A consortium led by Hong Leong Holdings Limited, including joint venture partners GuocoLand Limited and CSC Land Group, has secured a SGD 692 million green loan for an urban development project in Tengah, Singapore. The loan adheres to the Green Loan Principles and will finance the project's green infrastructure and ecological integration efforts. DBS served as the anchor lender and sole green loan advisor, contributing SGD 484 million, with OCBC providing the remainder.
Tengah is being developed as Singapore's first "forest estate," featuring a 100-metre-wide and five-kilometre-long forest corridor. It is the first new Housing Board town since Punggol over two decades ago. When completed, it will offer approximately 42,000 new homes designed to reconnect residents with nature.
The Hong Leong Holdings project is set to be Tengah's first private mixed-use residential development. Located on Tengah Garden Avenue, it will include around 860 homes with integrated retail amenities. Key features of the development include biodiversity-enhancing design, ecological integration measures, restorative landscapes using native planting strategies, and sustainable smart technologies.
Loke Kee Yeu from Hong Leong Holdings stated: “As the first developer to embark on Tengah’s maiden private green residential development, we aim to anchor and grow an eco-conscious private housing community while partnering with like-minded investors and sustainable financiers such as DBS and OCBC.”
Chew Chong Lim from DBS commented: “Climate change is accelerating... In this evolving landscape, integrating nature into urban development is of growing importance... DBS is pleased to support Hong Leong Holdings by providing financing and green loan advisory.”