CDL secures $400m TNFD targets-aligned sustainability-linked loan from DBS 

The SGX-listed builder has now secured over $8b in sustainable loans since 2017. 

Developer City Developments Limited (CDL) has secured a $400m sustainability-linked financing from DBS Bank, with nature conservation targets that are aligned with the Taskforce on Nature-related Financial Disclosures’ (TNFD) recommendations. 

The transaction marks a first for both companies’ sustainable finance journey as the loan criteria include a set of ambitious performance targets set by CDL in its adoption of the TNFD recommendations, according to the firms’ joint announcement Tuesday.

The scheme incentivises CDL’s ongoing efforts to reach major environmental, social, and governance (ESG) milestones. Proceeds of the financing will be used for general corporate funding and working capital purposes, including the redevelopment of CDL’s existing assets. 

CDL has now secured over $8b in sustainable financing since 2017. The latest loan adds to the string of green financing extended by DBS to CDL over the past years, including CDL’s first green bond in 2017 as well as its first sustainability-linked loan in 2019.

The developer said it was the first company in the city-state to publish TNFD-aligned disclosures in its latest Integrated Sustainability Report 2024.

“We believe that robust sustainability reporting can channel capital to expedite green building and climate action.