GuocoLand secures $730 mil green loan for Tan Quee Lan Street project

By
/ EdgeProp Singapore
|
May 19, 2020 4:03 PM SGT
SINGAPORE (EDGEPROP) - GuocoLand, through its subsidiaries MTG Apartments and MTG Retail, has successfully secured a $730 million green loan from OCBC Bank, DBS Bank and ICBC Singapore for the construction of its mixed-use development at Tan Quee Lan Street in Bugis.
This is GuocoLand’s first green loan and the industry’s largest green loan so far for a development project in Singapore. Proceeds from the loan will finance the project, including efforts in sustainable development, water and energy conservation, and the adoption of urban greenery and landscaping.
The 30-storey residential and commercial building at Tan Quee Lan Street will be above the Bugis MRT Station. It will feature two residential towers with over 500 residential units, as well as a public retail podium.
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EdgeProp Singapore :This is GuocoLand’s first green loan and the industry’s largest green loan so far for a development project in Singapore
GuocoLand's upcoming development at Tan Quee Lan Street will feature 700 apartments and a public retail podium. (Picture: GuocoLand)
The project is a joint venture between GuocoLand and two subsidiaries of Hong Leong Holdings – Intrepid Investments and Hong Realty. The joint-venture partners were awarded the site in September 2019, after submitting the winning bid of $800.2 million for the government land tender.
GuocoLand, with OCBC Bank as the sole green financing adviser, developed a green loan framework for the evaluation of the mixed-use development’s eligibility as a green project based on its sustainability objectives and the management of the loan proceeds.
“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,” says Cheng Hsing Yao, group managing director of GuocoLand Singapore.
The developer’s other upcoming projects, Guoco Midtown and Midtown Bay, have also been awarded the BCA Green Mark Platinum awards. The new project at Tan Quee Lan Street is also expected to meet the criteria for Green Mark Gold certification by BCA.
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