Property firm gets US$180m loan

Property firm gets US$180m loan

JAKARTA (JP): PT Grand Paradise (GP), a property company, obtained a loan of US$180 million from a syndication of five foreign banks and a local bank under an agreement signed here yesterday.

The company announced here yesterday that the transferable loan facility was provided by DBS Bank, DKB Merchant Bank (Singapore) Limited, Dresdner (Southeast Asia) Limited, Oversea- Chinese Banking Corporation Ltd and Bank Dagang Nasional Indonesia (BDNI) of Indonesia.

The loan will be used to partially finance the development of BDNI center, a major office complex, consisting of two towers of 62 stories and 45 stories.

The buildings, which will be the tallest in Jakarta, were designed by the world-famous architect, I.M. Pei, along with a team of New York consultants.

The 62-story tower is scheduled to be completed later in 1998 and the 45-story building before the end of 1999.

PT Grand Paradise is 70 percent owned by PT Gajah Tunggal Mulia (a member of Gajah Tunggal Group) and 30 percent owned by Sudirman Prime Investments Pte Ltd, a company which is managed by Investment Corporation Pte Ltd., an entity managed by the Singaporean government.

Gajah Tunggal Group is one of Indonesia's leading diversified business groups and consists of more than 60 companies, employing over 65,000 people in Indonesia and other parts of the Asia Pacific region. (13)