A consortium comprising City Developments, Dubai World and El-Ad Group said yesterday it had successfully refinanced a $1.2 billion (Dh4.4bn) loan to develop a commercial project in downtown Singapore. The consortium will raise the new funds via a S$800 million syndicate loan and S$400m in secured convertible notes, the South Beach consortium said in a statement. Singapore-based CityDev, southeast Asia's second-largest developer, will take up S$195m of the convertible notes. Hong Kong's Nan Fung Group, a large privately held conglomerate, will subscribe for the remaining S$205 m. To be completed by 2016, the South Beach development will comprise a mix of offices, hotels, shops and residences designed by London-based architectural firm Foster + Partners. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .