GuocoLand secures $847 mil green facility for Upper Thomson Road project

GuocoLand has secured a $847.1 million green club facility to finance its upcoming development at Upper Thomson Road. In April, the developer and its joint-venture partner Hong Leong Holdings were awarded a 344,700 sq ft, 99-year leasehold site along Upper Thomson Road through a Government Land Sale tender. The joint venture submitted the sole bid of $779.6 million ($905 psf per plot ratio) for the residential site. In an Aug 20 press release, GuocoLand says the future development at the site is targeted for launch in 2025. Comprising five 25-storey towers, it will house 941 residences. The development will also include a part of the former Seletar Institute (originally built as Upper Thomson Secondary School), which will be conserved. Read also: GuocoLand-Hong Leong JV submits top bid of $1,154 psf ppr for Margaret Drive GLS site Advertisement Advertisement GuocoLand highlights that the project will be the first private residential development to adopt a “biodiversity-sensitive approach”. It is expected to attain the Building and Construction Authority’s Green Mark Platinum (Super Low Energy) award, along with the Maintainability badge. Under the Green Mark scheme, the badge is awarded to buildings that use smart facilities management technologies to ensure resource-efficient maintenance regimes. “Our upcoming development at Upper Thomson is an extension of our placemaking strategy to uplift neighbourhoods,” says Dora Chng, residential director of GuocoLand. “We are excited to bring GuocoLand’s signature living concepts to the Springleaf new town that will promote wellness and biodiversity.” UOB, OCBC and DBS served as the arrangers for the green facility for the development. To date, GuocoLand has secured over $3.7 billion of green financing, including a $974 million facility for its Guoco Tower integrated development and a $498.6 million facility for its Lentor Mansion development.