Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Slated for kick off in 2026, the Hong Leong Holdings project will be Tengah’s very first exclusive mixed-use residential development. Situated in Tengah Garden Avenue, it aims to develop a vibrant residential development making up roughly 860 homes along with integrated retail services.
Some nature-related features of the project consist of “native planting strategies”, “eco-friendly hallways” of layered landscaping and integrated environment-friendly spaces, and “sustainable smart technologies” to reduce waste.
Chew Chong Lim, group head of realty and shipping, aviation, logistics and transportation, institutional banking at DBS, says: “Climate shift is speeding up, and altering how we live, work and play. In this progressing landscape, including nature into urban property development is of growing value to create more sustainable and resilient townships where people can prosper and delight in nature.”
DBS functioned as anchor creditor and sole green loan adviser, providing $484 million, with the balance supplied by OCBC.
The loan, form in accordance with internationally recognized Green Loan Principles, are going to fund the project’s green infrastructure and ecological integration efforts, according to a June 3 announcement.
Tengah– Singapore’s very first new Housing Board town since Punggol more than two decades back– is visualized as a car-lite, eco-friendly community covering 700ha. When completely built, it will provide about 42,000 new homes.
A Hong Leong Holdings-led consortium, comprising mutual venture partners GuocoLandLimited and CSC Land Group, has gotten a $692 million green funding from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to subsidize a “nature-aligned” urban development project in Tengah.
Loke Kee Yeu, Hong Leong Holdings’ general manager (projects), says: “As the initial developer to start Tengah’s maiden private green non commercial development, we strive to support and grow an eco-conscious personal real estate community 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 improving our role as a trusted property developer by inserting responsible green practices across our establishment processes for a more renewable future.”
