WITH demand for commercial and office space in Beijing continuing to outstrip supply, Beijing Glory Real Estate Development Co is anticipating strong interest in its residential and commercial development to be offered for pre-sale in October.
The company which is a 50-50 joint venture between Tak Wing Investment (Holdings) and the Beijing-backed Dacheng Real Estate Developing Co yesterday sealed a $100 million syndicated loan to finance the construction of the first phase of its Fairview Garden project in the city's Chaoyang district.
The syndication was led by the Development Bank of Singapore which provided 40 per cent of the loan, and other participants included Kincheng Finance (HK) and Wing Lung Bank, each providing 30 per cent of the loan.
The company chairman Zhang Xuzan said they had already pumped $400 million into the first phase of the development which would comprise two 14-storey residential buildings with a total of 156 units of 1,119 square feet to 1,614 sq ft each.
The entire project will involve about 1.5 million sq ft of high-rise apartments, office and retail space.
Completion of the first phase is scheduled for the end of next year.
