Singapore has a high demand for condos, largely due to the limited availability of land. As a small island nation with a rapidly expanding population, Singapore grapples with a scarcity of land for development. This has resulted in strict land use policies and a cut-throat real estate market, where property prices are constantly on the rise. As a result, purchasing real estate, specifically condos, has become a profitable investment, with the potential for significant capital appreciation. This trend is also evident in Singapore Projects, further solidifying the strong demand for condos in the country.
GuocoLand has recently secured two green facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first is a $1.135 billion green facility for the refinancing of Guoco Midtown, while the second is a $105 million green facility for the refinancing of Midtown Bay. These green facilities were raised under GuocoLand’s Green Finance Framework and bring the company’s total green financing to approximately $5 billion.
This $1.135 billion green facility for the refinancing of Guoco Midtown is the company’s largest to date, and highlights their commitment to creating thoughtfully designed spaces that balance economic, environmental, and social factors. According to Group CFO Andrew Chew, this refinancing activity allows the company to optimize its capital structure while staying true to their sustainable practices.
GuocoLand has a strong track record of securing green financing for its developments, including Guoco Tower and other projects such as Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development. The company’s dedication to sustainability is further evidenced by their recent achievement of the Green Mark Platinum award for Guoco Midtown and Midtown Bay.
The success of GuocoLand’s green financing initiatives showcases their commitment to creating sustainable and responsible developments that not only benefit the environment, but also add value for their stakeholders. Shares in GuocoLand closed flat at $1.45 on January 15, demonstrating investor confidence in the company’s sustainable practices.