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ICBC Indonesia provides IDR 790 billion loan for Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower (Linked to Record ID#86560 and #86572)
| Funder | PT Bank ICBC Indonesia |
|---|---|
| Recipient Organization | PT Alam Sutera Realty Tbk |
| Country | Indonesia |
| Start Date | Oct 08, 2015 |
| End Date | May 19, 2028 |
| Duration | 4,607 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66251 |
Grant Description
ICBC Indonesia provides IDR 790 billion loan for Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower On October 8, 2015, ICBC Indonesia and PT Alam Sutera Realty Tbk — a private Indonesian real estate company — signed a IDR 790 billion loan agreement for the construction of Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower, which are real estate projects of PT Alam Sutera Realty Tbk.
According to Credit Agreement No. 15 dated October 8, 2015 and amended by deed No. 43 dated February 2, 2017, between ICBC Indonesia and PT Alam Sutera Realty Tbk, a maximum of IDR 363,840,000,000 was provided for the Kota Ayodhya Apartment.
The collateral for the bank loan includes the mortgage right of a land area of 49,856 square meters in the Kec. Cikokol, Tangerang.
In October 2015, PT Alam Sutera Realty Tbk increased its borrowing from ICBC Indonesia to IDR 790 billion for project expansion activities. A letter from ICBC Indonesia dated November 14, 2016 changed the credit facility interest rate to 11.50% per annum. Then, a letter from ICBC Indonesia dated February 6, 2018 changed the facility interest rate to 9.50% per annum.
As of December 31, 2019 and December 31, 2018, the balance of the loan amounted to IDR 75,364,755,000 and IDR 164,920,167,000, respectively. This debt rescheduling is captured in projects #86572 and #86560.
Kota Ayodhya is an apartment complex — consisting of four 24-story apartment towers, namely Jade Tower, Coral Tower, Sienna Tower and Indigo Tower — that is located in the heart of Tangerang about 7 kilometers away from Alam Sutera and 2.5 kilometers away from Serpong Toll (Jakarta – Merak). Its groundbreaking ceremony took place on April 16, 2014.
As of December 31, 2018, construction of all four Kota Ayodhya towers was complete. Paddington Heights is a high-end apartment located between Bina Nusantara University and Silkwood Residences.
Its completion was originally scheduled for October 2016. however, it was ultimately completed ahead of schedule in July 2016. The Prominence Office Tower is a 30-floor high office building in Tangerang. Its groundbreaking ceremony took place in May 2013 and its construction was completed in December 2016.
Staff Comments
1. The start and end dates coded for this project correspond to the earliest construction date of the three buildings (May 2013 for the Prominence Office Tower) and the latest completion date of the three buildings (December 31, 2018 for the Kota Ayodhya apartment complex).
Sources & References
- Annual Report 2015
- Additional Lending to PT Alam Sutera Realty Tbk
- SUPPORTING AND SERVICING INDONESIA ECONOMY
- PT Alam Sutera Realty Tbk
- PT Alam Sutera Realty Tbk. dan Entitas Anak/ and its Subsidiaries
- The Prominence Office Tower
- CORPORATE MILESTONE
- Family Day at Kota Ayodhya
- Djasa Ubersakti
- Company Presentation
- Alam Synergy Pte. Ltd. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
PT Alam Sutera Realty Tbk
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