Dharmala Intiland gets Rp 60b loan

JAKARTA (JP): Property developer PT Dharmala Intiland, through its subsidiary PT Taman Harapan Indah, secured a Rp 60 billion (US$25.21 million) syndicated loan yesterday from eight domestic banks.

Bank Media and Bank Pikko lead the syndicate, which included Bank Rajawali, Bank Namura Internusa, PT Elbatama Finance, Bank Dipo International, Bank Kredit Asia and Bank Prima Express.

Bank Media's marketing and credit director, Sintiawan Sinowato, said the loan would mature in five years and had a 21 percent annual interest rate.

He said that, despite a sluggish property market this year, PT Dharmala Intiland, which has been over 10 years in the property business, would use the loan efficiently to develop its Pantai Mutiara project.

Dharmala Intiland president Hendro S. Gondokusumo said the loan would finance reclamation works for Pantai Mutiara, North Jakarta, which is being developed by PT Taman Harapan Indah.

He said Taman Harapan Indah needed about Rp 320 billion for the project which would be raised from company equity and loans.

Taman Harapan Indah secured a Rp 37 billion loan last December from a syndicate of 13 banks led by BBL Dharmala.

"Loans obtained in December make up part of the funds that will be used to finance the project," Hendro Gondokusumo said.

Taman's general manager for finance, Teguh Prianto, said the company would seek more loans in the next two years: "We will still have to seek loans from domestic banks."

Hendro said the units at Pantai Mutiara would be sold mostly to wealthy residents in Pluit, North Jakarta.

"We are targeting entrepreneurs and upper-class consumers," he said. (09)