ICBC Indonesia reschedules debt for Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower project (2018) (Linked to Record ID#66251 and #86572)

On October 8, 2015, ICBC Indonesia and PT Alam Sutera Realty Tbk — a private Indonesian real estate company — signed an 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 (source: PT Alam Sutera Realty Tbk. dan Entitas Anak/ and its Subsidiaries).

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 project entry captures the rescheduling of the debt, specifically the change in interest rate from 11.5% to 9.5%. The 2016 interest rate change from 12% to 11.5% is captured in Record ID#86572.

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.