CapitaLand, Others Get US$1.5b Loan For Condo Project

Source : The Business Times, July 17, 2008

CapitaLand, Southeast Asia's top developer, said on Thursday it and Morgan Stanley, Wachovia and Hotel Properties would borrow S$1.99 billion (US$1.5 billion) for a residential property project in Singapore.

The company said the deal was made up of a S$1.362 billion term loan, a S$500 million revolving credit and S$133.9 million in bank guarantees.

CapitaLand in June 2007 agreed to pay S$1.34 billion for a site on Singapore's Farrer Road, in a joint venture with Hotel Properties, Wachovia's wholly-owned subsidiary Wachovia Development Corp, and a Morgan Stanley real estate fund. -- REUTERS