Singapore's City Developments unveils $1.57 billion perpetual securities program

City Developments

09/04/2026 14:12

April 9 (Reuters) - Singapore-listed City Developments CTDM.SI said on Thursday that it has launched a multicurrency perpetual securities issuance program worth S$2 billion ($1.57 billion).

 Here are the details:

Under the program, the real estate firm could issue perpetual securities in series or tranches, denominated in Singapore dollars or other currencies, subject to regulatory approvals.

Proceeds from the perpetual securities program will be used to finance the general working capital requirements and corporate funding of the company and its units.

The funds could also be deployed to refinance the borrowings of the group.

Perpetual securities are fixed-income assets that do not have a fixed maturity date and could have fixed or floating rates of distribution.

The firm has appointed Singapore's United Overseas Bank UOBH.SI as the arranger and dealer of the program.

City Developments has applied to Singapore Exchange for the listing and quotation of perpetual securities on the exchange.

The firm, one of Singapore's largest property developers, is the second Singapore-listed company to set up a multicurrency capital-raising program this week after shipbuilder Seatrium SEAT.SI.

($1 = 1.2741 Singapore dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.singhchundawat@thomsonreuters.com))