South Beach Consortium Pte Ltd, the developer of South Beach mixed development in Singapore has just recently managed to secure an S$800 million bank loan and another S$400 million in secured convertible loans.
The fresh funds will be used to refinance the S$1.2 billion bridging loan facility maturing in June 2009.
The two-year S$800 million secured term loan financing is provided by: DBS Bank Ltd, United Overseas Bank Limited, Overseas-Chinese Banking Corporation Limited, The Hongkong and Shanghai Banking Corporation Limited and Sumitomo Mitsui Banking Corporation (Singapore Branch).
Meanwhile, the S$400 million secured convertible notes will be subscribed by a wholly-owned subsidiary of City Developments Limited (CDL) and three other notes investors associated with the Nan Fung group of companies, a leading property developer and one of the largest privately held conglomerates in Hong Kong.
South Beach Consortium Pte Ltd is a joint venture consortium comprising Scottsdale Properties Pte Ltd, a subsidiary of CDL, Istithmar Beach Road Fze, a subsidiary of Dubai World, and Elad Group Singapore Pte Ltd, a subsidiary of El-Ad Group Ltd.
Mr Kwak Leng Beng, Executive Chairman of CDL, said, “The ability to secure financing for
South Beach is testament to the iconic design of this mixed development, and the confidence of our bankers in the development’s potential. We are pleased to welcome our new investors and look forward to leveraging on their extensive experience in property investment and development in North Asia.”
“The South Beach project is a partnership of investors from the United States, Middle East and Asia, each bringing its own expertise to the table, making South Beach a truly international development. Moreover, these partners and investors have extensive networks and can bring in business connections which will further value-add to the project, making South Beach even more desirable. The development will elevate Singapore’s position as a global city to live, work and play when it is completed”, he added.
The South Beach project is designed by architectural firm London-based Foster + Partners. Located on Beach Road, Singapore, the integrated development will comprise of two tower blocks and four conserved buildings. The development will add premium office space, luxury hotels, city residences and retail space to the area.
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Tags: City Developments Limited, Elad Group Singapore Pte Ltd, Istithmar Beach Road Fze, Scottsdale Properties Pte Ltd, Singapore