Resorts World at Sentosa completes S$4b credit syndication

Resorts World at Sentosa completes S$4b credit syndication
By Wong Siew Ying, Channel NewsAsia Posted: 24 April 2008 1934 hrs

SINGAPORE : Resorts World at Sentosa has completed the syndication of S$4 billion in credit facilities for its resort development.

The tenure of the loan extends to 2015. The loan is one of the largest to be successfully undertaken in Singapore.

In a statement on Thursday, Resorts World said the borrowings were made at an interest rate of 175 basis points above the Singapore Swap Offer Rate.

A total of 10 banks were involved in the syndication, which is jointly underwritten by five original mandated lead arrangers - DBS Bank, Oversea-Chinese Banking Corporation, HSBC, the Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.

The credit facilities will fund two-thirds of the resort's S$6 billion project cost.

Resorts World has since awarded more than S$2 billion in building contracts for works on four of its six hotels, as well as its main thoroughfare Festive Walk.

It said progress on the resort is on track for an early 2010 soft opening. - CNA /ls

Resorts World at Sentosa awards largest contract of S$1.05b to date

Resorts World at Sentosa awards largest contract of S$1.05b to date
By Channel NewsAsia Posted: 23 April 2008 1820 hrs

SINGAPORE: Resorts World at Sentosa has awarded its largest building contract to date, worth S$1.05 billion, to a joint venture between major Japanese contractor Kajima Overseas Asia Pte. Ltd. and local player Tiong Seng Contractors (Pte) Ltd.

This brings the total building contracts awarded so far to over S$2 billion. The S$6 billion integrated resort is slated for completion in early 2010.

Kajima-Tiong Seng will construct three of the six hotels in Resorts World and the resort's thoroughfare, FestiveWalk.

The three hotels - Maxims Residences, Hotel Michael and Festive Hotel - will offer some 1,000 suites and rooms out of the 1,800 to be found throughout the resort.

The contract also includes the construction of a 15,000-square-metre casino located at the basement of Maxims Residences which will feature gaming rooms, suites and lounges.

The joint venture will also build a dual purpose 1,600-seat Le Vie showroom, which doubles as a Plenary Hall, in Festive Hotel. - CNA/vm

Construction of S'pore's first Hard Rock Hotel to start in May 2008

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Construction of S'pore's first Hard Rock Hotel to start in May 2008
By Wong Siew Ying, Channel NewsAsia Posted: 08 April 2008 2003 hrs

SINGAPORE: Construction of Singapore's first Hard Rock Hotel which will be located at the upcoming Resorts World at Sentosa will begin in May. The 360-room hotel is one of six to be developed and fans and visitors will be grooving to it when the famous chain opens in 2010. Together, the hotels will provide 1,800 rooms but this might still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: "We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership. "In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership."

The S$346 million five-star hotel will include 20 conference rooms and they are expected to be in high demand especially, the massive ballroom which will have no columns. This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people. The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya. Resorts World has been promoting its wide range of offerings in trade shows overseas. It’s expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe.

The Hard Rock Hotel is part of the S$6 billion resort development. It's also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited. The construction firm edged out two other bidders to secure the deal. Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors. This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm