Boustead Projects announced on Jan 18, that it has secured its first green loan of some $130 million from UOB under the UOB Real Estate Sustainable Finance Framework.
The green loan was extended to BP-Dojo LLP, Boustead Projects’ joint venture (JV) special purpose vehicle under the Boustead Development Partnership (BDP) to refinance Alice@Mediapolis (Alice).
Alice, a smart, eco-sustainable business park development, is developed and owned by BP-Dojo LLP.
It has been awarded the Green Mark Platinum by the Singapore Building and Construction Authority (BCA), a first for property projects under BDP.
Some of Alice’s green features include prefabricated building systems, which helps minimise construction waste, as well as efficient water fittings and a 100KW-peak rooftop solar panel array.
SEE: Large amounts of general provisioning
“We are pleased to have secured our first green loan from UOB, which represents an important milestone in our progress as a developer of smart eco-sustainable business park and industrial developments, and is a testament to our efforts to grow and manage our leasehold portfolio to be a contributor to a low-carbon and more sustainable future,” says Thomas Chu, managing director of Boustead Projects.
“The growing availability of green loans or sustainability-linked loans at competitive interest rates and borrowing terms has broadened the financing and refinancing options available to our development and asset management businesses, and further underscores the commercial advantages of investing in smart eco-sustainable projects, which bring vast economic, environmental and social benefits to society in the long-term,” Chu adds.
“At UOB, we tap our sectoral solutions and sustainable financing expertise to help our clients advance responsibly,” adds Frederick Chin, head of group wholesale banking and markets at UOB. “We are pleased to help our longstanding client Boustead Projects with its first green loan in the region, especially as it will result in showcasing how environmentally-friendly designs can contribute to a better-built environment. In collaborating with like-minded partners such as Boustead Projects, we are helping to forge a sustainable future."
Shares in Boustead Projects closed 2 cents lower or 1.9% down at $1.06 on Jan 15.
