Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Some nature-related features of the project include “native planting strategies”, “ecological corridors” of split landscaping and incorporated green spaces, and “sustainable smart technologies” to minimize waste.
DBS served as anchor lender and only green loan consultant, contributing $484 million, with the balance supplied by OCBC.
Chew Chong Lim, group head of real estate and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate change is increasing, and altering how we live, work and play. In this developing landscape, integrating nature into city development is of growing value to construct more sustainable and resilient townships where people can do well and appreciate nature.”
Schedule for launch in 2026, the Hong Leong Holdings project will be Tengah’s primary private mixed-use non commercial development. Found in Tengah Garden Avenue, it aims to create a vibrant residential development comprising around 860 homes together with integrated retail services.
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 development project in Tengah.
Tengah– Singapore’s very first brand-new Housing Board town since Punggol more than twenty years earlier– is visualized as a car-lite, environment-friendly town reaching 700ha. When fully developed, it will present about 42,000 brand-new homes.
Loke Kee Yeu, Hong Leong Holdings’ general manager (projects), says: “As the very first developer to commence Tengah’s first private green non commercial development, we strive to support and increase an eco-conscious nonpublic real estate neighborhood 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 worldwide shift to a low-carbon economy, we are strengthening our role as a reputable property developer by inserting accountable green practices across our establishment processes for a more renewable future.”
The loan, design according to internationally recognised Green Loan Principles, are going to fund the project’s green infrastructure and ecological assimilation efforts, according to a June 3 statement.
