JKH finalises $ 395 m debt deal with SCB for Waterfront

Friday, 26 June 2015 01:13 - - {{hitsCtrl.values.hits}}

John Keells Holdings Plc yesterday announced that the Group had finalised a syndicated project development facility worth $ 395 million with Standard Chartered Bank for the upcoming Waterfront integrated resort.

The company said the finalisation marks the conclusion of the required debt financing for the project by subsidiary Waterfront Properties Ltd.

The landmark Waterfront project entails the biggest-ever private sector investment of over $ 650 million.

Construction work on Waterfront, which is funded by a mix of equity and debt, started in April last year and is scheduled to complete in 2018.

According to JKH, said demand for both residential and commercial spaces continue to remain encouraging with 20% and 30% of units available for sale being reserved as of 31 March 2015 respectively.