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A PGIM, CIC and NTUC joint venture has just completed an upgrade of Singapore’s Nex mall
Two separate deals announced on Tuesday highlight the rising popularity of green loans in Singapore’s property market as developers and asset owners leverage financing opportunities to create more efficient facilities.
Gold Ridge, the owner and developer of NEX shopping mall, said it secured a S$900 million ($669.3 million) green loan for refinancing the retail destination in northeastern Singapore. Warehouse specialist Logos, meanwhile, obtained a S$48 million green loan for its Food21 production and logistics facility on the western end of the island.
It’s the first commercial building in Singapore to be awarded as such.
Keppel Bay Tower, owned and operated by Keppel Land, has been certified as a Green Mark Platinum (Zero Energy) building by the Building and Construction Authority (BCA). It is the first commercial building in Singapore to be awarded as such.
“A Green Mark Platinum (Zero Energy) building must, in addition to achieving a low energy use index of less than 115 kWh/m2 per year, also have all of its energy consumption, including plug load, supplied from renewable sources, both on-site and off-site,” said Keppel in a media release.