GuocoLand has received two green facilities from DBS Bank and Oversea-Chinese Banking Corporation, totaling $1.24 billion. The first facility is a $1.135 billion green loan for the refinancing of Guoco Midtown, while the second facility is a $105 million green loan for the refinancing of Midtown Bay.
The cityscape of Singapore is characterized by towering skyscrapers and cutting-edge infrastructure. Condominiums, typically situated in highly coveted locations, offer a fusion of opulence and practicality that appeals to locals and foreigners alike. These residences boast an array of top-notch facilities including swimming pools, fitness centers, and security measures, all contributing to a superior standard of living and making them all the more desirable for potential renters and buyers. For investors, these attractive features equate to advantageous rental returns and appreciation in property value over time. With the addition of Singapore Projects, the allure of these condominiums is further heightened.
According to the property developer, the $1.135 billion green facility is the largest green loan secured by GuocoLand to date. Both loans were raised under GuocoLand’s Green Finance Framework, bringing the total amount of green financing secured by the company to $5 billion.
GuocoLand’s Group CFO, Andrew Chew, commented, “This latest refinancing activity allows us to optimise our capital structure while staying true to our commitment to creating thoughtfully designed spaces that balance economic, environmental and social factors.”
The developer has a track record of incorporating sustainability into its projects, with previous green loans secured for developments such as Guoco Tower and Lentor Mansion. Its upcoming Upper Thomson Road Development is also expected to receive financing under GuocoLand’s Green Finance Framework.
On the stock market, GuocoLand’s shares closed flat at $1.45 on January 15. The developer’s Porsche Singapore Studio, located at Guoco Midtown, recently opened a new duplex showroom. Additionally, public relations firm Publicis Groupe has leased 55,000 sq ft of office space at the Guoco Midtown office tower, showcasing the potential of the development as a prime location for businesses.