The green loan for Marina One is the largest obtained for a real estate firm in the Asia-Pacific, says developer M+S. PHOTO: M+S
Updated from : The Straits Times, 28 July 2020
The joint venture between Malaysia and Singapore – M+S – has obtained a $1.95 billion green loan for its Marina One development.
This is the largest green loan for a real estate firm in the Asia-Pacific, said the developer, which is 60 per cent owned by Malaysian sovereign wealth fund Khazanah Nasional and 40 per cent by Singapore investment firm Temasek Holdings.
The loan from DBS Bank, OCBC and United Overseas Bank will partially finance Marina One’s office and retail components, which are valued at about $5 billion. The residential part is not part of the loan package.
The Marina One East and West Towers have nearly 1.9 million square feet of Grade A office space, including two floors cantilevered across both towers. They house corporations such as Facebook, PwC, Mitsubishi UFJ Financial Group, Julius Baer, Netflix, Rajah and Tann and Prudential. The retail podium spans around 140,000 sq ft across four floors.
M+S said yesterday that about 80 per cent of the 1,042 apartments have been sold at the two residential towers, named Marina One Residences.
Sustainability is at the heart of Marina One’s architecture and operation, M+S said.
Every facet of the architecture serves to create environmental benefits. For instance, the building orientation and the meandering louvres on its facade provide each level with direct shade from the sun to reduce heat and cooling needs.
Innovative technologies are also used to conserve energy and boost efficiency, such as the recycling of heat and power, rainwater harvesting, energy-saving building management systems and high-performance solar glazing.
The development was named the global winner of the sustainable development category at the 2020 FIABCI World Prix d’Excellence Awards.
M+S chief executive Kemmy Tan said Marina One is “living proof that commercial real estate can, and should, embrace the principles of sustainability without compromising on design and quality”.
Ms Elaine Lam, OCBC’s head of global corporate banking, said the landmark deal will bolster Singapore’s reputation in sustainable financing.
M+S was set up in 2011 to develop two projects in Singapore, Marina One and Duo, as part of a historic land-swap deal sealed between the two countries.