Pidemco Land, a property developer with ties to the Singapore government, has launched what it claims is the city-state's first securitization backed by the sale proceeds of residential apartment units.

A special purpose corporation wholly owned by Pidemco called Silverlac Investments issued S$100 million of three-year, 4.75% fixed-rate bonds, said John Pang, head of securitization at Tokyo-Mitsubishi International (Singapore) (TMI), arranger of the transaction.

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