Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Loke Kee Yeu, Hong Leong Holdings’ overall administrator (projects), says: “As the very first developer to commence Tengah’s first private green housing development, we aim to support and increase an eco-conscious personal housing neighborhood whilst partnering with like-minded investors and sustainable financiers such as DBS and OCBC to bring economical savings and benefit residents in this new smart town area. With the worldwide switch to a low-carbon economy, we are enhancing our role as a reliable developer by inserting accountable green practices across our establishment processes for a more renewable future.”
Tengah– Singapore’s first new Housing Board town ever since Punggol more than twenty years earlier– is visualized as a car-lite, eco-friendly community reaching 700ha. When fully built, it will present about 42,000 new homes.
Some nature-related functions of the project include “native planting strategies”, “eco-friendly hallways” of split landscaping and integrated environment-friendly spaces, and “sustainable smart technologies” to minimize waste.
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate change is speeding up, and modifying how we live, work and play. In this developing landscape, integrating nature into city development is of growing importance to create more sustainable and resilient towns where people can prosper and appreciate nature.”
DBS served as support creditor and only green loan adviser, contributing $484 million, with the remainder provided by OCBC.
The loan, form based on globally recognised Green Loan Principles, will account the project’s green infrastructure and ecological integration efforts, according to a June 3 statement.
A Hong Leong Holdings-led consortium, consisting of 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 subsidize a “nature-aligned” urban development project in Tengah.
Slated for kick off in 2026, the Hong Leong Holdings project will be Tengah’s very first exclusive mixed-use housing project. Situated in Tengah Garden Avenue, it intends to create a vibrant residential development consisting of approximately 860 homes together with integrated retail amenities.
