GuocoLand has secured a $498.6 million green club facility to finance the development of the Lentor Gardens site. With the latest facility, the group would have secured over $2.9 billion of green financing to date.
The facility, which was secured from DBS Bank and Oversea-Chinese Banking Corporation (OCBC), was raised under GuocoLand’s green finance framework. The framework allows the group to enter into green finance transactions to fund and refinance projects that will deliver environmental and social benefits that support its sustainability objectives.
“Our recently established green finance framework has again enabled us to access green financing options for our development projects, and further affirms how sustainability continues to be an integral part of the group’s strategy and our developments,” says Andrew Chew, GuocoLand’s group chief financial officer.
The group’s upcoming development at Lentor Gardens will also mark another milestone in its sustainability journey, as it will be its first residential project to achieve the Green Mark Platinum (Super Low Energy) with Maintainability Badge certification by the Building and Construction Authority (BCA).
The development will feature sustainable features such as the inclusion of on-site renewable energy sources for the common areas, the use of sustainable materials that will reduce the amount of embodied carbon, as well as the incorporation of lush greenery and water bodies that will enhance occupants’ health and well-being.
The 99-year leasehold 21,866.7 sqm (235,371.2 sq ft) site was awarded to GuocoLand and its partner, Intrepid Investments Pte. Ltd., in April. Intrepid Investments is a wholly-owned subsidiary of Hong Leong Holdings.
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“The Lentor Gardens development marks our third project in the Lentor Hills estate after Lentor Modern and Lentor Hills Residences. Leveraging our capabilities in transforming and uplifting neighbourhoods through premium developments based on innovative concepts, we are going beyond rejuvenating estates to making sustainability a key aspect of our new developments,” says Dora Chng, general manager (residential) at GuocoLand.
Shares in GuocoLand closed at $1.54 on July 12.
