CDL secures $300 mil DBS sustainability-linked loan tied to nature targets
Singapore-listed real estate group City Developments Limited (CDL) has secured a new $300 million multi-currency sustainability-linked financing (SLL) from DBS Banking.
“This newest facility demonstrates just how market experience, structuring capacities and sustainability understanding can come together through financing to sustain even more durable urban spaces that benefit businesses, areas and the atmosphere,” he includes.
Beyond the most recent SLL, DBS also supported CDL’s landmark green bond issuance in 2017– the first by a Singapore business– along with Singapore’s very first Lasting Development Goals (SDG) Innovation Loan in 2019 to pilot DigiHUB, CDL’s internal digital platform created to enhance building monitoring efficiency.
She includes that the latest SLL marks “the next evolution of our sustainability journey”, installing measurable nature-based targets right into CDL’s financing framework and straightening its financial method much more closely with ecological end results.
The facility creates on CDL’s Taskforce on Nature-related Financial Disclosures (TNFD) targets launched in 2024, and aims to accelerate the fostering of nature-based city solutions in Singapore as the city-state advances its “City in Nature” vision.
“Ever since 2017, we have protected over $11 billion in sustainable funding that supports our net-zero ambitions whilst providing long-term value through maintainable development,” states Yiong Yim Ming, group CFO of CDL.
“Property developers play a necessary function in advancing climate action and forming greener, much more resilient and more liveable metropolitan environments,” she says.
CDL was additionally the very first Singapore business to release TNFD-aligned disclosures in its Integrated Sustainability Report 2024.
“At DBS, our team believe the real estate market plays a crucial role in constructing an extra lasting future, and it is our responsibility to aid customers advance this crucial work,” claims Chew Chong Lim, group head of Real Estate, Institutional Banking Group at DBS.
Structured in accordance with sustainability-linked loan principles, the facility introduces a collection of sustainability performance targets focused on reinforcing climate and nature resilience in urban settings, while supporting Singapore’s Green Plan 2030.
Targets include scaling city farming campaigns, developing or broadening microforests with primarily native species, reinforcing stakeholder involvement on climate and nature issues, raising the use of circular components in CDL’s property developments, and enhancing water efficiency.
DBS is also the financial partner for CDL’s SME Supplier Queen Bee Program, which sustains SMEs in decarbonising and managing Scope 3 emissions through boosted carbon accounting and filing.
The latest center complies with CDL’s $400 million sustainability-linked loan from DBS in 2024, which was tied to nature conservation and sustainable development targets directed by CDL’s adoption of TNFD referrals.
