The Singapore-based property developer Pontiac Land has received the first-ever green loan in the Maldives.
Pontiac Land converted a total of USD180 million loan used to developed the resorts Patina Maldives and The Ritz-Carlton Maldives on Fari Islands. The property converted the resort development loan into green loans after it achieved the Excellence in Design for Greater Efficiencies (EDGE) Advanced Certifications.
Pontiac Land developed the properties through loan acquired from Singapore’s DBS, HSBC, and UOB. This is also the first time Pontiac Land has received a green loan in the Maldives.
Patina Maldives and The Ritz-Carlton Maldives, developed in two sister islands in Kaafu atoll Rahfalhu Huraa were designed using low-carbon material. The developers also planted 20,000 trees selected from various locations in the Maldives, and the villas uses natural ventilation.
Fair Islands also boasts the largest solar-power system in the country right now while all of the resorts’ villas have solar panels fitted to power them. Moreover, the resorts have dropped the use of single-use plastics completely.
Other efforts by the resort towards environmental sustainability include coral restoration programs, marine research, and awareness camps for tourists.
Speaking about the developer’s achievement, the CEO of Pontiac Land Group, David Tsang said, “Pontiac Land takes a long-term view to our real estate developments and investments with core consideration towards responsibility, integrity, and sustainability in every project.”
“The Maldives is one of the world’s leading travel destinations and we hope to help lead and encourage the development of greater sustainability methods and practices in the region,” Tsang said.
While Pontiac has landed the first-ever green loan in the Maldives, it was recently awarded with the International Green Building Standard Certification by the International Finance Corporation (IFC).