Singapore-based ARA Asset Management and the Asian arm of British property group Chelsfield have secured a S$385.8 million (US$286.5 million) green loan from DBS Bank and United Overseas Bank (UOB) to finance the acquisition and asset enhancement of their 50:50 joint venture, 5One Central (formerly known as Manulife Centre), in Singapore. The loan is issued under the green loan framework jointly developed by ARA and Chelsfield, in line with their commitment to developing and designing buildings that achieve the highest standard of sustainability, according to a joint statement from the two companies.
The 11-storey commercial building is expected to receive the Green Mark Platinum certification awarded by Singapore’s Building and Construction Authority once the asset enhancement is completed in the second half of 2021. The joint venture acquired the building at 51 Bras Basah Road for S$555.5 million in January 2019.
The renovation seeks to improve 5One Central’s environmental footprint and create a positive impact on the community. The newly-introduced vertical and horizontal fins will enhance the building’s façade while providing much needed shade to diminish the building’s solar heat gain. This in turn will reduce the building’s cooling load and energy consumption.
Upon completion, the building will also boast several green features, including CO₂ sensors to regulate fresh air supply, occupancy sensors to optimize lighting usage, paper and plastic recycling facilities, electric vehicle charging facility and a high efficiency variable and constant air-distribution system. The energy conservation initiatives are expected to cut energy consumption by half.
Other new initiatives include reconfiguring the ground floor retail space to cater to a wider variety of product offerings, refreshing the common areas and facilities and creating additional office space through converting the carpark space on the lower levels.
Spanning across 241,000 square feet, the building comprises a ground floor retail podium and large, contiguous, and column-free office floor plates of at least 23,000 sq ft. This will allow occupants to enjoy an efficient office layout and accommodate safe-distancing measures, the companies note.