Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
A Hong Leong Holdings-led consortium, comprising mutual venture associates GuocoLandLimited and CSC Land Group, has secured 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 property and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate shift is speeding up, and adjusting how we live, work and play. In this progressing landscape, including nature into urban development is of growing importance to build more sustainable and resilient towns where people can thrive and appreciate nature.”
DBS served as support lender and main green loan adviser, providing $484 million, with the excess supplied by OCBC.
Some nature-related functions of the project include “native planting strategies”, “ecological hallways” of split landscaping and incorporated eco-friendly spaces, and “sustainable smart technologies” to reduce waste.
Tengah– Singapore’s very first new Housing Board town ever since Punggol more than two decades back– is envisioned as a car-lite, eco-friendly town spanning 700ha. When completely established, it will present about 42,000 new homes.
Loke Kee Yeu, Hong Leong Holdings’ overall administrator (projects), says: “As the very first developer to embark on Tengah’s maiden private green residential development, we intend to anchor and grow an eco-conscious personal real estate community while partnering with similar investors and sustainable financiers such as DBS and OCBC to bring economic savings and benefit residents in this new smart town area. With the international switch to a low-carbon economy, we are improving our role as a reliable developer by inserting smart green practices across our structure procedures for a more sustainable future.”
Schedule for kick off in 2026, the Hong Leong Holdings venture will be Tengah’s very first exclusive mixed-use non commercial project. Located in Tengah Garden Avenue, it aims to create a vibrant residential property development consisting of approximately 860 homes along with blended retail facilities.
The loan, design in accordance with internationally recognized Green Loan Principles, will account the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
