Singapore: Ascott Residence Trust (ART) has obtained a S$50 million five-year green loan from DBS Bank, making ART the first hospitality trust in Singapore to secure a green loan.
Proceeds from the green loan will be used to finance ART’s lyf one-north Singapore coliving property.
lyf one-north Singapore is one of ART’s 15 properties that attained green certifications in 2020, bringing the total number of ART’s green properties to 21.
lyf one-north Singapore achieved the Green Mark GoldPLUS award by Building and Construction Authority of Singapore (BCA) in 2020. The 324-unit coliving property will be fitted with green, energy-efficient and smart building features. This includes an energy monitoring system, dual-technology motion sensors and light-emitting diode (LED) light fixtures which can achieve energy savings of more than 30 per cent.
The energy monitoring system and motion sensors will monitor and automatically optimise the level of energy consumption depending on the number of occupants in the apartment. Each apartment will also be equipped with an energy-efficient centralised heat pump for its hot water system, and a variable refrigerant flow (VRF) air-conditioning system to reduce water and energy consumption. The property will also feature sun-shading fins as part of its window design to reduce façade solar heat gain.
Scheduled for completion in Q4 2021, lyf one-north Singapore is the first coliving property in Singapore’s research and innovation business hub.
Beh Siew Kim, CEO of Ascott Residence Trust Management Limited and Ascott Business Trust Management said: “Sustainability is core to everything we do at ART. As the proxy hospitality trust in Asia Pacific with a global footprint, we recognise the importance for ART to play our role as a responsible corporate citizen. Being the first hospitality trust in Singapore to secure a green loan reinforces ART’s commitment to do our part for the environment and the communities we operate in. Sustainability is integrated into every stage of our properties’ lifecycle, from design to development and operations. In 2020, we have increased the number of green properties in ART’s portfolio by about four times. Being part of CapitaLand, we are aligned with CapitaLand’s 2030 Sustainability Master Plan to green all our properties globally by 2030, future proofing our assets while creating long-term value for our Stapled Securityholders.”
“DBS is pleased to partner ART in inking the green loan by a hospitality trust, among the first in the industry. We hope this spurs more companies in the hospitality property space to explore green financing solutions. We are committed to collaborating with companies in Singapore and the region to adopt responsible financing practices for a greener, more sustainable future,” said Chew Chong Lim, managing director and global head of real estate, institutional banking at DBS.
