Singapore-listed real estate developer GuocoLand has secured a S$847.1 million (US$648 million) green club facility to finance the development of its Upper Thomson Road residential site in the city-state.

The green facility’s arrangers were United Overseas Bank, Oversea-Chinese Banking Corporation and DBS Bank.

The financing was raised under the real estate firm’s green finance framework. Established in 2023, the framework enables the developer and its subsidiaries to enter into green finance transactions to fund and refinance projects that will deliver environmental and social benefits, supporting its sustainability objectives.

The developer will adopt a biodiversity-sensitive approach to construct a 941-unit residential development, which, when completed, will be the firm’s second development to attain the Building and Construction Authority’s Green Mark Platinum (Super-low Energy) award with whole life carbon and maintainability badges.

To date, GuocoLand has secured more than S$3.7 billion of green financing. This includes a S$974 million green facility to refinance the commercial component of its flagship integrated development Guoco Tower and a S$498.6 million green facility for the development of Lentor Mansion, both secured in 2023.

GuocoLand is listed on the main board of the Singapore Exchange, and its parent company Guoco Group is listed on the Stock Exchange of Hong Kong. As of 30 June 2023, the group had total assets of S$12.01 billion.