Narrative
Full Description
Project narrative
On June 12, 2006, a syndicate of 14 banks — including the Bank of China (BOC) — entered into a $1.56 billion SGD syndicated loan agreement with Orchard Turn Developments Pte. Ltd. — a Singapore-incorporated special purpose vehicle (SPV) and joint venture between Singaporean real estate company CapitaLand Limited (50% equity stake) and Hong Kong-based property developer Sun Hung Kai Properties Limited (50% equity stake) — for the Orchard Turn Development Project. This loan carried a maturity period of five years. BOC contributed $30 million SGD. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($156.25 million SGD), Calyon ($156.25 million SGD), Citigroup ($156.25 million SGD), DBS Bank Ltd. ($156.25 million SGD), Mizuho Corporate Bank, Ltd. (MHCB) ($156.25 million SGD), Standard Chartered Bank plc ($156.25 million SGD), Sumitomo Mitsui Banking Corporation (SMBC) ($156.25 million SGD), United Overseas Bank Limited (UOB) ($156.25 million SGD), WestLB AG ($120 million SGD), Bank of Nova Scotia (Scotiabank) ($75 million SGD), Malayan Banking Berhad (Maybank) ($30 million SGD), First Commercial Bank ($25 million SGD), and Arab Bank ($10 million SGD). BTMU, Calyon, Citigroup, DBS, MHCB, Standard Chartered Bank, and UOB served as mandated lead arrangers. WestLB served as lead arranger. Scotiabank served as arranger. Maybank served as lead manager. BOC, First Commercial Bank and Arab Bank served as senior managers. The proceeds were to be used by the borrower to support the development of the Orchard Turn Site, which sought to develop a prime retail-residential landmark project consisting of a shopping mall with over 450 shops and restaurants across five basement and eight podium levels known as Orchard Turn Site (later renamed as ION Orchard) and a 218-meter (715 feet), 56-story tall, 177-unit luxury high-rise residential condominium known as The Orchard Residences located at the junction of Orchard Road and Paterson Road above the Orchard Mass Rapid Transit (MRT) Station. Penta Ocean Co. Limited served as main contractor. RSP Architects Planners & Engineers (Pte) Ltd. served as engineer. Bachy Soletanche Singapore Pte Ltd provided services for the diaphragm wall and barrette piles. Benoy Limited served as architect. The two portions of the project were to be completed at the end of 2008 and the end of 2009 respectively. The groundbreaking ceremony was held on October 31, 2006. Orchard Turn Site began operations on July 21, 2019 and The Orchard Residences was completed in 2010.