BIM Land gets $50 million from foreign lenders

BIM Land Joint Stock Company, a real estate development arm of BIM Group, has secured up to $50 million in financing from Credit Suisse AG, Singapore Branch.

The financing consists of a committed base size of $35 million with a $15 million greenshoe, making the second offshore loan that BIM Land has successfully arranged this year with international lenders.

Its first offshore loan that worth $87.5 million was signed earlier this year with the International Finance Corporation (IFC).

The combined up to $137.5 million in financing from both IFC and Credit Suisse are intended to support BIM Land’s property projects in Quang Ninh and Phu Quoc Island of Vietnam with the IFC’s financing package also supporting project in Vientiane of Laos.

BIM Land said that this financing comes at a time of major momentum which focuses on providing a wide range of property projects from high-rise apartment complexes and town houses to tourism-led properties such as condotels, beach villas, hotels and resorts.

The majority of BIM Land projects are located in tourism-led areas of Vietnam and Laos, hence it is anticipated that these projects will attract considerable demand from domestic and international tourists, thereby creating more jobs and boosting the local economies.

BIM Land is developing two large real estate, namely 150ha – Phu Quoc Marina and 248ha – Halong Marina and copperate with global hospitality brands such as Park Hyatt, Intercontinental, Regent or The Ascott.