A handful of structured property-backed deals are on the way from Singapore, which has been sowing the seeds for commercial mortgage-backed securitization for well over a year.

DBS Bank, which just completed a S$200 million (US$119 million), lease-backed securitization of Century Square Shopping Centre last month (ASRI, 10/4/99, p. 10), is reportedly working on another retail shopping mall-backed transaction for First Capital Corp., the developer which originated the Century Square deal.

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