A&G News 9 August 2021
Allen & Gledhill advised DBS Bank Ltd. (“DBS”), Oversea-Chinese Banking Corporation Limited (“OCBC”) and Malayan Banking Berhad, Singapore Branch (“Maybank”) on the S$871.75 million term loan and revolving facilities (“Facilities”) to Phoenix Commercial Pte. Ltd. and Phoenix Residential Pte. Ltd., which are 70:30 joint ventures between Allgreen Properties Limited (“Allgreen”) and Kerry Properties Limited (“Kerry”).
The Facilities will be used to finance a mixed-use development project in Pasir Ris, Singapore. The mixed-use development will comprise 487 residential apartments known as Pasir Ris 8. It will be integrated with a four-level retail podium that has a net lettable area of about 268,000 square feet.
This is the first green loan for both Allgreen and Kerry.
DBS, OCBC and Maybank were appointed mandated lead arrangers and original lenders. DBS and OCBC were appointed green loan advisors. OCBC was appointed facility agent and security agent.
Advising DBS, OCBC and Maybank was Allen & Gledhill Partner Daselin Ang.