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Active Mixed AidData Chinese Aid

ICBC Indonesia provides $26.3 million loan for the Diamond Tower Project

$26.3M USD

Funder PT Bank ICBC Indonesia
Recipient Organization PT. RHB MVP Classic Development Indonesia
Country Indonesia
Start Date Jan 01, 2018
End Date Jul 19, 2030
Duration 4,582 days
Number of Grantees 1
Roles Recipient
Data Source AidData Chinese Aid
Grant ID 66263
Grant Description

ICBC Indonesia provides $26.3 million loan for the Diamond Tower Project In 2018, PT Bank ICBC Indonesia provided a US$26.3 million loan for the PT RHB MVP Classic Development Project, namely the Diamond Tower Building, a property development project owned by China Railway International Group (CRIG).

📋 Loan / Grant Terms
💰 Loan Amountare unknown

The total project cost is US$68 million and it is located in the CBD Mega Kuningan business district in Jakarta.

On July 10, 2017, a signing ceremony of the official equity transfer agreement for the Jakarta Diamond Tower Project in Indonesia, which was invested by China Railway International Hong Kong Co., Ltd. and RHB MVP, the Indonesian company responsible for the general contracting of the project, was held in Jakarta.

The ground-breaking ceremony of the Diamond Tower Project was held on December 9, 2019. Construction was still ongoing in February 2020.

Due to the COVID-19 epidemic, work had stalled until August 13, when the project resumed production and started the construction of the first project pile foundation after the pile test. Apartment units are available for pre-sale. The gross floor area of the project is 64,604 square meters and the building height is 198.75 meters.

It is a multi-function building with office space, serviced apartments, and residential apartments, as well as supporting commercial facilities including cafes and convenience stores. ACSET, a contractor in Indonesia, is a project partner.

This project is the first real estate development in Indonesia by China Railway Group Limited (CREC), the parent company of CRIG. It is one of CREC’s practices of overseas investment under the Belt and Road Initiative.

📋 Staff Comments

The Chinese project title is 钻石塔房地产项目, also known as the Diamond Tower Real Estate Project or Terrace Diamond Building.

📚 Sources & References
  • Annual Report 2018
  • Rhb Mvp Classic Development Jakarta Selatan (perub)
  • CREC Diamond Tower Project
  • Diamond Tower
  • 集团公司党委书记、董事长张建喜出席印尼钻石塔项目签约仪式和开工仪式
  • 印度尼西亚钻石塔项目开工
  • 中铁国际集团印尼雅加达钻石塔项目正式签约
  • 印尼钻石塔项目复工复产 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. RHB MVP Classic Development Indonesia

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