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Overview

Bank of China (Singapore) contributes to $372 million SGD syndicated loan to United Engineers for property development

Commitments (Constant USD, 2023)$70,195,642
Commitment Year•2010Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 14, 2010
Last repayment (originally scheduled)
Jan 11, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of East Asia Limited (BEA)
  • DBS Bank Ltd.
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • United Overseas Bank Limited (UOB)

Receiving agencies

Private Sector

  • United Engineers Limited

Loan description

Bank of China contributions to SGD 372 million 2010 syndicated term loan for property development with United Engineers

Interest type•UnknownMaturity•3.5 years

Narrative

Full Description

Project narrative

On July 14, 2010, a syndicate of five banks — including Bank of China (BOC) (Singapore) — signed a $372 million SGD syndicated term loan with United Engineers Limited — a Singapore-based real estate, engineering, and manufacturing company — for property development. This loan carried a maturity period of 3.5 years. The proceeds of the loan will be used to redevelop an unknown hotel and retail property project in Singapore, which is to be completed in two phases, phase 1 being the development and construction of a hotel cum retail mall and a pedestrian bridge, and Phase 2 being the construction of an underpass. In addition to BOC (Singapore), the following lenders contributed to the loan syndicate: Bank of East Asia (Singapore), DBS Bank, Overseas-Chinese Banking Corporation (OCBC Bank), and United Overseas Bank Limited (UOB).

Staff comments

1. The individual contributions of the five lenders to this $372 million SGD syndicated loan syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($74,400,000 SGD) to the loan syndicate.