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The green loan secured by Worldwide Hotels Group is worth $405 million and will cover the land and acquisition costs for 8 Club Street. Source: Worldwide Hotels
Worldwide Hotels Group has secured its first green loan worth $405 million from Maybank Singapore, reported Singapore Business Review (SBR).
Its first foray into green financing, the loan will help the group develop its new hotel and commercial development, 8 Club Street. To date, the loan is considered the largest bilateral green financing for a Singapore hospitality asset.
The green loan will cover land and acquisition costs for 8 Club Street. Once completed in 2022, the 19-storey mixed-use development will feature a four-star hotel with 900 rooms as well as commercial spaces, comprising restaurants and shops, within the Central Business District (CBD) and Chinatown precincts. It will be accessible via a pedestrian link that is connected to China Square as well as Chinatown and Telok Ayer MRT stations.
“We are pleased to finance our landmark hotel with Maybank via a green loan as we keep to our green building target of BCA Green Mark GoldPlus for 8 Club Street. With this, we will embark on a full-fledged sustainability journey and are currently putting a framework in place this year. Our vision is to eventually enhance and upgrade our existing portfolio to meet our formalised green targets,” said Carolyn Choo, Managing Director of Worldwide Hotels Group, as quoted by SBR.
A tourist class hotel group, Worldwide Hotels provides affordable accommodation for travellers visiting Singapore. It currently owns and manages six hotel brands within the city-state—Hotel Ross, Hotel Mi, V Hotel, Venue Hotel, Value Hotel and Hotel 81.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg