United Engineers says it has secured term loan facilities amounting to $372 million from a consortium of five banks, namely United Overseas Bank Limited, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Bank of China Limited, Singapore Branch and The Bank of East Asia Limited, Singapore Branch.

The company through its subsidiaries, namely UE Orchard Pte Ltd and UE Somerset Pte Ltd, will undertake the redevelopment project on the former Specialists’ Centre and Hotel Phoenix site. The project comprises two phases of redevelopment works, Phase 1 being the development and construction of a hotel cum retail mall and a pedestrian bridge, and Phase 2 being the construction of an underpass.

The proceeds from the term loan facilities will be utilised to partially finance both Phase 1 related construction and financing costs. Phase 2 redevelopment works will be funded internally.