United Industrial Corporation (UIC) said on March 1 that it had secured its first green and sustainability-linked loans totalling $300 million. The loans from United Overseas Bank (UOB) and DBS Bank comprise a $200 million sustainability-linked loan for the partial refinancing of existing facilities and general corporate purposes.

Some $100 million of the green loan will go towards a major upgrading of the 48-storey Singapore Land Tower at 50 Raffles Place for the first time since 2002. The latest asset enhancement will introduce more green features when completed by the end of 2023. These include lush landscaped public spaces, energy-efficient lifts and lighting, a low emissivity double-glazed external curtain wall system, and priority parking for electric and hybrid cars. It will also create a canopy over the first-storey entrance plaza, a podium roof garden for restaurants, and a 49th storey rooftop public space. There will also be a covered walkway linking visitors to Raffles Place MRT station as well as end-of-trip facilities such as bicycle parking lots and changing rooms with showers, in line with the nation’s move to be a car-lite city. Singapore Land Tower, with an average occupancy of over 94%, will remain a “live” building during the twoyear refurbishment period, UIC said.

UIC owns 10 investment properties including Singapore Land Tower, altogether valued at around $6.2 billion. While such a portfolio is large enough for a commercial REIT, UIC is unlikely to divest its buildings into a REIT.

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