Ascott Residence Trust gets $50m green loan to finance lyf one-north

lyf one-north is slated for completion in the fourth quarter of 2021.
lyf one-north is slated for completion in the fourth quarter of 2021.PHOTO: ASCOTT RESIDENCE TRUST MANAGEMENT LTD

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."

Chew Chong Lim, DBS managing director and global head of real estate, institutional banking, said: "We hope this spurs more companies in the hospitality property space to explore green financing solutions."

Stapled securities of ART ended Wednesday at $1.10, up two cents or 1.9 per cent.