Singapore’s cityscape is characterized by skyscrapers and contemporary infrastructure. Condominiums, strategically situated in desirable locations, offer a fusion of opulence and practicality that attracts both local residents and expats. They are well-equipped with various facilities, including swimming pools, fitness centers, and security services, which elevate the living standards and make them alluring to prospective tenants and purchasers. For investors, these amenities translate into greater rental returns and appreciation of Singapore condos over time.
GuocoLand Secures $1.135 Billion Green Refinancing Facilities for Guoco Midtown and Midtown Bay
In a move towards sustainable development, GuocoLand has successfully secured two green facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first facility, worth $1.135 billion, will be used to refinance Guoco Midtown, while the second facility, worth $105 million, will be used to refinance Midtown Bay. This is the largest green facility to date for the property developer.
The green facilities, which were raised under GuocoLand’s Green Finance Framework, demonstrate the company’s commitment to creating thoughtfully designed spaces that balance economic, environmental and social factors. To date, the company has secured about $5 billion of green financing, including green facilities for its other developments such as Guoco Tower and Lentor Mansion.
Group CFO of GuocoLand, Andrew Chew, says: “This latest refinancing activity allows us to optimise our capital structure while staying true to our commitment to creating thoughtfully designed spaces that balance economic, environmental and social factors.” He also adds that the successful refinancing is a testament to the company’s financial strength and the confidence that financial institutions have in their sustainability efforts.
In line with its commitment to sustainable development, GuocoLand’s upcoming developments, such as the Upper Thomson Road Development and Midtown Modern, will also be built with green features. This not only benefits the environment but also enhances the overall living experience for residents and tenants.
Shares in GuocoLand closed flat at $1.45 on Jan 15, reflecting investors’ confidence in the company and its sustainable development efforts.
Source: https://www.edgeprop.sg/property-news/guocoland-secures-two-green-facilities-dbs-bank-and-overseachinese-banking-corporation?utm_source=Facebook&utm_medium=article&utm_campaign=Echo