GEMS Education announces s$105 million project financing for GEMS World Academy Singapore

Dubai based GEMS Education, the world’s largest international K - 12, kindergarten to Grade 12, i.e. primary and secondary school education, private education operator has successfully raised S$105 million through bank financing toward building its first school in Singapore, GEMS World Academy Singapore, GWA Singapore. This is the largest loan obtained by an education organisation in Singapore and is a testament to the strength of GEMS Education.

The total investment for GWA Singapore will be S$213 million and is GEMS Education’s maiden foray into South East Asia. GWA Singapore, located in Yishun, will offer the prestigious International Baccalaureate curriculum from Pre-K to Grade 12 students. Singapore’s Economic Development Board has awarded GEMS Education the license to build the school and construction has already commenced. The school is scheduled to open in September 2014 and will boast state-of-the-art education facilities, incorporating modern design and sustainability features that may be adapted to meet the needs of future generations. 

The construction is undertaken by Lend Lease, one of the world’s leading fully integrated property solution providers with 40 years of track record in Singapore. Lend Lease brings a decade long specialised education sector expertise and proven track record in delivering tailor-made facilities for well-known clients in K - 12 and higher education.

GEMS Education’s Head of Business Development, Mr. Jay Varkey, said, “We are excited to be opening our doors in Singapore for the first time next year. GWA Singapore underscores the Group’s long-term commitment to Singapore, and we look forward to working with the local authorities, our partners and the broader community to develop a world-class facility here.” 

“GWA Singapore will offer a creative focus on the overall development of each child aimed at setting new benchmarks of education delivery in the region. GWA Singapore will be the inaugural school for us in Singapore and what we hope would be the first of many top-quality facilities that GEMS Education will establish in the region. Our hope and vision for GWA Singapore is to become a thought-leader in the provision of top-quality education enriching the lives of children here and the communities in which they live in”, he added.

ICICI and OCBC are acting as lead arrangers, bookrunners and lenders for the S$105 million, nine-year multi-currency facility. The Great Eastern Life Assurance Company Limited, a subsidiary of OCBC is also a participating bank.

GEMS Education Chief Financial Officer for Singapore and the South East Asia region, Mr. Shailesh Chander, adds, “The S$105 million funding is a result of years of thoughtful planning and solid partnership.  Prior to undertaking this project, it was very clear to us that there is a strong demand in Singapore for the provision of quality international education. I would like to thank the participating banks for their strong support, which is a positive endorsement of the strength and resilience of the education sector and in particular, the positive outlook for Singapore’s economy.”