| To : Business Editor | For immediate release |
8th July 1998 - Hongkong Land Holdings Limited today announced its wholly owned subsidiary, HKL (Esplanade) Pte Ltd, has accepted a S$300 million (US$175 million) revolving credit facility to finance the construction cost of the Group's Grade A property development in Singapore - One Raffles Link.
The lenders are Development Bank of Singapore Limited, Overseas Union Bank Limited and United Overseas Bank Limited. Development Bank of Singapore Limited has been appointed the Facility Agent.
Under the three-year revolving credit facility, HKL (Esplanade) Pte Ltd has the option to issue Floating Rate Notes or Bonds in Singapore to institutional and corporate investors to re-finance this facility.
One Raffles Link is a seven-storey 235,000 sq. ft office tower and a 79,000 sq. ft underground shopping mall currently under construction in the Marina Centre area - a major commercial district in Singapore. The office building to be called One Raffles Link will be completed in the fourth quarter of 1999. It will have one of Asia's largest virtually column-free floor plates of 48,750 sq. ft in net area and is designed to meet the specific needs of financial services companies. HKL (Esplanade) Pte Ltd is the sole developer.
Mr Ian Durant, Finance Director of Hongkong Land, said, "We are delighted the loan will provide the construction finance for the development of One Raffles Link - one of the Company's major overseas property investments. The Company is pleased with the strong support received from these three major Singapore banks."
Hongkong Land owns and manages some 5 million sq. ft of prime office and retail space in the heart of Hong Kong's Central business district. The Group also manages a portfolio of property and infrastructure investments in Asia and is currently active in the Hong Kong SAR, Mainland China, Singapore, the Philippines, Vietnam and Indonesia.
For further information, please contact:
| Hongkong Land Limited Liliana Wong |
Tel: (852) 2842 8300 (Office) |
| Ludgate Asia Limited Stuart Ridsdale |
Tel: (852) 2543 2240 (Office) |
This announcement can be accessed through the Internet at "http://www.irasia.com/listco/sg/hkland" and is also available through "First Call".
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