Mainboard-listed Boustead Singapore F9D has secured a green loan of approximately $156 million from UOB for the ongoing redevelopment of its logistics warehouse at 36 Tuas Road.
According to an Oct 17 release, the property is Singapore's first logistics warehouse and the first building in the industrial real estate sector to attain both the Green Mark Platinum Super Low Energy and five badges awarded by the Building & Construction Authority (BCA), under the updated BCA Green Mark 2021. The five badges include: intelligence, health and wellbeing, resilience, maintenance and whole life carbon.
The five-year secured green loan falls under UOB’s sustainable finance framework for green building developers and owners and represents the third green loan Boustead has secured from UOB.
Proceeds from the loan are expected to fund the ongoing redevelopment of the property into a multi-tenant logistics hub, owned by Boustead Real Estate Fund, which is set to be completed in early 2025.
Samuel Lim, managing director of Boustead Real Estate, says: “We are pleased to continue our green financing journey with UOB through this third loan and have secured a collective total of $343 million of secured green loans with the institution to date. Boustead Projects ’ commitment to integrating sustainability within our business remains steadfast and achieving Singapore’s first industrial Green Mark Platinum Super Low Energy enhances our portfolio of quality green projects in the industrial space.”
Following the group’s achievement of the award, Boustead says sustainability has “been integrated at the onset, from the design stage of the development” of the property.
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On completion, the property is expected to feature “best-in-class” energy-efficient features that is set to achieve up to an estimated 42.6% of energy savings through reducing air-conditioning and lighting consumption.
The property will also include a climatic responsive facade to reduce building heat gain, a high-efficiency air distribution system, a hybrid cooling system and solar power generation system to minimise energy consumption.
Additionally, the group adds that the property will feature high floor loading, direct ramp access and “good” ceiling heights to cater to contemporary supply chain and manufacturing operations.
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Leong Yung Chee, head of group corporate banking at UOB, says, “We have a longstanding relationship with Boustead and are honoured to mark the third year of our sustainability collaboration with another milestone – a $156 million green loan for the first new large-scale industrial building to achieve the Green Mark Platinum Super Low Energy certification.”
Shares in Boustead closed 1 cent higher, or 0.98% up, at $1.03 on Oct 17.
