News: Guocoland obtains $730mil green loan for Tan Quee Lan Street mixed-development project

May 20, 2020

The new mixed-development project at Tan Quee Lan Street will be situated right above the Bugis MRT interchange station. Photo: Midtown Bay

GuocoLand via its indirect subsidiaries, MTG Apartments and MTG Retail, has secured a $730 million green club loan from DBS Bank, OCBC Bank and ICBC Singapore Branch for the development of a 30-storey luxury residential cum commercial project at Tan Quee Lan Street, according to press release by GuocoLand. 

This marked GuocoLand’s first green loan as well as the industry’s biggest green loan for a development project within Singapore to date.

Proceeds will go towards financing the project, which include efforts in sustainable development, energy and water conservation as well as the adoption of urban greenery and landscaping.

A joint venture between GuocoLand and two of Hong Leong Holdings subsidiaries – Intrepid Investments and Hong Realty (Private) Limited – the new mixed-development project at Tan Quee Lan Street will be situated right above the Bugis MRT interchange station. It will feature two residential towers, with over 500 luxury apartment units and a retail podium that comes with food and beverage establishments.

Together with OCBC Bank which served as the sole green financing advisor, GuocoLand developed a green loan framework for the evaluation of the new mixed-development project’s eligibility as a green project based on its sustainability objectives and management of the loan proceeds.

“Climate change is one of the biggest challenge of our times. Our developments are always conceived, developed and managed with sustainability principles as the foundation. We were one of the first real estate developers to receive the BCA Green Mark Platinum award, and Guoco Tower was one of the earliest integrated developments in Singapore to receive both Green Mark Platinum and LEED Platinum certifications,” said Cheng Hsing Yao, Group Managing Director of GuocoLand Singapore.

“Our latest projects, Guoco Midtown and Midtown Bay, have been awarded the BCA Green Mark Platinum award this year and we are proud to continue developing buildings that are grounded on sustainability principles in the future, including this new development at Tan Quee Lan Street,” he added.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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