United Engineers (UE) has announced that MaxLee Development, a steel products distributor company, has secured $220 million worth of term loan facilities from UOB and OCBC to finance the development of an executive condominium project located at Sengkang East Avenue / Buangkok Drive.
MaxLee Development is a joint venture firm between United Engineers Developments (UED), Maxdin Pte Ltd and LMG Realty. UED and Maxdin are both units of the company and hold 35 percent and 30 percent stakes in MaxLee respectively.
The proceeds will be used to partially fund the acquisition of land and construction costs of the EC project at Sengkang.