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Overview

ICBC Indonesia provides IDR 790 billion loan for Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower (Linked to Record ID#86560 and #86572)

Commitments (Constant USD, 2023)$61,734,015
Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 8, 2015
Start (actual)
May 1, 2013
End (actual)
Dec 31, 2018
First repayment (originally scheduled)
Oct 7, 2016
Last repayment (originally scheduled)
Oct 6, 2020

Geospatial footprint

Map overview

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The purpose of this project was to construct the construction of Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower. Kota Ayodhya is an apartment building located in Cikokol, Tangerang (6.2 km from Alam Sutera and 2.5 km from Serpong toll). Paddington Heights is a high-end apartment located between Bina Nusantara University and Silkwood Residences. The Prominence Office Tower is a 30-floor high office building in Tangerang. More detailed locational information can be found at https://www.openstreetmap.org/way/552930472 and https://www.openstreetmap.org/way/563686578 and https://www.openstreetmap.org/way/852685146

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • PT Bank ICBC Indonesia

Receiving agencies

Private Sector

  • PT Alam Sutera Realty Tbk

Implementing agencies

Private Sector

  • PT Alam Sutera Realty Tbk

Loan description

ICBC Indonesia provides IDR 790 billion loan for Kota Ayodhya, Paddington Heights Apartment, and Prominence Office Tower

Grace period•1 yearsGrant element•0%Interest rate (t₀)•12%Interest type•Fixed Interest RateMaturity•5 years

Collateral

The collateral for the bank loan includes the mortgage right of a land area of 49,856 square meters in the Kec. Cikokol, Tangerang.

Narrative

Full Description

Project narrative

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 loan carried a maturity of 5 years, a grace period of 12 months, and interest rate of 12% per annum (floating). 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).