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View all search resultsDeveloper seeks loan to construct Arandra Residence
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Gama Tower, built by Gamaland, in Jakarta (Courtesy of/istania.net)
G
amaland, a property developer, is seeking a bank loan to construct Arandra Residence, a five-tower premium apartment project in Cempaka Putih, Central Jakarta. The project is valued at Rp 3.1 trillion (US$232.5 million).
The loan will be partly used to finance the first stage of construction of three out of five towers, Gamaland marketing director Djunadi Satrio said.
“We have received Rp 700 billion in financing commitments from state lender Bank Mandiri to construct the first tower,” he told reporters at a press briefing in Jakarta on Tuesday.
Construction began in September last year and is scheduled to be completed in 2019. The company has appointed six marketing agents to sell 300 apartments in the first tower.
Gamaland, controlled by Martua Sitorus, one of the richest people in Indonesia, has property portfolios in Jakarta, Bandung, Bekasi, Cilegon, Medan, Kubu Raya, Bali and Pekanbaru. (ecn/bbn)
