A Hong Leong Holdings-led consortium, comprising joint venture partners GuocoLandLimited and CSC Land Group, has secured a $692 million green loan from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to finance a “nature-aligned” urban development project in Tengah.
The loan, structured in accordance with internationally recognised Green Loan Principles, will fund the project’s green infrastructure and ecological integration efforts, according to a June 3 announcement.
DBS acted as anchor lender and sole green loan adviser, contributing $484 million, with the remainder provided by OCBC.
Tengah — Singapore’s first new Housing Board town since Punggol more than two decades ago — is envisioned as a car-lite, eco-friendly town spanning 700ha. When fully developed, it will provide about 42,000 new homes.
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s first private mixed-use residential development. Located in Tengah Garden Avenue, it aims to create a vibrant residential development comprising approximately 860 homes along with integrated retail amenities.
Some nature-related features of the project include “native planting strategies”, “ecological corridors” of layered landscaping and integrated green spaces, and “sustainable smart technologies” to reduce waste.
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Loke Kee Yeu, Hong Leong Holdings’ general manager (projects), says: “As the first developer to embark on Tengah’s maiden private green residential development, we aim to anchor and grow an eco-conscious private housing community while partnering with like-minded investors and sustainable financiers such as DBS and OCBC to bring economic savings and benefit residents in this new smart town area. With the global shift to a low-carbon economy, we are reinforcing our role as a reputable developer by embedding responsible green practices across our building processes for a more sustainable future.”
Chew Chong Lim, group head of real estate and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate change is accelerating, and changing how we live, work and play. In this evolving landscape, integrating nature into urban development is of growing importance to build more sustainable and resilient townships where people can thrive and enjoy nature.”
