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South Beach Consortium (SBC), a joint venture between Singapore developer City Developments Ltd (CDL) and Malaysia’s IOI Properties Group, has Procured a Blue-green Mortgage of $1.22 billion in DBS, UOB, Maybank, SMBC and OCBC.
SBC will use the profits from the loan to refinance the South Beach mixed-use improvement.
“Since CDL issued the very first green bond with a Singapore firm in 2017, we’ve continued to progress on sustainable funding initiatives,” states Yiong Yim Ming, CDL team CFO.
“Including this particular green loan acquired from South Beach, CDL has procured $2.5 billion of renewable funding in the kind of a green bond, green loans along with a sustainability-linked loan thus far,” Yiong adds.
South Beach complicated is a mixed-use development featuring 510,000 sq feet of Grade-A office area, 190 luxury homes, a 634-room JW Marriott Singapore South Beach resort, and a range of lifestyle and dining institutions. The development is closely connected to 2 underground MRT stations – Esplanade and City Hall Interchange.