Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Schedule for launch in 2026, the Hong Leong Holdings venture will be Tengah’s primary private mixed-use residential project. Located in Tengah Garden Avenue, it aims to develop a vibrant residential development comprising approximately 860 homes together with integrated retail services.
Loke Kee Yeu, Hong Leong Holdings’ overall supervisor (projects), says: “As the initial developer to commence Tengah’s first private green residential development, we intend to anchor and grow an eco-conscious personal real estate neighborhood whilst 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 international switch to a low-carbon economy, we are enhancing our role as a reputable property developer by embedding responsible green practices across our establishment procedures for a more sustainable future.”
DBS served as support lender and main green loan consultant, contributing $484 million, with the excess given by OCBC.
Tengah– Singapore’s very first new Housing Board town since Punggol more than twenty years ago– is visualized as a car-lite, environment-friendly town covering 700ha. When fully built, it will present about 42,000 new homes.
Bagnall Haus Upper East Coast Road
The loan, form based on internationally recognised Green Loan Principles, will finance the project’s green infrastructure and ecological assimilation efforts, according to a June 3 statement.
A Hong Leong Holdings-led consortium, comprising joint venture associates GuocoLandLimited and CSC Land Group, has obtained a $692 million green financing from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to finance a “nature-aligned” urban property development project in Tengah.
Some nature-related functions of the project consist of “native planting strategies”, “ecological passages” of layered landscaping and integrated green spaces, and “sustainable smart technologies” to reduce waste.
Chew Chong Lim, group head of real property and shipping, aviation, logistics and transportation, institutional business banking at DBS, says: “Climate transformation is increasing, and altering how we live, work and play. In this evolving landscape, including nature into city property development is of growing value to build more sustainable and resilient townships where people can do well and delight in nature.”
