Hong Leong-led consortium secures $692 mil green loan from DBS, OCBC for Tengah’s first private mixed-use development
Tengah– Singapore’s very first new Housing Board town ever since Punggol more than two decades earlier– is envisioned as a car-lite, environmentally friendly town covering 700ha. When fully built, it will give about 42,000 new homes.
A Hong Leong Holdings-led consortium, consisting of joint project associates GuocoLandLimited and CSC Land Group, has gotten a $692 million green funding from DBS Bank and Oversea-Chinese Banking Corporation (OCBC) to fund a “nature-aligned” urban property development project in Tengah.
Schedule for release in 2026, the Hong Leong Holdings venture will be Tengah’s first private mixed-use housing development. Situated in Tengah Garden Avenue, it aims to develop a vibrant residential development consisting of approximately 860 homes together with integrated retail services.
Some nature-related functions of the project consist of “native planting strategies”, “ecological passages” of split landscaping and incorporated environment-friendly spaces, and “sustainable smart technologies” to reduce waste.
Loke Kee Yeu, Hong Leong Holdings’ general supervisor (projects), says: “As the first developer to commence Tengah’s maiden private green non commercial development, we aim to anchor and grow an eco-conscious nonpublic 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 worldwide switch to a low-carbon economy, we are enhancing our role as a reliable property developer by installing accountable green practices across our building procedures for a more renewable future.”
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 changing how we live, work and play. In this evolving landscape, including nature into city property development is of growing importance to build more sustainable and resilient townships where people can thrive and appreciate nature.”
DBS acted as support loan provider and only green loan adviser, providing $484 million, with the remainder given by OCBC.
The loan, structured in accordance with globally recognized Green Loan Principles, are going to account the project’s green infrastructure and ecological assimilation efforts, according to a June 3 announcement.
