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Overview

ICBC Indonesia provides IDR 400 billion loan for Capital Square Expansion Project

Commitments (Constant USD, 2023)$31,257,729
Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 1, 2015
Start (actual)
Sep 2, 2015

Geospatial footprint

Map overview

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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. More detailed locational information can be found at https://www.openstreetmap.org/way/479207097

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 Greenwood Sejahtera Tbk

Implementing agencies

Private Sector

  • PT Greenwood Sejahtera Tbk

Loan desecription

ICBC Indonesia provides IDR 400 billion loan for Capital Square Expansion Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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.