Listed developers face hefty short-term debt

Singapore

SINGAPORE'S listed developers and real-estate investment trusts (Reits) face their heaviest burden of near-term maturities on record just as home prices drop.

In their latest filings with Singapore Exchange (SGX), the 80 property companies on the bourse reported a combined S$23.5 billion of borrowings that have to be repaid within a year, Bloomberg-compiled data show.

The looming debt wall comes as the vacancy rate for condominiums has soared to the highest since 2006, pushing prices to the lowest in almost two years, according to data from the Urban Redevelopment Authority (URA).

Savills plc predicts that refinancing for homebuilders and Reits will be more challenging as Singapore's economy slows, wit…