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 banking at DBS, says: “Climate shift is speeding up, and modifying how we live, work and play. In this progressing landscape, including nature into city development is of growing value to build more sustainable and resilient towns where people can do well and delight in nature.”
The loan, structured in accordance with internationally recognized Green Loan Principles, are going to fund the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
Some nature-related functions of the project consist of “native planting strategies”, “eco-friendly hallways” of split landscaping and integrated environment-friendly spaces, and “sustainable smart technologies” to minimize waste.
Union Square Residences Singapore
A Hong Leong Holdings-led consortium, comprising joint venture associates GuocoLandLimited and CSC Land Group, has obtained a $692 million green funding from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to fund a “nature-aligned” urban property development project in Tengah.
DBS functioned as anchor lender and sole green loan consultant, providing $484 million, with the remainder given by OCBC.
Loke Kee Yeu, Hong Leong Holdings’ overall manager (projects), says: “As the initial developer to embark on Tengah’s maiden private green non commercial development, we strive to support and grow an eco-conscious private housing community whilst 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 international shift to a low-carbon economy, we are strengthening our role as a reliable developer by embedding accountable green practices across our building procedures for a more sustainable future.”
Tengah– Singapore’s first brand-new Housing Board town ever since Punggol more than two decades earlier– is envisioned as a car-lite, eco-friendly community covering 700ha. When completely built, it will give about 42,000 brand-new homes.
Slated for kick off in 2026, the Hong Leong Holdings project will be Tengah’s very first exclusive mixed-use non commercial development. Situated in Tengah Garden Avenue, it intends to develop a vibrant residential development making up around 860 homes together with blended retail facilities.
