CapitaMalls Asia says it has committed $1.57 billion dollars to the development of the Jurong Gateway site, together with its joint venture partners.
CapitaMalls Asia, CapitaMall Trust and CapitaLand, will contribute to the unitholder loans in proportion to their respective equity interests. The interest payable on the unitholder loans will be pegged to prevailing market rates.
The developers say that the provision of the unitholder loans is intended to enable the relevant trusts to achieve an optimum mix between internal funds and external borrowings in order to finance the development of the white site.
They had earlier announced that construction of the retail and office development in Jurong East is expected to cost $1.5 billion. They had submitted a top bid of $969 million for the 18,159.1 sqm site.
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