Monday, January 19, 2009

Daily news - 19 Jan

Capitala in financing agreement
CapitaLand's Abu Dhabi unit Capitala has entered into an agreement to provide future buyers of its maiden project in the city with up to 85 per cent financing. Under the finance agreement with Abu Dhabi Finance, buyers of homes in Capitala's US$5-6 billion Arzanah development will qualify for loans of up to 85 per cent of the property's value; with loan terms of up to 30 years, flexible repayment methods and debt service ratios of up to 55 per cent. Traditionally, homebuyers in Abu Dhabi pay for their properties upfront. Capitala is 49 per cent owned by CapitaLand, Singapore's largest property developer, while the remaining 51 per cent stake is held by Mubadala Development Company, Abu Dhabi's state-owned investment vehicle.

Source: Kim Eng

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