01 June 2021

Worldwide Hotels Group secures maiden green financing with Maybank Singapore

Singapore – Worldwide Hotels Group has inked its first green loan facility worth S$405 million for its new hotel and commercial development, 8 Club Street, with Maybank Singapore. This marks one of the largest bilateral green financing for a hospitality asset in Singapore to date. It is also the Singapore hotel chain’s first foray into green financing with a strong commitment to adopt ESG standards in the future.

The bilateral loan covered land and construction costs for the 19-storey mixed-use building under construction. When completed in 2022, it will be a modern 4-star hotel with 900 rooms and commercial spaces (restaurants and shops) in the vibrant CBD and historical Chinatown precincts. It is accessible via a pedestrian link connected to Chinatown and Telok Ayer MRT stations as well as China Square.

Carolyn Choo, Managing Director of Worldwide Hotels Group, said, “We are pleased to finance our landmark hotel with Maybank via a green loan as we keep to our green building target of BCA Green Mark Gold^Plus for 8 Club Street. With this, we will embark on a full-fledged sustainability journey and is currently putting a framework in place this year. Our vision is to eventually enhance and upgrade our existing portfolio to meet our formalised green targets.”

On the operations front, Worldwide Hotels Group has implemented eco-conscious initiatives. One of which is “Go Green” at V Hotel, Hotel Boss, Hotel Mi and Venue Hotel, by encouraging customers to reduce the use of linen and be conscious of water usage. Go Green and more sustainable initiatives will be introduced to all six brands and 38 hotels in Singapore.

Gregory Seow, Head of Global Banking at Maybank Singapore, commented, “This is our ongoing commitment to support our customers in creating a positive environment impact, thereby enabling a low carbon economy. The BCA Green Mark accreditation is a badge of honour and is expected to bring about financial savings in the long term. With better operational efficiency and responsible management, it will attract discerning hotel users and retail customers.”