DBS anchors SGD 692 million green loan for Hong Leong Holdings’ flagship nature-aligned development in Singapore’s first “forest” town Tengah
Singapore.03 Jun 2025
Project is Tengah’s first private mixed-use development and will feature nature-centric design, green infrastructure and smart technologies
Project advances Singapore’s Green Plan ambitions and demonstrates the partners’ commitment to integrating nature-centric solutions into urban development
Singapore, 03 Jun 2025 - A Hong Leong Holdings Limited-led consortium, comprising joint venture partners GuocoLand Limited and CSC Land Group, today announced it has secured an SGD 692 million green loan to finance a nature-aligned urban development project in Tengah – billed as Singapore’s first eco-friendly and car-lite “forest” town[1] that focuses on sustainable living. The loan, structured in accordance with internationally recognised Green Loan Principles, will fund the project’s green infrastructure and ecological integration efforts. DBS acted as anchor lender and sole green loan advisor, contributing SGD 484 million, with the remainder provided by OCBC.
As Singapore’s first “forest estate”[2], Tengah represents a key milestone in the nation’s urban evolution. Bounded by a 100-metre-wide and five kilometre-long forest corridor[3], Tengah – Singapore’s first new Housing Board town since Punggol more than two decades ago – is envisioned as a car-lite, eco-friendly town spanning 700 hectares. When fully developed, it will provide about 42,000 new homes set within a landscape designed to reconnect people with nature.
Green by design: Building with nature at its core
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s first private mixed-use residential development. Located in Tengah Garden Avenue, it aims to create a vibrant residential development comprising approximately 860 homes along with integrated retail amenities. Features include:
The project aims to demonstrate how private-sector partnerships and sustainable finance can bring national climate and liveability goals to life – contributing to creating urban spaces that are smart, resilient and in harmony with the natural environment.
Loke Kee Yeu, Hong Leong Holdings General Manager (projects) said: “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 to bring economic savings and benefit residents in this new smart town area. With the global shift to a low-carbon economy, we are reinforcing our role as a reputable developer by embedding responsible green practices across our building processes for a more sustainable future.”
Chew Chong Lim, Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation, Institutional Banking, DBS, said: “Climate change is accelerating, and changing how we live, work and play. In this evolving landscape, integrating nature into urban development is of growing importance to build more sustainable and resilient townships where people can thrive and enjoy nature. DBS is pleased to support Hong Leong Holdings by providing financing and green loan advisory, to bring this milestone project to life and contribute to more sustainable places for people to live and connect with nature.”
[1] https://www.straitstimes.com/multimedia/graphics/2024/08/tengah-centralised-cooling/index.html
[2] https://www.nparks.gov.sg/-/media/cuge/ebook/citygreen/cg14/cg14_06.pdf
[3] https://www.hdb.gov.sg/about-us/history/hdb-towns-your-home/tengah/live-green-at-tengah
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
As Singapore’s first “forest estate”[2], Tengah represents a key milestone in the nation’s urban evolution. Bounded by a 100-metre-wide and five kilometre-long forest corridor[3], Tengah – Singapore’s first new Housing Board town since Punggol more than two decades ago – is envisioned as a car-lite, eco-friendly town spanning 700 hectares. When fully developed, it will provide about 42,000 new homes set within a landscape designed to reconnect people with nature.
Green by design: Building with nature at its core
Slated for launch in 2026, the Hong Leong Holdings project will be Tengah’s first private mixed-use residential development. Located in Tengah Garden Avenue, it aims to create a vibrant residential development comprising approximately 860 homes along with integrated retail amenities. Features include:
- Biodiversity-enhancing design – Layered landscaping and integrated green spaces form ecological corridors that support urban biodiversity and help mitigate the heat island effect.
- Ecological integration – With its proximity to Tengah’s future forest corridor that connects to the Central Catchment Nature, the project will incorporate measures to reduce environmental impact during the development phase.
- Restorative landscapes – Native planting strategies promoting strengthening of ecological networks, habitats restoration and biodiversity, making nature an integral part of daily life.
- Sustainable smart technologies – Integration construction with digital innovation through tools like Building Information Modelling and cloud-based coordination platforms to streamline processes, improve efficiency, enhance collaboration and reduce waste throughout the project lifecycle.
The project aims to demonstrate how private-sector partnerships and sustainable finance can bring national climate and liveability goals to life – contributing to creating urban spaces that are smart, resilient and in harmony with the natural environment.
Loke Kee Yeu, Hong Leong Holdings General Manager (projects) said: “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 to bring economic savings and benefit residents in this new smart town area. With the global shift to a low-carbon economy, we are reinforcing our role as a reputable developer by embedding responsible green practices across our building processes for a more sustainable future.”
Chew Chong Lim, Group Head of Real Estate and Shipping, Aviation, Logistics and Transportation, Institutional Banking, DBS, said: “Climate change is accelerating, and changing how we live, work and play. In this evolving landscape, integrating nature into urban development is of growing importance to build more sustainable and resilient townships where people can thrive and enjoy nature. DBS is pleased to support Hong Leong Holdings by providing financing and green loan advisory, to bring this milestone project to life and contribute to more sustainable places for people to live and connect with nature.”
[1] https://www.straitstimes.com/multimedia/graphics/2024/08/tengah-centralised-cooling/index.html
[2] https://www.nparks.gov.sg/-/media/cuge/ebook/citygreen/cg14/cg14_06.pdf
[3] https://www.hdb.gov.sg/about-us/history/hdb-towns-your-home/tengah/live-green-at-tengah
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
