Property developer UOL Group Limited (UOL) has secured a S$120 million (US$87.25 million) three-year term green loan from United Overseas Bank Limited (UOB) to redevelop Pan Pacific Orchard into a lush green, 347-room hotel.
The redevelopment will involve a biophilic design, which seeks to integrate nature into the built environment to create a positive impact on occupants, UOL said in a statement. Pan Pacific Orchard was closed for redevelopment in April 2018 and is targeted to open in 2021.
The 23-storey hotel will offer rooms with eco-friendly features and three sky terraces with a green replacement ratio of more than 200%. Pan Pacific Orchard will not only redefine the vertical sky-rise green typology, but also set a new benchmark for green hospitality, according to the statement.
The sky terraces are designed to be self-sustaining, with rainwater harvesting system and solar cells to light up the gardens and power the irrigation. The design of the terraces also optimizes natural daylight and facilitates cross ventilation, hence reducing overall dependency on energy usage. Other sustainable features of the hotel include a food waste management system that transforms kitchen waste into nutrient water for gardens, and water dispensers that eliminate the need for plastic bottled water.
In January 2020, the hotel was awarded the Building and Construction Authority’s Green Mark Platinum, which is Singapore’s highest environmental certification recognizing projects whose design and performance adhere to best practices in environmental sustainability.
Says UOL group chief executive Liam Wee Sin: “The inaugural green loan demonstrates our commitment in greening our urban habitat. Pan Pacific Orchard will contribute to our government’s vision to transform Orchard Road into a green oasis in the city. The hotel’s communal lush landscaped terraces will provide environmentally-friendly spaces that will promote social well-being and biodiversity. On top of this, the green loan will be the first to be given to a biophilic and zero-waste hotel in Singapore.”
Leong Yung Chee, head of corporate banking, Singapore, at UOB, says: “At UOB, we are working with our clients to help drive their sustainability efforts through our suite of sustainable financial solutions including green financing. While the tourism industry is currently feeling the effects of Covid-19, UOL’s move to redevelop the Pan Pacific Orchard will position Singapore well for a future where sustainable tourism is given more focus.”