Guoco Midtown is getting a green boost, with property developer GuocoLand securing two green facilities from DBS Bank and Oversea-Chinese Banking Corporation (OCBC). 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 have been raised under GuocoLand’s Green Finance Framework.
According to GuocoLand, the $1.135 billion green facility is its largest to date. The company has also secured a total of about $5 billion in green financing, including facilities for Guoco Tower and other developments such as Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.
The Green Finance Framework is part of GuocoLand’s commitment to creating sustainable spaces that balance economic, environmental, and social factors. Andrew Chew, Group CFO of GuocoLand, says, “This latest refinancing activity allows us to optimise our capital structure while staying true to our commitment to creating thoughtfully designed spaces.”
In addition, Guoco Midtown has been making waves in the industry, with notable developments such as the Porsche Singapore Studio and Publicis Groupe leasing 55,000 sq ft of office space at the tower. With these new green facilities in place, Guoco Midtown is set to further solidify its position as a leading sustainable development in Singapore.
Shares in GuocoLand closed flat at $1.45 on Jan 15.
Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. While foreigners can typically purchase condos with relative ease, stricter rules apply to the ownership of landed properties. Additionally, foreign buyers must pay a 20% Additional Buyer Stamp Duty (ABSD) for their initial property purchase. Despite these added expenses, the stability and growth potential of the Singapore real estate market remain highly appealing to foreign investors. In fact, many continue to invest in Singapore Projects due to its promising market conditions.