UOL snags $120m green loan to redevelop
UOL Team has secured a $120 million three-year environment-friendly car loan from United Overseas Bank (UOB) to redevelop the Frying pan Pacific Orchard resort.
It is the initial environment-friendly lending for the group. The profits will certainly be utilized to partly fund the redevelopment of the resort right into a biophilic and zero-waste 347-room hotel. Biophilic describes a layout idea that seeks to integrate nature with the constructed environment.
Frying Pan Pacific Orchard was closed for redevelopment in April 2018 as well as is targeted to open up in 2021.
UOL states the 23-storey resort will establish a new criteria for environment-friendly friendliness, with its self-sustaining sky balconies using rainwater harvesting systems and also solar batteries to light up the gardens. Other sustainable attributes consist of a food waste administration system that transforms kitchen waste right into nutrient water for gardens, and water dispensers that remove the demand for plastic bottled water.
In January, the resort was granted the Structure and Construction Authority’s Green Mark Platinum. The award is Singapore’s highest environmental qualification, acknowledging jobs whose style as well as efficiency stick to finest methods in ecological sustainability.
UOL Group president Liam Wee Transgression stated: “The inaugural environment-friendly finance demonstrates our dedication in greening our metropolitan environment. Frying pan Pacific Orchard will certainly add to our Federal government’s vision to change Orchard Roadway right into an eco-friendly oasis in the city.”
Mr Leong Yung Chee, UOB’s head of corporate financial Singapore, claimed: “While the tourist sector is currently really feeling the effects of Covid-19, UOL’s move to redevelop the Frying pan Pacific Orchard will certainly position Singapore well for a future where sustainable tourism is offered more focus.”
The inaugural eco-friendly loan demonstrates our dedication in greening our city environment. Frying pan Pacific Orchard will add to our Federal government’s vision to change Orchard Roadway right into an environment-friendly sanctuary in the city.
UOL TEAM PRESIDENT
LIAM WEE SIN
Shares in UOL closed higher at $6.70 the other day.