ICBC Indonesia provides $26.3 million loan for the Diamond Tower Project

Project narrative

In 2018, PT Bank ICBC Indonesia provided a US$26.3 million loan for the PT RHB MVP Classic Development Project, namely the Diamond Tower Building, a property development project owned by China Railway International Group (CRIG). The borrowing terms of the loan are unknown. The total project cost is US$68 million and it is located in the CBD Mega Kuningan business district in Jakarta. On July 10, 2017, a signing ceremony of the official equity transfer agreement for the Jakarta Diamond Tower Project in Indonesia, which was invested by China Railway International Hong Kong Co., Ltd. and RHB MVP, the Indonesian company responsible for the general contracting of the project, was held in Jakarta. The ground-breaking ceremony of the Diamond Tower Project was held on December 9, 2019. Construction was still ongoing in February 2020. Due to the COVID-19 epidemic, work had stalled until August 13, when the project resumed production and started the construction of the first project pile foundation after the pile test. Apartment units are available for pre-sale. The gross floor area of the project is 64,604 square meters and the building height is 198.75 meters. It is a multi-function building with office space, serviced apartments, and residential apartments, as well as supporting commercial facilities including cafes and convenience stores. ACSET, a contractor in Indonesia, is a project partner. This project is the first real estate development in Indonesia by China Railway Group Limited (CREC), the parent company of CRIG. It is one of CREC’s practices of overseas investment under the Belt and Road Initiative.