The Farrer Park Company, an integrated healthcare and hospitality complex, has obtained a $120 million green loan from United Overseas Bank (UOB) on September 17.
The loan, which supports the company’s continued efforts in ensuring that it is environmentally responsible in its operations, is the first such loan for a healthcare facility in Singapore.
The loan is issued under the UOB Real Estate Sustainable Finance Framework and will be used to re-finance Connexion, which houses the Farrer Park Medical Centre, Farrer Park Hospital and One Farrer Hotel.
“Environmental sustainability has been in our DNA since our inception. Our goal to make a positive difference in the environment and society remains unchanged today,” says Peng Chung Mien, CEO of The Farrer Park Company.
“Becoming the first healthcare building to receive the green loan underscores our commitment to reduce our carbon footprint and prove how sustainability can go hand in hand with design, quality and service,” Peng adds.
“To help more of our clients access green financing as part of their sustainability goals, we launched the UOB Real Estate Sustainable Finance Framework in October last year. This is the first lending framework for the sector established by a Singapore bank and makes it easier for companies to apply for sustainability-linked or green loans as they do not need to come up with their own sustainable finance framework,” says Leong Yung Chee, head of corporate banking in Singapore at UOB.
“Through our collaboration with The Farrer Park Company on Singapore’s first green loan for a healthcare facility, we hope to lead the way for more healthcare companies to consider the use of green financing in their sustainability efforts,” Leong adds.
As at 12.09pm, shares in UOB were trading 6 cents lower, or 0.3% down, at $19.24.
