MaxLee Development borrows S$220 mln from UOB and OCBC

The joint venture company raises funds for the development of the Executive Condo in Sengkang E3 and Sengkang East Avenue.

Steel products distributor, Lee Metal Group (LMG) Ltd, on Monday has announced that MaxLee Development Pte Ltd has procured and accepted term loan facilities amounting to S$220 million from United Overseas Bank Limited (UOB) and Overseas-Chinese Banking Corporation Limited (OCBC) to finance its development of the Executive Condominium at land parcel Sengkang E3 at Sengkang East Avenue, according to a release from LMG.

MaxLee is a joint venture company between LMG Realty Pte Ltd, formerly known as Lee Carriers Pte Ltd, United Engineers Developments Pte Ltd and Maxdin Pte Ltd. LMG Realty is a wholly owned subsidiary of the company and holds a 35% stake in MaxLee.

The group said proceeds from the term loan facilities will be utilized to partially finance the land and related construction costs of the project.