Land in Singapore Gets Record Offer from China Buyers
May 20, 2017
Singapore land authority gets record high bidding offer for a piece of land from a Chinese consortium developers which puts in the highest bid at SGD1 billion (USD718 million) among the all bidding participants.
China's Hong Kong-listed Logan Property and Nanshan Group submitted the highest bid in the Stirling Road land auction that closed May 18, according to government redevelopment authority public release. The winning bid will be decided once the offers have been evaluated. The plot can house about 1,110 units, according to URA estimates.
While the offer is clear, it is not very clear how the funding source of the project will be composed.
According to stock exchange filing, as of the end of 2016 December 31, Hong Kong- listed Logan Group had cash and bank balances(including restricted and pledged deposits) of approximately RMB14.7973 billion, the company's net debt-to-equity ratio is at approximately 71.4% (2015: 58.4%). During the year under review, the average borrowing cost of the company was 6.1% (2015: 6.8%).
In February this year, Logan Property and KWG Property offered bidding price for a piece of land in HK Island south for HKD16.86 billion(RMB14.93billion). Hang Seng Bank provides loan facility.
- Staff Writer APMR News
Article Published on : 2017 May 19, 9:45 am GMT+800
Article Last Updated : 2017 May 20, 2:55 pm GMT+800
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