ICBC provides IDR 400 billion loan for Capital Square Expansion Project
Commitment amount
$ 33530720.84313814
Adjusted commitment amount
$ 33530720.84
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
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 borrowing terms of the loan are unknown. 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.
Number of official sources
2
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
PT Greenwood Sejahtera Tbk [Private Sector]
Implementing agencies [Type]
PT Greenwood Sejahtera Tbk [Private Sector]