SINGAPORE (June 9): Frasers Property announced Tuesday that it has secured a $350 million green loan under the LMA/APLMA Green Loan Principles to finance its Fernvale Lane Executive Condominium (EC) development.
The loan was made through Frasers Property’s subsidiary Fernvale Lane. Fernvale Lane is 80% held by a wholly-owned subsidiary of Frasers Property and 20% held by CSC Land Group (Singapore).
This is Singapore’s first green loan for an EC development, and the 10th green financing initiative for Frasers Property.
Fernvale Lane will develop an EC with some 500 units at the Fernvale Lane site, which the company won in a Government Land Sale exercise in March 2020.
“Our Group is a key participant in the fast-evolving green financing market in the region because we have been quick to recognise the support from financial institutions for green financing,” says Loo Choo Leong, Group Chief Financial Officer of Frasers Property.
“Including this latest green loan, as a Group, we have raised around $4 billion in green financing to date. Tapping the green loan market is not only an integral part of our capital management strategy, but a natural extension of our business focus on sustainability, and we intend to keep adding to Frasers Property’s track record of raising green financing,” he adds.
Frasers Property shares closed 3 cents higher, or 2.2% up, at $1.37 on Monday.
