by Cheryl TayLend Lease Group plans to sell bonds in Singapore-dollar denomination, a second offering by an Australian non-bank borrower in the country, according to an unnamed source.
The property developer considers pricing the five-year securities to yield around 4.75 percent.
According to Bloomberg, the S$100 million bonds issued by Telstra Corp in 2001 were the only other debt sale made by an Australian non-financial company in Singapore currency.
Lend Lease is currently building a commercial development in Singapore worth S$1.6 billion. The company said that a A$2 billion (S$2.6 billion) fund has been arranged for financing the first two towers to be developed at Barangaroo South site in Sydney, including investments from retirement plans and the company's own fund.
"We have four core countries - Australia, Singapore, UK and US - where we operate and look to invest capital," said Tony Lombardo, Chief Financial Officer of Lend Lease.
"We are currently establishing the right funding structure for Singapore, subject to market conditions."
The source added that Goldman Sachs Group, DBS Group and Bank of America will arrange the sale of the Singapore dollar bonds. Related stories:K-REIT Asia distributable income soars 94.6% in 1H 2012 New investment opportunities to surface in Asia Pacific: report
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