Singapore property developer City Developments (CTDM.SI) said on Monday its joint venture has secured a $1.6 billion loan partly to finance the construction of South Beach, a commercial development in Singapore.
The five-year $1.6 billion secured term loan is provided by a syndicate comprising DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation , The Hongkong and Shanghai Banking Corp and Sumitomo Mitsui Banking Corp, it said in a statement.
Part of the funds will also be used to refinance the $800 million bank loan facility for the project, which is a joint venture between City Developments and Malaysia’s IOI (IOIB.KL), the statement said.
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