Singapore, 13 April 2021 – One of the most iconic skyscrapers in downtown Singapore, the South Beach mixed-use development is characterised by its conserved buildings and hard-to-miss distinctive architecture that incorporates state-of-the-art green features. Built with sustainability in mind, the double Green Mark Platinum building has achieved yet another milestone – this time with a breakthrough in sustainable financing.
The South Beach Consortium (SBC) has secured a 5-year green loan totalling S$1.22 billion – one of Singapore’s largest green loans to date. It is provided by a group of lenders comprising DBS, UOB, Maybank, SMBC and OCBC (DBS is the lead green advisor and UOB is the green advisor).
Proceeds from the green loan will be used for the refinancing of the South Beach development – in alignment with the CDL Sustainable Finance Framework. Developed and adopted when CDL’s SDG Innovation Loan was launched in 2019, this framework demonstrates how CDL and its Group’s entities intend to fund projects or innovations that will deliver social and environmental benefits to support the Group's business strategy and vision. The framework also stipulates how the financing proceeds are to be applied to eligible projects.
Ms Yiong Yim Ming, CDL Group Chief Financial Officer, said, “Since CDL issued the first green bond by a Singapore company in 2017, we have continued to advance on sustainable financing initiatives. By doing so, we are channelling capital to achieve better environmental outcomes and aligning with the expectations of the investment community for more sustainable developments. Including this green loan obtained by South Beach, CDL has secured over S$2.5 billion of sustainable financing in the form of a green bond, green loans and a sustainability-linked loan to date. As a green developer advocate, we are heartened that our strong sustainability track record enables CDL to tap the fast-growing sustainable financing pool to benefit our joint venture projects, sharing our green vision of a low-carbon future with our like-minded partners.”
The CDL-led consortium won the site tender back in 2007 – which was evaluated through a “two-envelope” system that emphasised the quality of the developer’s concept. The Consortium had proposed to adopt an environmental design and green technology to create a distinctive, high-quality development that fits in well with Singapore's tropical climate and urban context. In February 2021, in recognition of its sustainability features, South Beach was recertified with two Green Mark Platinum rating by Building and Construction Authority – the highest tier for its commercial and residential components.
Bordering Singapore’s Central Business District, the iconic mixed-use development complements an innovative form with an environmentally-conscious design and ingenious green technologies. South Beach’s most striking feature is its signature large microclimatic wave-like canopy which spans across the whole development and provides a high level of atmospheric comfort throughout the day.
Ms Samantha Tan, General Manager of South Beach Consortium, said, “From inception, South Beach was designed to exemplify Singapore’s ideal of a ‘City in a Garden’ and with the intention to embody top design and environmental sustainability. The Green Loan is a strong testament to South Beach’s efforts in driving the green built environment movement and further cements South Beach as one of Singapore’s most sustainable and energy-efficient mixed-use development.”
Visit this website for more information about South Beach.