ASIG gets US$38m loan

PROPERTY developer Asia Standard International Group (ASIG) has signed US$38 million in revolving credit to fund a residential development on Pokfulam Road, the group says.

ASIG said yesterday the facility, which had an interest rate of 250 basis points (2.5 percentage points) over the London interbank offered rate, had been oversubscribed.

The property under construction is at 116-126 Pokfulam Road, and has a site area of 36,000 square feet, and will include two luxury residential towers with total gross floor area of 100,000 sq ft.

ASIG chairman Clement Fung said the towers were expected to be completed by the latter half of 1996 and early 1997.

'Based on current market value, the property is worth more than HK$800 million,' Mr Fung said.

'This will bring considerable revenue to the group when all units are sold out.'