space, 190 luxury residences, a 634-room JW Marriott Singapore South Beach hotel, and an array of dining and lifestyle establishments. The development is linked to two underground MRT stations - Esplanade and City Hall Interchange.