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 project will be Tengah’s very first exclusive mixed-use non commercial project. Found in Tengah Garden Avenue, it aims to produce a vibrant residential property development consisting of approximately 860 homes together with blended retail facilities.
The loan, form in accordance with internationally recognized Green Loan Principles, will finance the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
A Hong Leong Holdings-led consortium, consisting of mutual venture associates GuocoLandLimited and CSC Land Group, has actually obtained a $692 million green loan from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to fund a “nature-aligned” urban development project in Tengah.
Chew Chong Lim, group head of real property and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate change is speeding up, and adjusting how we live, work and play. In this evolving landscape, incorporating nature into urban development is of growing importance to create more sustainable and resilient townships where people can thrive and delight in nature.”
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Some nature-related functions of the project consist of “native planting strategies”, “ecological hallways” of layered landscaping and integrated green spaces, and “sustainable smart technologies” to minimize waste.
Loke Kee Yeu, Hong Leong Holdings’ overall manager (projects), says: “As the very first developer to embark on Tengah’s maiden private green non commercial development, we aim to anchor and increase an eco-conscious personal real estate community while partnering with similar investors and sustainable financiers such as DBS and OCBC to bring economical savings and benefit residents in this new smart town area. With the international shift to a low-carbon economy, we are strengthening our role as a reliable property developer by inserting responsible green practices across our establishment processes for a more renewable future.”
DBS served as anchor lender and only green loan consultant, contributing $484 million, with the rest given by OCBC.
Tengah– Singapore’s very first new Housing Board town since Punggol more than two decades back– is visualized as a car-lite, eco-friendly town spanning 700ha. When completely built, it will provide about 42,000 new homes.
