Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Some nature-related functions of the project include “native planting strategies”, “ecological passages” 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 initial developer to commence Tengah’s maiden private green non commercial development, we aim to support and increase an eco-conscious personal real estate community while partnering with similar 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 switch to a low-carbon economy, we are enhancing our role as a trusted property developer by installing accountable green practices across our structure processes for a more renewable future.”
The loan, design according to globally recognized Green Loan Principles, will fund the project’s green infrastructure and ecological integration efforts, according to a June 3 announcement.
Slated for release in 2026, the Hong Leong Holdings project will be Tengah’s first private mixed-use non commercial development. Located in Tengah Garden Avenue, it aims to create a vibrant residential development consisting of roughly 860 homes along with integrated retail amenities.
Chew Chong Lim, group head of real property and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate change is accelerating, and modifying how we live, work and play. In this evolving landscape, incorporating nature into metropolitan development is of growing value to construct more sustainable and resilient areas where people can thrive and appreciate nature.”
Tengah– Singapore’s first brand-new Housing Board town since Punggol more than two decades back– is visualized as a car-lite, eco-friendly town spanning 700ha. When fully developed, it will present about 42,000 new homes.
DBS functioned as anchor creditor and main green loan consultant, providing $484 million, with the excess given by OCBC.
A Hong Leong Holdings-led consortium, consisting of shared project associates GuocoLandLimited and CSC Land Group, has secured a $692 million green financing from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to finance a “nature-aligned” urban development project in Tengah.
