|Topping out ceremony of NovaLand's The Sun Avenue on September 15, 2017|
On its press release on September 29, NovaLand said that this is the first allocation of the $100 million that Credit Suisse AG committed to lend NovaLand under a financial contract signed previously on August 4, 2017.
Credit Suisse approved the unsecured loan with a competitive interest rate of three-month LIBOR, plus a margin of 5.5 per cent per annum, thanks to the two previous successful secured loan prepayments.
NovaLand’s source said that this loan will be channelled into its business to ensure current projects’ process and quality.
Founded in 1856, Credit Suisse is a Swiss multinational financial services holding company headquartered in Zürich that operates Credit Suisse Bank and other financial services investments.
Before Credit Suisse, NovaLand received other different offshore loans, for instance from Maybank—Malaysia's largest financial services group and Southeast Asia’s leading banking group—and VietinBank Filiale Deutschland—the first and sole Vietnamese bank operating in Europe—and Singapore-based GW Supernova Pte., Ltd.
NovaLand is now one of the biggest property developers in Vietnam. After 25 years of operations, the company now has a portfolio of more than 35 projects, more than 6,000 units of which have been handed over to customers.
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