CitraLand gets $40m loan

CitraLand gets $40m loan

PT CitraLand Liang Court, one of the Ciputra Group's
subsidiaries, has gotten a syndicated loan of US$40 million from
10 foreign and domestic private banks.

A memorandum of agreement for the loan was signed yesterday by
representatives of CitraLand Liang Court and the 10 banks.

Candra Ciputra, president of PT CitraLand Liang Court, said
the loan will be used to finance the development of the CitraLand
Regency apartments on Jl. Dr. Satrio, Central Jakarta.

He said that the project, whose construction started last May,
will consist of two apartment towers: The first with 163 units
for rent and the second with 142 units for sale.

The lead manager of the consortium is the Overseas Union Bank
Limited Singapore, which provides $10.5 million and the co-lead
manager is DBS Bank Singapore with $6 million, he said in a
statement made available to The Jakarta Post.

The apartment projects, 51 percent owned by Ciputra
Development and 49 percent by Liang Court Holdings of Singapore,
are part of a 13.5-hectare superblock named CitraLand Golden
Triangle, consisting of office towers, hotels, shopping centers
and recreational spots. (hhr)