CDL has secured its first green loans amounting to S$500 million, marking the first time that green loans in Singapore will be used for new property developments.

The green loans, which comprise a S$400 million three-year green loan provided by DBS Bank Ltd. (DBS) and a S$100 million two-year green loan extended by The Hongkong and Shanghai Banking Corporation Limited (HSBC), will be used to finance eligible green development projects as defined in the CDL Green Finance Framework. It was developed to demonstrate how CDL and its group entities intend to fund projects that will deliver environmental benefits to support the Group’s business strategy and vision. The framework also stipulates how the financing proceeds are to be applied to eligible projects.

CDL’s green loans follow its inaugural green bond issuance in 2017, the first by a listed Singapore real estate company. The green bond raised S$100 million which was allocated towards various initiatives to enhance energy and water efficiency at Republic Plaza, CDL’s flagship Grade A office building in the heart of Singapore’s Central Business District.

CDL Group Chief Executive Officer Mr Sherman Kwek said, “Green financing plays a pivotal role in channelling capital to build greener and more climate-friendly infrastructure. CDL’s inaugural green bond in 2017 and our new green loans have enabled us to tap on investors and banks that are supportive of our sustainability best practices. With the global shift to a low carbon economy, CDL will continue to explore sustainable financing to develop more green buildings that not only bring economic savings but also benefit occupants and the environment.”

Click here to learn more about the CDL Green Finance Framework.