GuocoLand has obtained a $730 million green loan to build a luxury residential and commercial development in Tan Quee Lan Street in Bugis.

The loan will go towards financing the project, including efforts in sustainable development, water and energy conservation, and adopting immersive urban greenery and landscaping.

It is expected to meet the criteria to earn a Green Mark Gold Plus certification by the Building and Construction Authority (BCA).

The 30-storey development above Bugis MRT interchange station is a joint venture between GuocoLand and two Hong Leong Holdings subsidiaries - Intrepid Investments and Hong Realty.

They won the tender for the 124,116 square foot plot in September last year with a bid of $800.2 million.

The project will have two residential towers with more than 500 units and a retail podium with food and beverage outlets.

GuocoLand's green loan framework has been structured according to principles issued in 2018 by the Loan Market Association and Asia Pacific Loan Market Association.

OCBC Bank, DBS Bank and ICBC Singapore Branch were the mandated lead arrangers for the loan. DBS and OCBC are the joint green coordinators.

The developer's Guoco Midtown and Midtown Bay projects were awarded the BCA Green Mark Platinum award this year.

THE BUSINESS TIMES