Stamford Land takes A$265m loan to build Sydney project

Singapore STAMFORD Land Corporation on Friday announced that HSH Hotels (Australia) Ltd, as trustee for a trust that it wholly owns, has signed a loan agreement with a major commercial bank for a secured term loan facility of A$265 million (S$277 million).

This will be used to fund the construction of its Macquarie Park Village project, a residential mixed-use development at the corner of Herring and Epping Roads, Macquarie Park, in Sydney. It is to be built on the site where Stamford Grand North Ryde, a hotel property that Stamford Land owns, is currently operating.

The transaction has no impact on the group's earnings per share or net tangible assets per share for the financial year ending March 31, 2016, it said.