Singapore property developer company, City Developments Limited (CDL), has been granted $500 million in two green loans, marking the first time such financing will be used in Singapore for new property developments. A three-year green loan of $400 million will be provided by DBS Bank, which is also the adviser for the loan. Meanwhile, a two-year green loan of $100 million is being extended by HSBC, which is structuring adviser for the loan. CDL noted that these loans will allow the group to finance new green developments in Singapore and abroad. According to CDL chief executive officer, Sherman Kwek, “With the global shift to a low-carbon economy, CDL will continue to explore sustainable financing to develop more green buildings that not only bring economic savings but also benefit occupants and the environment.” In a sustainability report released this year, CDL reported savings of more than $24 million due to energy-efficient initiatives and retrofitting implemented at eight of its office buildings from 2012 to 2018.

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The Straits Times