UOL Group Limited announced on Wednesday (July 29) that it has secured a $120 million three-year term green loan from United Overseas Bank Limited (UOB) to redevelop Pan Pacific Orchard.
This is the first green loan for the group.
The proceeds from the loan will be used to partially finance the redevelopment of Pan Pacific Orchard into a biophilic 347-room hotel.
Biophilic refers to a design that seeks to integrate nature with the built environment. The refurbishments are targeted to open in 2021.
UOL says the 23-storey hotel will set a new benchmark for green hospitality including self-sustaining sky terraces which features rainwater harvesting systems and solar cells to light up the gardens.
In January, Pan Pacific Orchard was awarded the Building and Construction Authority’s Green Mark Platinum. The BCA Green Mark Platinum is Singapore’s highest environmental certification that recognises projects whose design and performance adhere to best practices in environmental sustainability.
“The inaugural green loan demonstrates our commitment in greening our urban habitat. Pan Pacific Orchard will contribute to our government’s vision to transform Orchard Road into a green oasis in the city. The hotel’s communal lush landscaped terraces will provide environmentally-friendly spaces that will promote social well-being and biodiversity. On top of this, the green loan will be the first to be given to a biophilic and zero-waste hotel in Singapore,” says UOL Group CEO Liam Wee Sin.
Shares in UOL closed 2 cents lower, or 0.3% down, at $6.62.
