City Developments secures S$1.6bn loan to finance Singapore property development

SINGAPORE: Singapore property developer City Developments said on Monday its joint venture has secured a S$1.6 billion ($1.3 billion) loan partly to finance the construction of South Beach, a commercial development in Singapore. The five-year S$1.6 billion secured term loan is provided by a syndicate comprising DBS Bank, United Overseas Bank, Overseas-Chinese Banking Corporation, The Hongkong and Shanghai Banking Corp and Sumitomo Mitsui Banking Corp, it said in a statement.

Part of the funds will also be used to refinance the S$800 million bank loan facility for the project, which is a joint venture between City Developments and Malaysia's IOI, the statement said.