Singapore’s 2nd richest man Kwek Leng Beng’s CDL secures $234M sustainability-linked loan from DBS

The facility was structured in line with SLL principles and incorporates a range of sustainability performance targets aimed at enhancing climate and nature resilience in urban environments, the Singapore-listed property developer said in a press release last Friday.

The targets include scaling urban farming initiatives, setting up or expanding microforests made up mainly of native species, deepening stakeholder engagement on climate and nature-related issues, increasing the use of circular materials across CDL developments and improving water efficiency.

Yiong Yim Ming, CDL’s group CFO, said in the press release that the company has secured more than S$11 billion in sustainable financing since 2017 to support its net-zero goals and create long-term value through sustainable development.

“This latest SLL reflects the next evolution of our sustainability journey, embedding measurable nature-based targets into our financing framework and further aligning our financial strategy with environmental outcomes,” she said.

The financing will serve general corporate funding and working capital needs, including asset redevelopment and sustainability initiatives, according to The Business Times.

The latest loan marks the second SLL partnership between CDL and DBS, Singapore’s largest bank by assets. CDL earlier secured a S$400 million SLL in 2024 that was linked to nature conservation and sustainable development goals stemming from its adoption of recommendations from the Taskforce on Nature-related Financial Disclosures.

DBS also serves as the financial partner for CDL’s SME Supplier Queen Bee Programme, an initiative aimed at helping small and medium enterprises reduce and address emissions through improved carbon accounting and reporting, per EdgeProp Singapore.

CDL is chaired by billionaire Kwek Leng Beng who, together with his family, ranked second among Forbes’ list of the richest people in Singapore last September with an estimated net worth of US$14.3 billion.