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Property developer Repower partners with three local banks to provide mortgage loans
Bank Panin Dubai Syariah, Bank Syariah Mandiri and Bank Pembangunan Daerah Kalimantan Selatan have agreed to provide mortgage loans for Repower’s upscale housing complex in Depok, West Java
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Children play on a stairway at the Pasar Rumput low-cost apartments in South Jakarta on Oct. 20, 2019. (JP/Syelanita)
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ublicly listed property developer PT Repower Asia Indonesia has reached an agreement with three local banks to provide mortgage loans for the purchases of the company’s upscale housing complex in Depok, West Java.
The three banks, Bank Panin Dubai Syariah, Bank Syariah Mandiri and Bank Pembangunan Daerah Kalimantan Selatan, signed the agreement with the property company in Jakarta on Monday.
Under the agreement, the banks agreed to provide mortgage loans for the purchase of 73 units of Repower’s Botanical Puri Asri housing complex, with the price range at Rp 1.3 billion to Rp 2.8 billion.
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It is the second such partnership established by Repower with local banks. In December 2019, the property company signed a similar cooperation agreement with four other banks, Bank Mandiri, Bank BNI Syariah, Bank Tabungan Negara and Bank Panin, Repower president director Aulia Firdaus said following the signing.
“We are optimistic about the cooperation with the three banks. We will be able to achieve our sales target of Rp 72.92 billion,” the company’s marketing director, Andy Kusuma Natanael, said at the same event.
Despite the sluggish conditions of the property market, Andy expressed optimism that this year’s sales target could be achieved as sales had continued to increase since last year, in line with a decline in interest rates.
The company’s total sales rose 176.9 percent to Rp 21.6 billion in 2019 from Rp 7.8 billion in 2018.
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“We are hoping that, in 2020, with the lower interest rate, the demand for new houses will increase,” Andy said, pointing to a more favorable monetary policy as a reason for his optimism.
BI cut its benchmark interest rate by 25 basis points from 5 percent to 4.75 percent last month in an effort to boost economic growth. The policy was welcomed by Repower’s bank partners. The interest rate cut is expected to further reduce mortgage rates, which range between 7 and 10 percent. (ydp)
