Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s primary exclusive mixed-use non commercial development. Found in Tengah Garden Avenue, it intends to produce a vibrant residential development comprising roughly 860 homes together with integrated retail amenities.
A Hong Leong Holdings-led consortium, consisting of joint venture associates GuocoLandLimited and CSC Land Group, has gotten a $692 million green loan from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to subsidize a “nature-aligned” urban property development project in Tengah.
Chew Chong Lim, group head of real estate and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate transformation is expediting, and modifying how we live, work and play. In this evolving landscape, including nature into city development is of growing importance to create more sustainable and resilient townships where people can do well and enjoy nature.”
Some nature-related features of the project consist of “native planting strategies”, “ecological hallways” of layered landscaping and incorporated eco-friendly spaces, and “sustainable smart technologies” to reduce waste.
The loan, form in accordance with globally recognized Green Loan Principles, will finance the project’s green infrastructure and ecological assimilation efforts, according to a June 3 statement.
Tengah– Singapore’s very first brand-new Housing Board town ever since Punggol more than two decades back– is visualized as a car-lite, environmentally friendly town covering 700ha. When fully built, it will provide about 42,000 brand-new homes.
Loke Kee Yeu, Hong Leong Holdings’ overall supervisor (projects), says: “As the first developer to start Tengah’s maiden private green non commercial development, we aim to anchor and increase an eco-conscious nonpublic real estate community while partnering with like-minded investors and sustainable financiers such as DBS and OCBC to carry economic savings and benefit residents in this new smart town area. With the worldwide shift to a low-carbon economy, we are enhancing our role as a reputable developer by embedding accountable green practices across our building procedures for a more renewable future.”
DBS functioned as support loan provider and main green loan adviser, contributing $484 million, with the balance given by OCBC.
