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ICBC Indonesia provides IDR 400 billion loan for Capital Square Expansion Project
| Funder | PT Bank ICBC Indonesia |
|---|---|
| Recipient Organization | PT Greenwood Sejahtera Tbk |
| Country | Indonesia |
| Start Date | Oct 01, 2015 |
| End Date | Nov 12, 2033 |
| Duration | 6,617 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66252 |
Grant Description
ICBC Indonesia provides IDR 400 billion loan for Capital Square Expansion Project In October 2015, ICBC Indonesia and PT Greenwood Sejahtera Tbk — a private Indonesian estate and property development company — signed an IDR 400 billion loan agreement for the Capital Square Expansion Project.
The purpose of the project was to support the expansion of a Capital Square real estate project in the city of Surabaya within East Java Province.
Capital Square occupies a 13,890 square meter site area and, upon completion, it will offer residential, office towers, a loft and plaza. A groundbreaking ceremony took place on September 2, 2015. As of 2018, the project had reached a 32.9% completion rate.
In November 2019, Fitch Ratings warned of’ heightened liquidity risk due to [PT Greenwood Sejahtera Tbk’s] continued inability to generate presales in its Capital Square project. Captial Square is planned to be completed in 2020. The construction loan of IDR253 for this project will mature in October 2020.
Sources & References
- Annual Report 2015
- Greenwood Secures Rp 400b Loan Facilities From Bank ICBC Indonesia
- Greenwood (GWSA) Dapat Pinjaman dari ICBC
- Bunga Dipatok 13% Floating
- About PT. Greenwood Sejahtera
- Tbk
- Samanea Residence
- PT Greenwood Sejahtera Tbk
- Capital Square 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 Greenwood Sejahtera Tbk
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