Real estate and healthcare company Perennial Holdings, along with a consortium of investors, has secured a S$3 billion (US$2.18 billion) green loan to finance the redevelopment of 8 Shenton Way in Singapore.
Slated for completion in 2028, the 63-storey mixed-use integrated development will be Singapore’s tallest building towering 305 metres and among Asia’s most sustainable skyscrapers. It will be the city-state’s first supertall building, defined as a structure above 300 metres. This is the largest real estate green loan in Asia to date.
DBS and OCBC Bank acted as green loan advisers on the transaction. Both banks are also the mandated lead arrangers along with six other financial institutions – Bangkok Bank (Singapore Branch), China CITIC Bank International, Hong Leong Finance, Malayan Banking Berhad (Singapore Branch), Shanghai Pudong Development Bank (Singapore), and UOB. OCBC Bank is the facility agent and security agent.
The 63-storey, 305-metre mixed-use integrated development will be Singapore's first supertall building.
The project aims to secure the Building Construction Authority of Singapore’s Green Mark Platinum certification, one of the highest sustainability standards in the industry which mandates an energy saving of 55% as compared to the benchmark.
Apart from energy efficiency, the building is designed to attain water efficiency, minimizing water usage by harvesting rainwater for irrigation of the expansive green spaces and installing water-efficient fittings that comply with Singapore’s Water Efficiency Labelling and Standards rating.
The development also seeks to minimize embodied and operational carbon through measures such as reusing 100% of the existing foundation and part of the existing infrastructure. It will also make use of sustainable building materials, such as Singapore Green Building Council-certified materials where available.
Additionally, it will integrate environment factors in design planning, including orientating the building to capture prevailing winds for optimal ventilation and natural light, as well as blending in sun-shading fins on the façade to reduce heat.
The building will also have vast outdoor green spaces, featuring verdant gardens and sky terraces across the verticality of the building, measuring over 10,000 square metres which exceed the footprint of the entire site by over 20%.
It will connect to the subterranean pedestrian network, including direct underground link to the Tanjong Pagar Mass Rapid Transit station, as well as two additional MRT stations within a five-minute walk.