Group refinances loan for Singapore project

SINGAPORE: A consortium comprising City Developments (CityDev), Dubai World and El-Ad Group said yesterday it had successfully refinanced a US$1.2 billion (US$1 = RM3.52) loan to develop a commercial project in downtown Singapore.

The consortium will raise the new funds via a S$800 million (S$1 = RM2.41) syndicate loan and S$400 million in secured convertible notes, the South Beach consortium said in a statement.

Singapore-based CityDev, southeast Asia’s second-largest developer, will take up S$195 million of the convertible notes.

By Reuters