Ascott Residence Trust is the first hospitality trust in Singapore to secure green loan

Singapore, 14 January 2021 – Ascott Residence Trust (ART) has obtained a S$50 million five-year green loan from DBS Bank Ltd (DBS), making ART the first hospitality trust in Singapore to secure a green loan. Proceeds from the green loan will be used to finance ART’s maiden development project and coliving property, lyf one-north Singapore. lyf one-north Singapore is one of ART’s 15 properties that attained green certifications in 2020, bringing the total number of ART’s green properties to 21. This is about four times more green-certified properties compared to 2019. 

lyf one-north Singapore achieved the Green Mark Gold^PLUS award by Building and Construction Authority of Singapore (BCA) in 2020. The 324-unit coliving property will be fitted with green, energy-efficient and smart building features. This includes an energy monitoring system, dual-technology motion sensors and light-emitting diode (LED) light fixtures which can achieve energy savings of over 30%. The energy monitoring system and motion sensors will monitor and automatically optimise the level of energy consumption depending on the number of occupants in the apartment. Each apartment will also be equipped with an energy-efficient centralised heat pump for its hot water system, and a variable refrigerant flow (VRF) air-conditioning system to reduce water and energy consumption. The property will also feature sun-shading fins as part of its unique window design to reduce façade solar heat gain.

Slated for completion in 4Q 2021, lyf one-north Singapore is the first coliving property in Singapore’s research and innovation business hub. The property will integrate greenery in its social spaces. Its lush planting within the property’s plaza spaces will allow natural shading, to create a thermally comfortable environment for outdoor activities. lyf one-north Singapore combines the best of serviced residences, hotels and coliving apartments. Offering guests a vibrant, comfortable and safe home away from home, the coliving property features open, flexibly-designed social spaces and self-contained apartments, suitable for guests on long or short stay. lyf one-north Singapore is one of the 14 lyf coliving properties by ART’s sponsor, The Ascott Limited (Ascott). 

“Sustainability is core to everything we do at ART. As the proxy hospitality trust in Asia Pacific with a global footprint, we recognise the importance for ART to play our role as a responsible corporate citizen. 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. Sustainability is integrated into every stage of our properties’ lifecycle, from design to development and operations. In 2020, we have increased the number of green properties in ART’s portfolio by about four times. Being part of CapitaLand, we are aligned with CapitaLand’s 2030 Sustainability Master Plan to green all our properties globally by 2030, future proofing our assets while creating long-term value for our Stapled Securityholders.”

- Ms Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited and Ascott Business Trust Management Pte. Ltd. (the Managers of ART)

“DBS is pleased to partner ART in inking the green loan by a hospitality trust, among the first in the industry. We hope this spurs more companies in the hospitality property space to explore green financing solutions. We are committed to collaborating with companies in Singapore and the region to adopt responsible financing practices for a greener, more sustainable future.”

- Mr Chew Chong Lim, Managing Director & Global Head of Real Estate, Institutional Banking, DBS

Greened 15 properties in 2020

In 2020, ART stepped up its sustainability efforts, achieving green certifications for 15 properties. Four ART properties recently achieved the Excellence in Design for Greater Efficiencies (EDGE) certification in December 2020. The EDGE’s green building certification is an internationally-recognised green certification system created by the International Finance Corporation (IFC), a member of the World Bank Group. In 2018, Ascott signed a Memorandum of Understanding with IFC to pioneer a green building certification for serviced residences, as part of IFC’s EDGE system. 

The four ART properties that recently received EDGE certification are Citadines Arnulfpark Munich in Germany; Ascott Jakarta and Somerset Grand Citra Jakarta in Indonesia; and Somerset Hoa Binh Hanoi in Vietnam. Ascott Makati in the Philippines was the first serviced residence to receive this EDGE certification in 2018, followed by Somerset Grand Hanoi in Vietnam in January 2020. These properties have all demonstrated resource efficiency of at least 20% in energy and water use, as well as embodied energy in materials - energy that went into making the construction materials.

Nine ART properties have also attained the Green Star certification in December 2020. Developed by the Green Building Council of Australia, the Green Star certification is Australia’s largest voluntary and holistic sustainability rating system for buildings, fitouts and communities. The Green Star certified properties include Citadines St Georges Terrace Perth; Citadines on Bourke Melbourne; and Citadines Connect Sydney Airport.

The 15 new green-certified properties in 2020 add to ART’s six existing green-certified properties. The properties are the EDGE-certified Ascott Makati in the Philippines, Somerset Ho Chi Minh City in Vietnam that has received the BCA Green Mark Gold^PLUS award, as well as two Building Research Establishment Environmental Assessment Method (BREEAM) rated properties, La Clef Louvre Paris in France, and Citadines Trafalgar Square London in the United Kingdom. BREEAM is the world’s leading sustainability assessment method on an asset’s environmental, social and economic sustainability performance. Citadines Michel Hamburg and Citadines City Centre Frankfurt in Germany have received green certifications from German Sustainable Building Council (DGNB), the official representative of the World Green Building Council in Germany.

Please refer to Annex for the full list of green properties in ART’s portfolio.

Annex - Full list of green properties in ART's portfolio