Singapore-based integrated real estate and healthcare company Perennial Holdings Private Limited (“Perennial”) and its consortium of investors have secured a SGD 3 billion green loan to finance the redevelopment of 8 Shenton Way. 8 Shenton Way will be Singapore’s tallest building towering 305 metres and among Asia’s most sustainable skyscrapers. It will also be Singapore’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 Advisors on this transaction. Both banks, together with six other financial institutions – Bangkok Bank Public Company Limited (Singapore Branch), China CITIC Bank International Limited, Hong Leong Finance Limited, Malayan Banking Berhad (Singapore Branch), Shanghai Pudong Development Bank, Singapore Branch, and UOB – are also Mandated Lead Arrangers. OCBC Bank is the Facility Agent and Security Agent for the SGD 3 billion green loan.

Designed with a holistic view of sustainability in mind, including post-pandemic features and wellness considerations, 8 Shenton Way is committed to secure the Building Construction Authority of Singapore 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 through minimising water usage by harvesting rainwater for irrigation of the expansive green spaces, as well as the installation of water-efficient fittings that comply with Singapore’s Water Efficiency Labelling and Standards rating.

Slated for completion in 2028, the 63-storey landmark mixed-use integrated development also seeks to minimise 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. With 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%, building users can enjoy an abundance of fresh air, open space and sunlight. 8 Shenton Way will connect to Singapore’s subterranean pedestrian network, including direct underground connectivity to the Tanjong Pagar Mass Rapid Transit (“MRT”) station, as well as two additional MRT stations within a five-minute walk: the Maxwell MRT Station, which serves the Thomson-East Coast Line, and the Prince Edward MRT Station, which will close the loop between Harbourfront and Marina Bay MRT stations on the Circle Line in 2026. Together with bicycle and electric vehicle parking, 8 Shenton Way will provide for a myriad of sustainable modes of transport for the vibrant community, positioning the mixed-use integrated development as an ideal work, live and play destination in the heart of the city.

Mr Pua Seck Guan, Chief Executive Officer of Perennial, said, “Sustainability has been, and will continue to be, a pivotal focus for the owners of 8 Shenton Way. The SGD 3 billion green loan underpins our commitment to develop 8 Shenton Way into an iconic landmark of Singapore’s city skyline and one of Asia’s most sustainable skyscrapers, which goes beyond benchmarking sustainability standards to incorporate post-pandemic features, as well as health and wellness considerations. We are thankful for like-minded sustainability-driven financial institutions who stand alongside us in our journey to create a more sustainable environment for our future generations.”

Mr Chew Chong Lim, Managing Director and Global Head of Real Estate, Institutional Banking Group, DBS Bank, said, “We are pleased to support Perennial and its consortium of investors in their sustainability commitments to further green Singapore’s real estate landscape with Asia’s largest real estate green loan to date. These efforts are in line with Singapore’s Green Plan 2030 which aims to green at least 80% of Singapore’s buildings by 2030, and we look forward to building on collective efforts to realise a more sustainable urban landscape and achieve a net zero future.”

Ms Elaine Lam, Head, Global Corporate Banking, OCBC Bank, said, “We are pleased to support Perennial and its consortium of investors with the largest real estate green loan in Asia to date. This transaction will provide a boost to Singapore’s green finance hub aspirations, while the new building will set new standards for Asia’s real estate sector. This partnership attests to our commitment to help our customers transition to a low-carbon, more sustainable future.”

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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022. DBS is the first Asian bank voted as the “World’s Best Bank for Real Estate” at Euromoney Real Estate Awards 2022 and was also conferred the “Best Bank for Real Estate” awards in the Asia Pacific for the second time, as well as in Hong Kong and Singapore for the first and 13th time respectively.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 420 branches and representative offices in 19 countries and regions. These include over 190 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 60 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.

OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals.

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

For more information, please visit www.ocbc.com.

About Perennial Holdings Private Limited (www.perennialholdings.com)
Perennial Holdings Private Limited ("Perennial") is an integrated real estate and healthcare company headquartered in Singapore. As a real estate owner, developer and manager, Perennial focuses strategically on large-scale mixed-use developments and has a presence in China, Singapore, Malaysia, Indonesia and Sri Lanka with a combined portfolio spanning about 80 million square feet in gross floor area.

Perennial is also a healthcare services owner, operator and manager in China with three core business segments, being Hospitals and Medical Centres, Healthcare Hubs, as well as Eldercare and Senior Housing. Its integrated eldercare services include nursing care, medical care, rehabilitation care and dementia care. Perennial’s healthcare business spans across 13 Chinese cities with over 20,000 beds, comprising approximately 11,000 operating beds and a committed pipeline of over 10,000 beds.

In China, Perennial is a dominant commercial developer with large-scale mixed-use integrated developments. Five of Perennial's developments, Chengdu East High Speed Railway ("HSR") Integrated Development, Perennial Xi’an North HSR International Healthcare and Business City, Perennial Tianjin South HSR International Healthcare and Business City, Perennial Kunming South HSR International Healthcare and Business City, as well as Hangzhou West HSR Integrated Development, are situated adjacent to five of the country’s largest HSR stations, majority of which are regional healthcare-centric integrated developments which comprise medical, healthcare and eldercare facilities. Other notable projects in Perennial’s portfolio include Beijing Tongzhou Integrated Development.

In Singapore, Perennial has invested in and/or manages prime iconic properties, such as Capitol Singapore, CHIJMES, 8 Shenton Way, Golden Mile Complex, Chinatown Point, Perennial Business City and Caldecott Hill site, located in the Civic District, Central Business District, Jurong Lake District, as well as prime city and premium residential areas.

DBS and OCBC Bank support Perennial as green loan advisors on SGD 3 billion green loan