Duo Residences - At Bugis Singapore By M+S Pte Ltd – Duo Residences, a development by M+S Pte Ltd (jointly own by Temasek Holdings and Khazanah Nasional), is a luxury mixed development consisting of prime residential apartments, retail complex, a 5 star hotel and grade A office space. It is stratigically located in the Bugis/Ophir area, right in the heart of the downtown of Singapore's business and entertainment cluster.
Duo Residences is located right in the heart of Singapore business and entertainment district
Plans for the surrounding plot of lands in the vicinity of Duo Residences has also been revealed recently by the government of Singapore. The next phase of growth is to transform this already vibrant district into an even more exciting commercial plus retail hub. We will see more space allocated to premium offices for the financial and business institution tenants.
Naturally, demand for residential apartments and retail spaces in the area will definitely increase. Planning ahead, the government has tactfully indented more residential spaces to overcome the foreseeable rise in demand for housing.
The joint company M+S Pte Ltd, which is 60 per cent owned by Malaysia's Khazanah Nasional and 40 per cent by Temasek Holdings , has signed property development loans with eight banks, which are reportedly worth S$5 billion.
According to reports, the three local banks, DBS Bank, OCBC Bank and United Overseas Bank, as well as Malaysia-based Maybank, is lending S$850 million each. Meanwhile, Australia & New Zealand Banking Group, Sumitomo Mitsui Banking Corp and Bank of Tokyo-Mitsubishi UFJ Ltd each extended loans of S$500 million.
Malaysia's CIMB Group Holdings also lent S$100 million.
Temasek's spokeswoman Serena Khoo confirmed that M+S Pte Ltd has signed the loan with the eight banks and wire reports also said that Khazanah's spokesman Mohd Asuki Abas confirmed the loan as well. However, both declined to confirm the loan amount.
M+S Pte Ltd was formed in the middle of last year to jointly develop projects in Johor, southern Malaysia and Singapore. The Singapore developments worth about S$11 billion will include development of hotels, apartments, offices and shops. This will cover six land parcels in Marina South and Ophir-Rochor