Kembang Griya Cahaya gets loan

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)