Kembang Griya Cahaya gets loan

JAKARTA (JP): PT Kembang Griya Cahaya, a developer affiliated to the Metropolitan Group, has secured a syndicated loan of Rp 50 billion (US$21.64 million) from several local banks to build a 100-hectare housing complex in Cileungsi, south of the capital.

"This is the first stage of our plan to build a 600-hectare property project in that area, which will need an investment of approximately Rp 900 billion," Nanda Widya, a director of Kembang Griya Cahaya, told the press after the signing ceremony of the syndicated loan.

Saying that the housing development is his company's first property project, he noted that the development of the 600- hectare settlement area will be made in three stages over 20 years.

The syndicated loan, which is arranged by Bank Jaya, a subsidiary of Ciputra-controlled PT Pembangunan Jaya, is provided by Bank Universal, Bank Tabungan Negara, Bank Papan Sejahtera, Bank Rama, Multicor, IFI, Supreme and Bank Umum Nasional.

According to Nanda, the Rp 50 billion loan with a market interest rate will have a grace period of 24 months.

He said that for the last two stages, his company will look for other syndicated loans.

"For the first stage, we will build 3,000 medium-sized and small-sized houses for which there is still a stable demand in the country," said Nanda. (13)