Bank of China contributes to SGD 785 million green club term loan to Frasers Property North Gem Trustee Pte. Ltd. to refinance existing debt of the Northpoint City South Wing development

Project narrative

On March 20, 2019, a club of four banks -- including Bank of China -- announced the dispersal of a SGD 785 million green club term loan to Frasers Property North Gem Trustee Pte. Ltd., a wholly owned subsidiary of Frasers Property Limited. The loan has a maturity of five years, with an unknown interest rate. The proceeds of the loan will be used to refinance existing loans relating to the development of Northpoint City South Wing, a part of what Frasers describes as "the largest integrated development in the north of Singapore, which includes a 920-unit private condominium, two retail mall wings with a combined net lettable area spanning more than 47,000 sq m, as well as multiple community spaces and green features." The development has received a "Green Mark Gold Plus" rating from the Singapore Building and Construction Authority. The loan follows Frasers "Green Loan Principles," which includes guidelines and benchmarks for how Frasers will evaluate its progress towards the company's sustainability goals. The loan was jointly arranged by Mandated Lead Arrangers OCBC, DBS Bank, Bank of China, and Sumitomo Mitsui Banking Corporation. OCBC served as Facility Agent. DBS Bank served as Security Agent.