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Dec

07

Singapore Builders Overleveraged, Underachieving as Debt Matures

By Tony Seruga

Five of six industry indicators seen shrinking next quarter
Tat Hong asks its bondholders to ease financial covenants

Singapore’s builders are entering 2016 with another wall of debt coming due, falling confidence and declining earnings.

After a record S$9.6 billion ($6.8 billion) of bonds were repaid this year, the industry faces S$6.4 billion of maturities next year, S$2.3 billion in 2017 and S$7.4 billion in 2018, according to Bloomberg-compiled data. Contractors Ley Choon Group Holdings Ltd. and Swee Hong Ltd. are restructuring their debt with lenders, while Tat Hong Holdings Ltd. is asking bondholders to ease financial covenants in its July 2018 notes, according to stock exchange filings. Five Singapore home builders classified by Bloomberg have an average debt-to-equityratio of 48 times…

Singapore Builders Overleveraged, Underachieving as Debt Matures

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