Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Schedule for release in 2026, the Hong Leong Holdings venture will be Tengah’s primary private mixed-use residential project. Located in Tengah Garden Avenue, it intends to develop a vibrant residential property development making up roughly 860 homes together with blended retail facilities.
Some nature-related functions of the project consist of “native planting strategies”, “ecological hallways” of layered landscaping and incorporated green spaces, and “sustainable smart technologies” to minimize waste.
A Hong Leong Holdings-led consortium, consisting of shared project partners GuocoLandLimited and CSC Land Group, has obtained a $692 million green financing from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to subsidize a “nature-aligned” urban development project in Tengah.
Loke Kee Yeu, Hong Leong Holdings’ overall supervisor (projects), says: “As the initial developer to commence Tengah’s maiden private green non commercial development, we aim to anchor and grow an eco-conscious nonpublic housing neighborhood while partnering with like-minded investors and sustainable financiers such as DBS and OCBC to bring economic savings and benefit homeowners in this new smart town area. With the global shift to a low-carbon economy, we are enhancing our role as a trusted developer by inserting smart green practices across our building processes for a more lasting future.”
Tengah– Singapore’s very first new Housing Board town ever since Punggol more than twenty years earlier– is visualized as a car-lite, environmentally friendly town covering 700ha. When completely established, it will give about 42,000 new homes.
DBS functioned as support loan provider and sole green loan consultant, contributing $484 million, with the excess provided by OCBC.
The loan, structured in accordance with internationally recognized Green Loan Principles, are going to finance the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate transformation is accelerating, and modifying how we live, work and play. In this evolving landscape, including nature into metropolitan property development is of growing importance to construct more sustainable and resilient towns where people can thrive and enjoy nature.”
