CityDev, Dubai get $1.2 bln for S'pore project

SINGAPORE, June 9 (Reuters) - A consortium comprising City Developments (CTDM.SI), Dubai World and El-Ad Group said on Tuesday it had successfully refinanced a $1.2 billion ($822.5 million) loan to develop a commercial project in downtown Singapore.

The consortium will raise the new funds via a S$800 million syndicate loan and S$400 million in secured convertible notes, the South Beach consortium said in a statement.

Singapore-based CityDev, southeast Asia's second-largest developer, will take up S$195 million of the convertible notes. Hong Kong's Nan Fung Group, a large privately held conglomerate, will subscribe for the remaining S$205 million.

To be completed by 2016, the South Beach development will comprise a mix of offices, hotels, shops and residences designed by London-based architectural firm Foster + Partners.

Dubai World is an investment firm owned by the Dubai government, while El-Ad is a New York-based developer that is a major player in Canada's real estate market.

CityDev, Dubai World and El-Ad each have a one-third share in the consortium behind the South Beach project. (Reporting by Kevin Lim; Editing by David Holmes)