GuocoLand secures $730m green loan

Proceeds will be used for the construction of a project at Tan Quee Lan Street.

GuocoLand has secured a $730m green club loan from OCBC Bank, DBS Bank, and ICBC Singapore Branch, according to an announcement. This is GuocoLand’s first green loan and the industry’s largest green loan for a development project in Singapore to date.

The loan will be used for the construction of a 30-storey luxury residential cum commercial development at Tan Quee Lan Street. Proceeds will go towards financing the project, including efforts in sustainable development, water and energy conservation, and adoption of urban greenery and landscaping.

The development is a joint venture between GuocoLand and two subsidiaries of Hong Leong
Holdings—Intrepid Investments and Hong Realty (Private) Limited.

The new development will be located right above the Bugis mass rapid transit (MRT) interchange station. It will have two residential towers with more than 500 units of luxury apartments as well as a retail podium with food and beverage establishments open to the public.

The joint venture was awarded the tender for the 124,116 sqft land plot in September 2019 with a bid of $800.2m. The development at Tan Quee Lan Street is expected to meet the criteria to receive Green Mark GoldPLUS certification by the Building and Construction Authority (BCA).

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