Ascott Residence Trust (ART) has obtained a $50 million five-year green loan from DBS Bank, making ART the first hospitality trust in Singapore to secure a green loan.
Proceeds from the green loan will be used to fund ART’s maiden development project and co-living property, lyf one-north Singapore.
lyf one-north Singapore attained the Green Mark Gold plus award by the Building and Construction Authority (BCA) of Singapore in 2020, bringing the total number of green-certified properties under ART to 21.
The 324-unit co-living property will be fitted with green, energy-efficient and smart building features, including an energy monitoring system, dual-technology motion sensors and light-emitting diode (LED) light fixtures that achieves 30% of energy savings. It is slated to be completed on 4Q2021.
“Sustainability is core to everything we do at ART. As the proxy hospitality trust in Asia Pacific with a global footprint, we recognise the importance for ART to play our role as a responsible corporate citizen,” says Beh Siew Kim, CEO of the manager of ART.
“Being the first hospitality trust in Singapore to secure a green loan reinforces ART’s commitment to do our part for the environment and the communities we operate in. Sustainability is integrated into every stage of our properties’ lifecycle, from design to development and operations. In 2020, we have increased the number of green properties in ART’s portfolio by about four times,” Beh adds.
“DBS is pleased to partner ART in inking the green loan by a hospitality trust, among the first in the industry. We hope this spurs more companies in the hospitality property space to explore green financing solutions. We are committed to collaborating with companies in Singapore and the region to adopt responsible financing practices for a greener, more sustainable future,” says Chew Chong Lim, managing director and global head of real estate, institutional banking at DBS.
Units in ART closed 2 cents higher or 1.9% up at $1.10 on Jan 13.
