CapitaLand, a property developer, has collected payment for 98 percent of RiverGate apartments’ 542 units, which had been sold since March 2009, when it received its Temporary Occupation Permit.
The deferred payment and progress payment receivables for the sold units were securitized through Okeanos Investment Corporation, a special purpose vehicle, CapitaLand said.
Okeanos issued in January 2007 the floating rate notes worth US$477 million (S$731 million).
Due in 2011, CapitaLand expects to completely redeem the notes by the maturity date in June 2009.
RiverGate, a development located in Singapore’s Robertson Quay area and comprises 545 freehold residential units, is a joint venture project of Hwa Hong Corporation and CapitaLand.