Shwe Taung Group obtains Myanmar’s first green loan
Thanks to the Yangon branches of two Singaporean lenders
On Wednesday, Myanmar conglomerate Shwe Taung Group revealed that they have secured the country’s first green loan of USD44 million from two Singaporean lender’s Yangon branches, reported the Business Times.
OCBC Bank provided USD 30 million, while the balance was given by the United Overseas Bank (UOB). The green loan will be used by Shwe Taung Group’s subsidiary, City Square Commercial Company, to refinance the previous loan from the same banks acquired for the Junction City Shopping Centre in downtown Yangon.
The shopping mall is part of the mixed-use development of Junction City, which officially opened in 2017. It includes the Pan Pacific Hotel, serviced residences, and an office tower.
More: Singaporean SMEs can now sign up for UOB loans to fund green buildings
The entire development is equipped with green features, like rooftop solar panels, energy-efficient electricity, low energy consuming mechanical systems, and double-glazed glass windows — all proven to reduce energy consumption by around 15 to 20 percent.
The mixed-use development also comes with a self-sustaining waste treatment to ensure that they maintain the cleanliness in the vicinity.
In January, the Junction City acquired the internationally-recognised Green Mark certification from the Building and Construction Authority in Singapore, which enabled them to receive Myanmar’s first green loan. They are also the first shopping mall in Myanmar to receive such certification.
Recommended
Dewan Architects’ Mohammed Adib leads with human-centred design and technological innovation in the Middle East and beyond
Mohammed Adib channels his childhood curiosity and dislike for design uniformity into his work at Dewan Architects + Engineers
UAE real estate shifts focus to sustainability and quality, revitalising iconic projects
The UAE has risen from its challenges to emerge as a more sustainable, quality-focused destination
Exploring A Life By Design’s maximalist approach to interior design
Andrea Savage is embracing the maximalist trend with bold and vibrant interior designs
Jakarta’s emerging innovation hub integrates tech and healthcare sectors
The Digital Hub in BSD City is being positioned as Indonesia’s counterpart to Silicon Valley