Pontiac Land Private Limited, a luxury property developer based in Singapore, has converted US$180 million in bank loans for its Maldivian island archipelago Fari Islands into green loans. This follows the achievement of EDGE (Excellence in Design for Greater Efficiencies) Advanced Certifications. DBS, HSBC, and UOB were the green structuring banks for Pontiac Land’s first green loan. This is also DBS and UOB’s first green loan in the Maldives and HSBC’s first green loan for the Maldives’ hotel sector. This conversion of loans reaffirms Pontiac Land’s commitment to building a more sustainable future for generations to come.

Fari Islands, which comprises of Patina Maldives, and The Ritz-Carlton Maldives,  is recognized as being zero carbon ready with EDGE Advanced certification, an international green building standard developed by IFC (International Finance Corporation, member of the World Bank Group). The island archipelago was built with sustainability in mind, from its inception to the day-to-day operations. Key initiatives include sustainable architecture and design, renewable energy sources, guest experience and education, and overcoming developmental challenges. The resorts at Fari Islands promote marine conservation and sustainability through partnerships and creative guest programming. The island archipelago also features Fari Campus, an entire island dedicated to employee wellbeing and personal development, which is a first in the Maldives.

Pontiac Land’s CEO, David Tsang, stated that the company takes a long-term view to their real estate developments and investments with core considerations towards responsibility, integrity, and sustainability in every project. He also hopes that their efforts will help lead and encourage the development of greater sustainability methods and practices in the Maldives region.

DBS’s Group Head of Real Estate, Institutional Banking Group, Chew Chong Lim, said that this is a prime example of how developers and the finance sector can drive collective action and create a sustainable future together. HSBC Singapore’s Head of Commercial Banking, Regina Lee, stated that they are proud to be the primary lead arranger, facility, and security agent for the development of Pontiac Land’s two resorts in the Maldives. She is also honoured to be Pontiac Land’s key partner in their journey to achieve their environmental and sustainability goals. UOB’s Head of Group Corporate Banking, Leong Yung Chee, congratulated Pontiac Land Group on achieving their first green loan through the Fari Islands project and is pleased to have helped advise them on this achievement.