Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
The loan, structured in accordance with globally recognised Green Loan Principles, are going to account the project’s green infrastructure and ecological assimilation efforts, according to a June 3 announcement.
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate transformation is speeding up, and changing how we live, work and play. In this progressing landscape, incorporating nature into metropolitan property development is of growing importance to construct more sustainable and resilient towns where people can thrive and appreciate nature.”
Tengah– Singapore’s first new Housing Board town since Punggol more than twenty years ago– is envisioned as a car-lite, eco-friendly town reaching 700ha. When fully developed, it will give about 42,000 new homes.
A Hong Leong Holdings-led consortium, consisting of mutual venture partners GuocoLandLimited and CSC Land Group, has actually gotten a $692 million green financing from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to fund a “nature-aligned” urban development project in Tengah.
Loke Kee Yeu, Hong Leong Holdings’ overall supervisor (projects), says: “As the initial developer to commence Tengah’s maiden private green residential development, we strive to anchor and grow an eco-conscious personal 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 switch to a low-carbon economy, we are reinforcing our role as a reliable property developer by installing smart green practices across our structure processes for a more sustainable future.”
Some nature-related functions of the project consist of “native planting strategies”, “ecological hallways” of split landscaping and integrated environment-friendly spaces, and “sustainable smart technologies” to minimize waste.
DBS functioned as support creditor and only green loan consultant, contributing $484 million, with the remainder supplied by OCBC.
Schedule for kick off in 2026, the Hong Leong Holdings venture will be Tengah’s first exclusive mixed-use non commercial development. Found in Tengah Garden Avenue, it intends to develop a vibrant residential property development comprising roughly 860 homes together with blended retail facilities.
