Active Mixed AidData Chinese Aid

ICBC Indonesia provides $160 million loan to PT China Sonangol Media Investment for 'Indonesia 1' Twin Towers Construction Project

$160M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT China Sonangol Media Investment (PT Surya Indonesia Satu Properti)
Country	Indonesia
Start Date	Jul 31, 2015
End Date	Oct 21, 2027
Duration	4,465 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`66253`

Grant Description

ICBC contributions to 160 million USD syndicated loan for 'Indonesia 1' Twin Towers Construction Project On July 31, 2015, ICBC Indonesia signed a $160 million syndicated loan agreement with PT China Sonangol Media Investment (CSMI) — a special purpose vehicle and joint venture of Surya Paloh’s Media Group and PT China Sonangol Land — for the 'Indonesia 1' Twin Towers Construction Project.

ICBC Limited and ICBC Indonesia are the members of the lending syndicate.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

The purpose of the project is to construct 'Indonesia 1' Twin Towers on Jalan M.H. Thamrin (Jalan Thamrin) — a major thoroughfare — in Central Jakarta. The project site occupies area of 18,925 m2 and a height of 303 meters. The champagne-colored skyscraper will consist of two towers, South and North.

The South Tower is an office building while the North Tower is a multi functional building that includes offices, retail space, and service apartments.

The 73-story North Tower will include 181 premium service apartments that will be operated by Pan Pacific Serviced Suites. China Construction Eighth Engineering Division Co. Ltd. and PT Acset Indonusa Tbk (ACST) are jointly responsible for project implementation. A foundation stone laying ceremony took place on May 23, 2015.

Then, a project commencement ceremony took place on August 29, 2019. The project was originally expected to reach completion in 2021. However, it has encountered various delays and problems. Construction was halted in April 2020 due to the COVID-19 pandemic.

Then, in December 2020, ACST submitted a request for Postponement of Debt Payment Obligations (PKPU), for PT China Sonangol Media Investment (CSMI), to the Central Jakarta Commercial Court. The purpose of this request was to obtain certainty of payment for construction work that had already been carried out.

The request was granted on January 13, 2021. As of May 2025, the towers were not yet complete and on-hold.

📋 Staff Comments

This project is also known as the Indonesia 1 Tower Building Project.
China Sonangol, founded on September 23, 2005, is 30 percent owned by Sonangol (Angola’s state-owned oil company) and 70 percent by New Bright International Development, a company that is part of a Hong Kong-based web of companies nicknamed “the Queensway Group” after its former address in Queensway district, Hong Kong

📚 Sources & References

Annual Report 2015
SUPPORTING AND SERVICING INDONESIA ECONOMY
PT Bank ICBC Indonesia Extends USD 160 Million Loan for “Indonesia 1” Project
Indonesia 1
Gedung Tertinggi di Pusat Bisnis Jakarta
Bank ICBC Biayai Pembangunan Gedung Tertinggi di Indonesia Milik China Sonangol Media
Proyek Gedung Tinggi Indonesia 1 Diprediksi Selesai Kuartal Keempat 2020
Indonesia-1 Tower
中国工商银行将为印尼第一高楼提供融资支持。
Acset Indonusa proposes PKPU for China Sonangol Media Investment
China Sonangol Affected by PKPU
Surya Paloh Owners of Shares?
Indonesia Market Today - 18 November 2020
Strengthening Our Commitment and Determination
Scandal over ‘Africa’s Richest Woman’ finds Way to Hong Kong
Astra Group Sues Partner of Media Group’s China Sonangol
Strengthening Our Commitment and Determination
Acset Finally Receives Approval of Sonangol’s China Peace Proposal
Indonesia 1
Indonesia 1 Tower
China Sonangol Kena PKPU
Surya Paloh Pemilik Saham?
Indonesia 1 Tower Central Jakarta
Indonesia
INDONESIA ONE
Indonesia-1 North Tower 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.