Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Loke Kee Yeu, Hong Leong Holdings’ general manager (projects), says: “As the very first developer to commence Tengah’s first private green housing development, we strive to support and grow an eco-conscious personal housing neighborhood while partnering with similar investors and sustainable financiers such as DBS and OCBC to carry economic savings and benefit residents in this new smart town area. With the global shift to a low-carbon economy, we are enhancing our role as a trusted property developer by installing accountable green practices across our structure procedures for a more sustainable future.”
Tengah– Singapore’s very first brand-new Housing Board town ever since Punggol more than twenty years earlier– is envisioned as a car-lite, environmentally friendly community reaching 700ha. When completely built, it will provide about 42,000 brand-new homes.
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate transformation is accelerating, and altering how we live, work and play. In this evolving landscape, incorporating nature into urban development is of growing value to construct more sustainable and resilient townships where people can prosper and delight in nature.”
Schedule for launch in 2026, the Hong Leong Holdings project will be Tengah’s very first exclusive mixed-use housing development. Situated in Tengah Garden Avenue, it intends to create a vibrant residential development consisting of approximately 860 homes along with blended retail facilities.
A Hong Leong Holdings-led consortium, consisting of shared project 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 property development project in Tengah.
Some nature-related functions of the project consist of “native planting strategies”, “ecological passages” of split landscaping and incorporated eco-friendly spaces, and “sustainable smart technologies” to reduce waste.
DBS functioned as anchor lender and sole green loan consultant, contributing $484 million, with the excess provided by OCBC.
The loan, design based on internationally recognized Green Loan Principles, are going to fund the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
