About Two Government Land Sales will be developed by MCL Land and CDL | Green loans summing up to $847 million have been secured by MCL land and city Developments Limited (CDL), which will play an integral part to finance the development of 2 (GLS) Government Land Sales sites at Tengah Garden and Northumberland walk.
Therefore, a four-point five year $429 green loan, offered by the DBS Bank loan advisor, will be utilized to finance the project at Northumberland Road, whilst a four-point five year $418 million green loans, is also issued out by the UOB loan advisor to be used to finance the (EC) executive condominium project situated at Tengah Garden Walk.
That means; these projects will be developed under an equal joint venture of 50:50. In the same vein, MCL land and CDL in a joint release said, “Both projects are some of the greatest loans in real estate denoting the Singapore Overnight Rate Average (SORA) hitherto and mark all of them as first SORA-based green loans.”
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So, both developments are anticipated to obtain the (BCA) Building and Construction Authority certifications Green Mark GoldPLUS that will ultimately group these developments as “Acceptable Green Projects in tuned with Green principles provided by the Asia Pacific LMA and Loan Market Association.”
Conversely, the Northumberland Road site which is 94,000 sqft will be projected into a mixture of used projects having commercial retail space and 407 residential units on the ground floor. Likewise, at Tengah Garden Walk, which is 237,032 sqft will be primarily developed into a 628-unit EC project with features such as solar photovoltaic systems to substitute 30% of energy use produced from the well-known areas and a passive front design that contributes to healthier ventilation and lowers the overall heat.
Also, the Group Chief Executive Officer of CDL, Sherman Kwek said that the company has shown that green financing offers an option for financing avenue that plays an important role in directing capital towards a better user-friendly climate, greener, and building smarter.
CDL will be launching its mixed development, CanningHill Piers, at former Liang Court site. For more upcoming launches, you may visit a landed development with semi-detached houses, 11 BrightHill Residences or a Freehold development in District 14, Mori Condo.
