CapitaLand collects payment for 98% of sold RiverGate apartments

Property developer CapitaLand has collected payment for 98 per cent of the 542 units of RiverGate apartments which have been sold since it obtained the Temporary Occupation Permit in March 2009.

CapitaLand said the progress payments and deferred payment receivables for the sold units were securitised through special purpose vehicle Okeanos Investment Corporation.

Okeanos issued US$477 million (S$731 million) of floating rate notes in January 2007.

The notes are due in 2011 and CapitaLand expects to fully redeem them by the maturity date in June 2009 with the proceeds collected for RiverGate to date.

RiverGate is a joint venture project by CapitaLand and Hwa Hong Corporation.

The development comprises 545 freehold residential units and is located in Singapore’s Robertson Quay area.

Source : Channel NewsAsia – 7 May 2009

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