GuocoLand has recently sealed two green facilities from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) – a $1.135 billion green facility for refinancing Guoco Midtown and a $105 million green facility for refinancing Midtown Bay. This is in line with the company’s commitment to sustainable development and its Green Finance Framework.
The $1.135 billion green facility is the largest secured by the property developer to date for the refinancing of Guoco Midtown. In total, GuocoLand has secured around $5 billion in green financing, including for its other developments such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.
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Group Chief Financial Officer of GuocoLand, Andrew Chew, says that this refinancing activity will allow the company to optimize its capital structure while fulfilling its commitment to creating thoughtfully designed spaces that balance economic, environmental, and social considerations.
The company’s shares closed flat at $1.45 on January 15. Apart from the green facilities, GuocoLand has also been making strides in its sustainable efforts, with its Porsche Singapore Studio at Guoco Midtown achieving the Green Mark Platinum Award, the highest accolade for sustainability in Singapore’s building industry. The company’s commitment to sustainable development is further evident with Publicis Groupe leasing 55,000 sq ft in the office tower, which will serve as its regional headquarters. This marks the coming together of sustainable design, innovative architecture, and modern workplace practices at Guoco Midtown.