GuocoLand, a prominent real estate developer, has announced the acquisition of an $847.1 million green club facility to finance its forthcoming development project on Upper Thomson Road. This news comes following the company's successful bid in a Government Land Sale tender earlier this year.
In April, GuocoLand, in partnership with Hong Leong Holdings, was awarded a 99-year leasehold site spanning 344,700 square feet along Upper Thomson Road. The joint venture secured the residential plot with a sole bid of $779.6 million, equating to $905 per square foot per plot ratio.
According to a press release issued on August 20, GuocoLand revealed plans to launch the development in 2025. The project will feature five 25-storey towers, accommodating a total of 941 residential units. Notably, the development will incorporate a conserved portion of the former Seletar Institute, which was originally constructed as Upper Thomson Secondary School.
GuocoLand emphasizes that this project will pioneer a "biodiversity-sensitive approach" in private residential development. The company anticipates that the development will achieve the Building and Construction Authority's Green Mark Platinum (Super Low Energy) award, along with the Maintainability badge. This badge, part of the Green Mark scheme, recognizes buildings that employ smart facilities management technologies to ensure resource-efficient maintenance practices.
Dora Chng, Residential Director at GuocoLand, stated, "Our upcoming development at Upper Thomson is an extension of our placemaking strategy to uplift neighbourhoods. We are excited to bring GuocoLand's signature living concepts to the Springleaf new town that will promote wellness and biodiversity."
The green facility for this development was arranged by a consortium of banks, including UOB, OCBC, and DBS. This latest financial arrangement brings GuocoLand's total green financing to over $3.7 billion, which includes a $974 million facility for its Guoco Tower integrated development and a $498.6 million facility for its Lentor Mansion development.
This ambitious project underscores GuocoLand's commitment to sustainable development and its ongoing efforts to reshape urban living spaces in Singapore.