DBS Bank: One Raffles Quay secures landmark SGD 1.13 billion sustainability-linked loan with DBS as anchor lender and sole sustainability coordinator

Transaction ties sustainability performance targets to a single asset, representing a significant step up in decarbonisation efforts by the asset manager. With enhancements made to the iconic office building complex, tenants will have even more efficient and comfortable spaces to work and play One Raffles Quay (ORQ) has secured a landmark SGD 1.13 billion sustainability-linked loan (SLL) anchored by DBS, underscoring a growing commitment to sustainable real estate in Singapore's prime commercial sector. The financing will support enhancements to the Building and Construction Authority Green Mark Platinum-certified office building complex, which is jointly owned by Hongkong Land , Keppel REIT and Suntec REIT. DBS will provide SGD 710 million as the anchor lender and sole sustainability coordinator. In addition, three other banks - ICBC, BOC and OCBC - will jointly contribute SGD 420 million under the five-year facility. Proceeds will be used to refinance an existing loan and for general working capital purposes including asset enhancement initiatives. Under this innovative SLL, ORQ aims to further minimise its carbon footprint through ambitious sustainability performance targets including reductions in energy consumption and water usage of between 20% and 29% - underscoring its commitment to environmental stewardship and operational excellence. As one of the first SLLs in Singapore to link financial incentives to the environmental performance of a single complex, the transaction demonstrates a step up in sustainability commitments by ORQ as a leading green building developer. It also signals a broader shift in how commercial real estate financing can help to drive environmental impact. Buildings account for about 20% of carbon emissions in Singapore[1]. Therefore, a greater focus on driving change at an individual asset-level can help to accelerate decarbonisation across the real estate sector. Syahzan Kudus, CEO of Raffles Quay Asset Management (RQAM), the asset manager of ORQ, said: 'This landmark sustainability-linked loan underscores our commitment to advancing sustainable real estate practices in Singapore's prime commercial sector - both within our operations and in collaboration with our tenants. By aligning our financing strategy with measurable ESG targets, we are reinforcing our focus on carbon reduction, enhanced energy efficiency, and responsible water stewardship across our entire portfolio.' Chew Chong Lim , Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation, Institutional Banking Group , DBS said: 'This significant transaction highlights the continued momentum for sustainable finance in Asia , leveraging SLL structures to enhance sustainability standards at the asset level. ORQ continues to push the boundaries for sustainability in commercial real estate and DBS is proud to be supporting them as anchor lender and sole sustainability coordinator.' ORQ is a premier Grade A office building located between Raffles Place and Marina Bay . The building comprises two towers, offering a total of 1.3 million square feet of office space. Major tenants include Deutsche Bank , EY and ByteDance. [1] See: https://www1.bca.gov.sg/public/learn-about-the-built-environment/green-buildings [END] About DBS DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore , DBS is in the three key Asian axes of growth: Greater China , Southeast Asia and South Asia . The bank's 'AA-' and 'Aa1' credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named 'World's Best Bank' by Global Finance, 'World's Best Bank' by Euromoney and ' Global Bank of the Year' by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named 'World's Best Digital Bank' by Euromoney and the world's 'Most Innovative in Digital Banking' by The Banker. In addition, DBS has been accorded the 'Safest Bank in Asia ' award by Global Finance for 16 consecutive years from 2009 to 2024. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia , DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation , the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com. About ORQ One Raffles Quay (ORQ) is a premier Grade A office development in the heart of Singapore's Central Business District , strategically positioned between Raffles Place and Marina Bay . Jointly owned by Hong Kong Land, Keppel REIT and Suntec REIT, ORQ is a cornerstone of Singapore's reputation as Southeast Asia's financial hub. Spanning 1.6 hectares, ORQ comprises two iconic office towers offering a total of 1.3 million square feet of prime office space. The 50-storey North Tower features floor plates of approximately 18,000 square feet, while the 29-storey South Tower offers expansive 30,000-square-foot floor plates, catering to leading multinational corporations and financial institutions. For more information, please visit http://www.orq.com.sg . About RQAM Raffles Quay Asset Management (RQAM) was founded in 2001 by CK Asset Holdings Limited , Hongkong Land , and Keppel. RQAM oversees the management of One Raffles Quay and Marina Bay Financial Centre - two prominent developments in Singapore's Marina Bay downtown district. Together, these properties offer a combined 4.5 million square feet of prime Grade A office space and 179,000 square feet of retail space. For more information, please visit http://www.rqam.com.sg . (C) 2025 Electronic News Publishing, source ENP Newswire Transaction ties sustainability performance targets to a single asset, representing a significant step up in decarbonisation efforts by the asset manager. With enhancements made to the iconic office building complex, tenants will have even more efficient and comfortable spaces to work and play One Raffles Quay (ORQ) has secured a landmark SGD 1.13 billion sustainability-linked loan (SLL) anchored by DBS, underscoring a growing commitment to sustainable real estate in Singapore's prime commercial sector. The financing will support enhancements to the Building and Construction Authority Green Mark Platinum-certified office building complex, which is jointly owned by Hongkong Land , Keppel REIT and Suntec REIT. DBS will provide SGD 710 million as the anchor lender and sole sustainability coordinator. In addition, three other banks - ICBC, BOC and OCBC - will jointly contribute SGD 420 million under the five-year facility. Proceeds will be used to refinance an existing loan and for general working capital purposes including asset enhancement initiatives. Under this innovative SLL, ORQ aims to further minimise its carbon footprint through ambitious sustainability performance targets including reductions in energy consumption and water usage of between 20% and 29% - underscoring its commitment to environmental stewardship and operational excellence. As one of the first SLLs in Singapore to link financial incentives to the environmental performance of a single complex, the transaction demonstrates a step up in sustainability commitments by ORQ as a leading green building developer. It also signals a broader shift in how commercial real estate financing can help to drive environmental impact. Buildings account for about 20% of carbon emissions in Singapore[1]. Therefore, a greater focus on driving change at an individual asset-level can help to accelerate decarbonisation across the real estate sector. Syahzan Kudus, CEO of Raffles Quay Asset Management (RQAM), the asset manager of ORQ, said: 'This landmark sustainability-linked loan underscores our commitment to advancing sustainable real estate practices in Singapore's prime commercial sector - both within our operations and in collaboration with our tenants. By aligning our financing strategy with measurable ESG targets, we are reinforcing our focus on carbon reduction, enhanced energy efficiency, and responsible water stewardship across our entire portfolio.' Chew Chong Lim , Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation, Institutional Banking Group , DBS said: 'This significant transaction highlights the continued momentum for sustainable finance in Asia , leveraging SLL structures to enhance sustainability standards at the asset level. ORQ continues to push the boundaries for sustainability in commercial real estate and DBS is proud to be supporting them as anchor lender and sole sustainability coordinator.' ORQ is a premier Grade A office building located between Raffles Place and Marina Bay . The building comprises two towers, offering a total of 1.3 million square feet of office space. Major tenants include Deutsche Bank , EY and ByteDance. [1] See: https://www1.bca.gov.sg/public/learn-about-the-built-environment/green-buildings [END] About DBS DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore , DBS is in the three key Asian axes of growth: Greater China , Southeast Asia and South Asia . The bank's 'AA-' and 'Aa1' credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named 'World's Best Bank' by Global Finance, 'World's Best Bank' by Euromoney and ' Global Bank of the Year'