Ascott Residence Trust (ART) has obtained a S$50 million five year green loan from DBS Bank Ltd (DBS), making ART the first hospitality trust in Singapore to secure a green loan. Proceeds from the green loan will be used to finance ART s maiden development project and coliving property, lyf one-north Singapore.
SINGAPORE (THE BUSINESS TIMES) - Ascott Residence Trust (ART) has obtained a five-year $50 million green loan from DBS to finance its maiden development project: lyf one-north Singapore.
The 324-unit co-living property was one of the 15 ART properties that attained green certifications in 2020, bringing the stapled group s total number of green properties to 21, the stapled group s managers said in a bourse filing on Thursday (Jan 14).
lyf one-north is slated for completion in the fourth quarter of 2021. It will be fitted with energy-efficient and smart building features, including an energy monitoring system, motion sensors and energy-efficient lighting.
Beh Siew Kim, chief executive of ART s managers, said: Being the first hospitality trust in Singapore to secure a green loan reinforces ART s commitment to do our part for the environment and the communities we operate in.