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Overview

ICBC Indonesia provides IDR 400 billion loan for the World Capital Tower Construction Project

Commitments (Constant USD, 2023)$31,811,669
Commitment Year•2017Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 9, 2017
Start (actual)
Oct 10, 2013
End (actual)
Apr 28, 2019
Last repayment (originally scheduled)
Dec 31, 2022

Geospatial footprint

Map overview

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The purpose of the project is to construct a 54-storey office building (skyscraper) in the central business district of Mega Kuningan (locational coordinates: 6.230730°S 106.825680°E) within South Jakarta. More detailed locational information can be found at https://www.openstreetmap.org/way/657098275

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

Joint Venture/Special Purpose Vehicles

  • PT Mega Kuningan Pinnacle

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • PT Mega Kuningan Pinnacle

Collateral providers

Private Sector

  • PT Prosys Bangun Persada
  • PT. Pollux Properti Indonesia, Tbk

Loan desecription

ICBC Indonesia provides IDR 400 billion loan for the World Capital Tower Construction Project

Grant element•0%Interest rate (t₀)•12%Interest type•Fixed Interest RateMaturity•6 years

Collateral

This loan was collateralized with a plot of land and the World Capital Tower Building, fiduciary collateral for subsidiaries receivables with a guaranteed value of IDR 94,632,277,019, and a Notarial Corporate Guarantee from Limited Liability Companies, 60% of the credit facility ceiling from PT. Pollux Properti Indonesia, Tbk and 40% from PT Prosys Bangun Persada.

Narrative

Full Description

Project narrative

On February 9, 2017, ICBC Indonesia and PT Mega Kuningan Pinnacle — a special purpose vehicle and subsidiary of PT. Mega Kuningan Pinnacle, which is itself a subsidiary of PT. Pollux Properti Indonesia, Tbk — signed a IDR 400 billion loan agreement for the World Capital Tower Construction Project. The Fixed Loans on Installment (PTI) facility has a maturity of 6 years and a 12% floating interest rate, subject to change by the bank. The credit facility could be withdrawn by the borrower simultaneously or gradually during the period of availability of funds, i.e, 12 months from the signing of the credit agreement. The collateral for the bank loan includes a plot of land and the World Capital Tower Building, fiduciary collateral for subsidiaries receivables with a guaranteed value of IDR 94,632,277,019, and a Notarial Corporate Guarantee from Limited Liability Companies, 60% of the credit facility ceiling from PT. Pollux Properti Indonesia, Tbk and 40% from PT Prosys Bangun Persada. The purpose of the project was to construct a 54-storey office building (skyscraper) in the central business district of Mega Kuningan (locational coordinates: 6.230730°S 106.825680°E) within South Jakarta. The tower, which is 244.3 meter-tall, is now one of the tallest office buildings in Jakarta. It has a total floor area of 70,000 square meters with retail & entertainment space. The World Capital Tower building has 5 basement floors and is equipped with an Annex Building, a retail area of 3000m2 which is a supporting facility building consisting of 3 floors connected to the main tower planned as the center of food & beverage, banks, and lifestyle products. World Capital Tower is marketed with a composition of 30% strata and 70% leasing and is divided into 4 zones. Low Zone consists of 18 floors, all of which have been sold, while the Mid Low Zone, Mid High Zone and High Zone will be focused on leasing. A formal groundbreaking ceremony took place on October 10, 2013. The tower was officially inaugurated on April 28, 2019.

Staff comments

Mega Kuningan is a business district with an integrated mixed use development concept, located at Setiabudi sub-district of Jakarta.