Guocoland secures largest ever green loan for Singapore development
GuocoLand’s subsidiaries MTG Apartments and MTG Retail have secured a US$512 million green loan from OCBC Bank, DBS Bank and ICBC Singapore which it will use for the construction of a mixed-use development in the Bugis area of Singapore.
This will be Guocoland’s first ever “green loan” and the biggest amount so far awarded in Singapore. In order to secure a green loan, developers must demonstrate that their new facility will use the latest technologies in energy and sustainability in order to reduce the carbon footprint of the building and it’s attached amenities.
Guocoland’s new 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.
The project is a joint venture between GuocoLand and two subsidiaries of Hong Leong Holdings called Intrepid Investments and Hong Realty. The partners secured the site in September 2019 with a winning bid of US$560 million paid to the Singapore government.