Company Briefs: GuocoLand

GuocoLand

Property developer GuocoLand sold out the first phase of its Martin Modern apartments during its weekend launch.

It announced yesterday that nearly 90 homes, worth more than $220 million, were purchased at prices ranging from $2,009 per sq ft (psf) to more than $2,500 psf. It was previously reported that market watchers estimated the developer's break-even price to be between $1,800 psf and $1,910 psf.

The 450-unit condominium in the Robertson Quay area is expected to receive its temporary occupation permit by the end of 2021.


Lian Beng Group

Lian Beng Group subsidiary Lian Beng (St Kilda) will sell a Melbourne residential property to an unrelated third party for A$34 million (S$36.8 million), the group's board of directors said yesterday.

Lian Beng (St Kilda) is the wholly owned subsidiary of Goldprime Realty, in which Lian Beng Group has an 80 per cent stake. Independent director and shareholder Ko Chuan Aun is also independent director of KSH Holdings, the holding company of Development (88), which has 20 per cent of Goldprime's paid-up share capital.

The proposed disposal of the freehold residential complex in the Australian city "is an opportunity for the group to realise good value for its investment and enhance (its) financial position", the board said. The development has a site area of about 1,804 sq m.


Starhill Global Reit

Starhill Global Real Estate Investment Trust's (SG Reit) manager yesterday sealed a deal for $700 million in unsecured loan facilities from a group of seven banks, with which it plans to refinance $450 million of unsecured term loans that mature next year.

The rest of the money - which comes in three tranches, with tenor of four or five years - will go towards working capital and/or general corporate funding.

Subsidiary SG Reit (SA) Sub-Trust2 earlier got A$145 million (S$157 million) in a four-year secured term-loan facility from National Australia Bank to refinance a three-year loan with the same bank.

The planned refinancing in both currencies will take SG Reit's average debt maturity from 2.8 years as at March 31 this year to around 4.8 years, with no more significant refinancing requirements until mid-2019.

A version of this article appeared in the print edition of The Straits Times on July 25, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe