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The loan is exclusive to finance and re-finance green projects.
Keppel Land, via a fully-owned unit of Keppel Land China, has obtained its first green loan facility from the HSBC Group China for the development of Seasons City’s Phase 1 within the Sino-Singapore Tianjin Eco-City.
In an SGX filing, Keppel Land said green loans are loan instruments provided exclusively to finance or re-finance eligible green projects.
Amounting to RMB850 million ($170 million), the loan – which is on a five-year term – is the first green loan extended by the HSBC Group China to support the development of a Mainland China property project.
It is to be aligned with the green loan principles released by the Loan Syndications & Trading Association, the Asia Pacific Loan Market Association and the Loan Market Association.
With a total gross floor area of around 161,800 sq m, Seasons City will have three office towers and retail spaces. Phase 1 comprises a 10-storey office tower and a five-storey retail building and is set for completion by 2020.
Phase 1 adopts energy-efficient chillers, lighting designs and ventilation systems. It also installed a solar hot water system and photovoltaic system to harness solar energy.
Keppel Land expects the project to achieve over RMB9 million (S$1.7 million) in water and energy savings per year.
“Keppel Land China is pleased to secure our first green loan for the development of a commercial project in the Sino-Singapore Tianjin Eco-City. This reflects our focus on building environmentally-friendly and resource-efficient properties,” said Keppel Land China president Ben Lee.
“Keppel Land has been actively involved in the Sino-Singapore Tianjin Eco-City since the conception of the project more than a decade ago. We have actively contributed to the Eco-City’s transformation from a barren site to the sustainable city it is today. When completed, Seasons City will contribute further to the vibrancy and attractiveness of the Eco-City,” he added.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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