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Pontiac Land converts loan for Fari Islands development into green financing

Mohamed Rehan
27 March 2023, MVT 10:04
Aerial view of Patina Maldives, Fari Islands--
Mohamed Rehan
27 March 2023, MVT 10:04

Singapore-based developer Pontiac Land has converted its USD 180 million loan taken for the development of Fari Islands, which includes Patina Maldives and The Ritz-Carlton Maldives, into a green loan.

Pontiac Land converted the loan after Fari Islands received the Excellence in Design for Greater Efficiencies (EDGE) Advanced Certifications.

The developer had taken the loan from Singapore’s DBS, HSBC, and UOB for the resort. This is the first time a resort in the Maldives has been developed under a green loan, and this is also a first for Pontiac Land.

Located in Rah Falhu Huraa lagoon in North Malé Atoll and accessible via a 50-minute speedboat ride from Velana International Airport (VIA), the Fari Islands boast the largest solar-panel powered system in the Maldives right now.

The resort has been designed by renowned architects Studio Mk27, Kengo Kuma & Associates, and Kerry Hill Architects.

The Fari Islands were built with environmental sustainability as a primary focus, and the developer used low-carbon materials for the property. The villas and facilities in the Fari Islands have been developed to allow natural ventilation as well.

With sustainability in mind, the developer of the resort planted 20,000 trees from different parts of the Maldives and initiated a coral restoration program on the islands. Other sustainability efforts by the resort include conducting marine research and hosting awareness camps for tourists.

Pontiac Land’s Chief Executive Officer, David Tsang, said that the company takes a long-term view of its real estate development initiatives. He also hoped that the company would prioritize sustainability in its future projects.

While Pontiac Land has received its first green loan, the Fari Islands have also received the International Green Building Standard Certification from the International Finance Corporation (IFC) as well.