Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s first private mixed-use housing development. Situated in Tengah Garden Avenue, it intends to develop a vibrant residential property development comprising approximately 860 homes along with integrated retail amenities.
Some nature-related functions of the project include “native planting strategies”, “environmental corridors” of split landscaping and integrated environment-friendly spaces, and “sustainable smart technologies” to minimize waste.
Tengah– Singapore’s first brand-new Housing Board town since Punggol more than two decades back– is envisioned as a car-lite, environmentally friendly town spanning 700ha. When fully established, it will present about 42,000 brand-new homes.
DBS functioned as anchor loan provider and only green loan consultant, contributing $484 million, with the excess supplied by OCBC.
Norwood Grand City Developments Limited
A Hong Leong Holdings-led consortium, comprising joint venture partners GuocoLandLimited and CSC Land Group, has secured a $692 million green funding from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to fund a “nature-aligned” urban development project in Tengah.
Loke Kee Yeu, Hong Leong Holdings’ overall administrator (projects), says: “As the very first developer to commence Tengah’s first private green residential development, we strive to anchor and increase an eco-conscious private housing community whilst partnering with similar investors and sustainable financiers such as DBS and OCBC to bring economic savings and benefit homeowners in this new smart town area. With the international switch to a low-carbon economy, we are enhancing our role as a reputable developer by embedding accountable green practices across our establishment processes for a more lasting 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 progressing landscape, including nature into metropolitan development is of growing value to create more sustainable and resilient areas where people can prosper and appreciate nature.”
The loan, form according to internationally recognized Green Loan Principles, are going to account the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
