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The Farrer Park Company partners UOB on Singapore's first green loan for a healthcare facility

Published : Thursday, September 17, 2020, 10:30 am
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Issued under the UOB Real Estate Sustainable Finance Framework, the S$120 million green loan is a first for The Farrer Park Company

SINGAPORE, Sept. 17, 2020 /PRNewswire/ -- The Farrer Park Company Pte Ltd has obtained a S$120 million green loan from United Overseas Bank Limited (UOB), the first such loan for a healthcare facility in Singapore. The loan is issued under the UOB Real Estate Sustainable Finance Framework[1] and will be used to re-finance Connexion, Singapore's first integrated healthcare and hospitality complex which houses the Farrer Park Medical Centre, Farrer Park Hospital and One Farrer Hotel.

The loan supports The Farrer Park Company's continued efforts in ensuring that it is environmentally responsible in its operations. One of the features already implemented in Connexion's design is the use of low-emissivity glass to reflect heat and to keep cool air within its premises for more efficient energy consumption. Connexion's management also actively monitors energy and water consumption and pursues opportunities to lower its carbon footprint.

Connexion has been certified as a Green Mark Platinum building by the Singapore Building and Construction Authority (BCA) since 2011, the highest distinction in the green building rating system. To be recognised and re-certified as a Green Mark Platinum building, Connexion needs to meet a list of performance metrics, including achieving at least 30 per cent in energy savings as compared with developments of a similar size.

Dr Peng Chung Mien, Chief Executive Officer of The Farrer Park Company, said, "Environmental sustainability has been in our DNA since our inception. Our goal to make a positive difference in the environment and society remains unchanged today. Becoming the first healthcare building to receive the green loan underscores our commitment to reduce our carbon footprint and prove how sustainability can go hand in hand with design, quality and service."

Mr Leong Yung Chee, Head of Corporate Banking Singapore, UOB, said, "To help more of our clients access green financing as part of their sustainability goals, we launched the UOB Real Estate Sustainable Finance Framework in October last year. This is the first lending framework for the sector established by a Singapore bank and makes it easier for companies to apply for sustainability-linked or green loans as they do not need to come up with their own sustainable finance framework.

"Through our collaboration with The Farrer Park Company on Singapore's first green loan for a healthcare facility, we hope to lead the way for more healthcare companies to consider the use of green financing in their sustainability efforts. This will not only support our collective efforts in transitioning towards a lower carbon economy but also encourages companies to consider their environmental, social and governance risks, particularly against the backdrop of the COVID-19 pandemic."

[1] The UOB Real Estate Sustainable Finance Framework is the first lending framework for the sector established by a Singapore bank. It is specifically developed for companies that own or manage real estate assets, such as data centres, hotels, industrial and residential properties, offices, restaurants and retail spaces. Please refer to the news release for more information: https://www.uobgroup.com/web-resources/uobgroup/pdf/newsroom/2019/UOB-Real-Estate-Sustainable-Finance-Framework.pdf

About The Farrer Park Company

The Farrer Park Company is a Singapore-based company headquartered at Connexion, an integrated building that houses Farrer Park Hospital, Farrer Park Medical Centre and One Farrer Hotel. It was founded in 2011 by a group of medical and hospitality specialists.

The Company's healthcare arm, Farrer Park Hospital and Farrer Park Medical Centre, is home to suites of specialist clinics with over 200 medical specialists and medical technology such as nuclear medicine and radiology services to support a wide range of surgical specialties in cardiology, gastroenterology, oncology and orthopedic. Designed by healthcare professionals and built above an underground train station for the convenience of our patients and visitors, the hospital's carefully created environment is here to enable a modern yet holistic care for all its patients.

The hospital shares numerous calming gardens and inspiring art works with One Farrer Hotel. Synergies between the hospital and hotel provide families and visitors with enhanced experiences in food and beverage, choices of accommodation, lifestyle programs and conference facilities. The Connexion building has been awarded Green Mark Platinum since 2011, a testament of the Company's commitment to making a positive difference in the environment through eco-friendly energy and water management system.

For more information, please visit www.farrerpark.com

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

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