City Developments issues S$100 mln of Islamic notes

City Developments (CTDM.SI), Singapore's second-largest developer, said on Thursday it sold S$100 million ($66.45 million) worth of Islamic notes to fund its shariah-compliant businesses. The 3.25 percent Islamic Trust Certificates are due in 2010.

CIMB is the sole dealer for the Islamic note issue. A property pioneer since 1963, City Developments Limited (CDL) is a listed international property and hotel conglomerate involved in real estate development and investment, hotel ownership and management, as well as the provision of hospitality solutions.

With a global presence in gateway cities across Asia, Europe, North America and New Zealand/Australia, CDL has more than 250 subsidiaries and associated companies together with 5 listed companies on notable stock exchanges.

Backed by a track record of over 22,000 luxurious and quality homes to its name, CDL’s properties are synonymous with prestige, good value, outstanding quality and a choice investment.

CDL is one of the biggest landlords in Singapore with over 4 million square feet of lettable office, industrial, retail and residential space. It also owns one of the largest land banks amongst private developers with over 4.5 million square feet that has the potential of being developed into more than 9 million square feet of gross floor area.

CDL strongly advocates a “Safe and Green” culture and has strict adherence to its Environmental, Health and Safety (EHS) policy which was instituted in 2003. CDL was the first private property developer in Singapore to be awarded the ISO 14001 (Environmental Management System) certification by the Building and Construction Authority for its commitment to raising environmental standards in its projects and incorporating eco-friendly features into its developments. CDL also received the OHSAS 18001 (Occupational Health and Safety Management System) certification for establishing an EHS policy to monitor the environmental impact of its operations and improve workplace safety.

In managing its investment properties, CDL was also the first private property developer in Singapore to be awarded the ISO 14001 and ISO 9001 (Quality Management System) certifications for 14 of its commercial buildings.

Millennium & Copthorne Hotels plc (M&C), the London-listed international hotel arm of CDL, is a dynamic hotel group that owns and operates over 110 hotels in 18 countries around the world, with a number of them being located in major gateway cities. CDL also has a dedicated subsidiary, the Hong Kong-listed City e-Solutions Limited, which provides technology solutions for the global hospitality industry.

Beyond its business operations, CDL believes in giving back to the community. It remains committed to an extensive range of Corporate Social Responsibility (CSR) programmes aimed at caring for the needy, raising awareness about the environment, nurturing the youth and promoting the arts. For its sustained commitment and outstanding contributions to the community and the environment, CDL was conferred the prestigious President’s Social Service Award and President’s Award for the Environment in 2007. It has also been listed on the coveted FTSE4Good Index Series since 2002, for meeting globally recognised corporate responsibility standards.