Singapore property developer City Developments Ltd (CDL) has announced that its joint venture (JV) has clinched a S$1.6 billion loan facility.
The five-year S$1.6 billion secured term loan will be used to refinance the existing S$800 million land loan on the South Beach site, as well as to finance the project’s construction.
The new loan was provided by the same consortium of banks that responsible for its 2009 loan facility. These include United Overseas Bank (UOB), DBS Bank, The Hongkong and Shanghai Banking Corporation (HSBC), Sumitomo Mitsui Banking Corporation (Singapore Branch) and Overseas Chinese Banking Corporation (OCBC).
Meanwhile, the construction contract for the South Beach project is likely to be awarded in Q3 this year and the apartment units in the project are expected to be launched for sale next year.