Singapore partners split on Ciputra mall<\/p>\n
SINGAPORE (Reuters): Singapore partners in a US$488 million
\nshopping and hotel development with Indonesia's PT Ciputra
\nDevelopment are split over carrying on with the project.<\/p>\n
\"We have pulled out already,\" a spokeswoman for Singapore's
\ninsurance company NTUC Income told Reuters.<\/p>\n
But Natsteel will stay involved in the Jakarta development,
\nsaid company spokesman Lim Beng See.<\/p>\n
He said the project had been halted but there were no plans to
\npull out.<\/p>\n
\"We will continue participation in the project,\" he said.<\/p>\n
The Indonesian property developer said on Thursday it was not
\nable to pay $250 million in debt due to the rupiah's fall by some
\n75 percent against the dollar since July.<\/p>\n
\"If the depreciation had been just 10 percent, our project
\nwould have been feasible, but in fact the depreciation was
\nhundreds of percent, so we are not able to pay the debt,\" Ciputra
\nPresident Director Harun Hajadi was quoted by Bisnis Indonesia as
\nsaying.<\/p>\n
Natsteel, through its Natsteel Properties unit, holds a 10
\npercent stake, while NTUC Income also holds 10 percent.<\/p>\n
The third Singapore partner, government-owned Pidemco, which
\nhas a 5 percent stake, said it had yet to decide on its
\nparticipation.<\/p>\n
\"Our exposure for this project has been minimal,\" a company
\nspokeswoman said.<\/p>\n
PT Ciputra holds a 55 percent share in the venture.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/singapore-partners-split-on-ciputra-mall-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }