ICBC Indonesia contributes IDR 520 billion to IDR 800 billion syndicated loan for Citra Maja Raya Construction Project (Linked to Record ID#70540, #70541)

Project narrative

On June 11, 2015, ICBC Indonesia and PT Bank Mayapada Tbk (MAYA) signed an IDR 800 billion syndicated loan agreement with PT Hanson International Tbk — a private Indonesian company mainly focused on property development in the Greater Jakarta area — for the Citra Maja Raya Construction Project. ICBC contributed 65% of the face value of the loan, equal to IDR 520 billion, and the remaining IDR 280 billion was provided by MAYA. The loan was provided in two tranches: an IDR 300 billion working capital loan (or fixed loan on demand) with a maturity of 2 years, grace period of 1 year, interest rate of 14% per annum, and an up-front fee of 2.5%; and an investment loan worth IDR 500 billion with a maturity of 5 years, grace period of 1 year, interest rate of 14% per annum, and an up-front fee of 2.5%. The purpose of the project is to develop Citra Maja Raya, a real estate project (township development) in the West of Jakarta (in Maja District and Banten Province). Upon completion, the township is expected to house 1.2 million people. Citra Maja Raya is about 1 km from Maja station of Greater Jakarta Commuter Rail. The project officially commenced on November 18, 2017. As of August 2018, 13,000 housing units were being developed, of which 7000 housing units had been handed over to owners. The Citra Maja Raya Project was still being implemented in 2020. As of July 2021, the project had entered its second phase of implementation, with 80% of the land area dedicated to the project still untouched.