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CapitaLand, others get $1.5 bln loan for Singapore project

Wed Jul 16, 2008 10:38pm EDT

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SINGAPORE, July 17 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's top developer, said on Thursday it and Morgan Stanley (MS.N), Wachovia WB.N and Hotel Properties (HPPS.SI) would borrow S$1.99 billion ($1.5 billion) for a residential property project in Singapore.

The company said the deal was made up of a S$1.362 billion term loan, a S$500 million revolving credit and S$133.9 million in bank guarantees. CapitaLand in June 2007 agreed to pay S$1.34 billion for a site on Singapore's Farrer Road, in a joint venture with Hotel Properties, Wachovia's wholly-owned subsidiary Wachovia Development Corp, and a Morgan Stanley real estate fund. (Reporting by Daryl Loo and Kevin Lim; Editing by Jan Dahinten)



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