Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate shift is speeding up, and altering how we live, work and play. In this developing landscape, including nature into city property development is of growing importance to construct more sustainable and resilient towns where people can thrive and delight in nature.”
Tengah– Singapore’s very first brand-new Housing Board town since Punggol more than two decades ago– is envisioned as a car-lite, eco-friendly community reaching 700ha. When completely built, it will provide about 42,000 brand-new homes.
A Hong Leong Holdings-led consortium, consisting of mutual project associates GuocoLandLimited and CSC Land Group, has actually secured a $692 million green loan from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to finance a “nature-aligned” urban property development project in Tengah.
DBS served as anchor creditor and sole green loan adviser, contributing $484 million, with the rest provided by OCBC.
Loke Kee Yeu, Hong Leong Holdings’ overall manager (projects), says: “As the first developer to embark on Tengah’s maiden private green non commercial development, we intend to support and grow an eco-conscious personal real estate neighborhood whilst partnering with like-minded investors and sustainable financiers such as DBS and OCBC to bring economical savings and benefit homeowners in this new smart town area. With the global switch to a low-carbon economy, we are enhancing our role as a reputable developer by installing responsible green practices across our building procedures for a more renewable future.”
Some nature-related functions of the project consist of “native planting strategies”, “eco-friendly passages” of split landscaping and incorporated environment-friendly spaces, and “sustainable smart technologies” to minimize waste.
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s primary exclusive mixed-use residential development. Situated in Tengah Garden Avenue, it intends to create a vibrant residential development making up around 860 homes together with blended retail services.
The loan, form in accordance with globally recognised Green Loan Principles, are going to finance the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
