Putra Alvita gets Rp 265b loan

JAKARTA (JP): PT Putra Alvita Pratama, the developer of Legend City in Bekasi, West Java, secured a Rp 265 billion (US$111 million) syndicated loan yesterday from nine banks and a financial institution.

Putra Alvita president M.S. Hidayat said the five-year loan would be used to repay the company's debts and finance the township project.

"The loan will be used to build more houses and infrastructure like an interchange from the highway to the Legend City complex, roads, irrigation and telecommunication facilities," Hidayat told The Jakarta Post after the loan was signed.

The nine banks are state-owned Bank Tabungan Negara (BTN), Bank International Indonesia (BII), Bank Panin, Bank PDFCI, Bank Putera Multikarsa, Bank Dipo International, Bank Uppindo, Bank Angkasa and Bank Ratu. The financial institution is PT Bahana Pembinaan Usaha Indonesia.

The syndicated loan was signed by Hidayat and Putra Alvita chief commissioner and former state minister of housing affairs, Cosmas Batubara, at a ceremony which was attended by State Minister for Housing Affairs Akbar Tanjung.

Hidayat said the Rp 265 billion loan was arranged by BTN, BII and Bahana.

About 4,500 large houses, 13,500 medium houses and 27,000 small houses are planned for the 2,000-hectare Legend City site in East Bekasi, West Java.

"Legend City is a long-term project which should take more than 20 years and much funding to complete," Hidayat said.

"Of the Rp 265 billion loan, Rp 145 billion was from BTN, Rp 30 billion was from BII, Rp 20 billion each was from Bahana, Panin and PDFCI, and Rp 5 billion each was from the other five banks," Putra Alvita chief finance officer Antonius Karamoy told The Post.

Hidayat said his company was making between Rp 12 billion and Rp 14 billion a month in sales. "We plan to increase monthly sales to Rp 20 billion," he said.

Putra Alvita has sold 3,700 houses: 500 very small houses, 2,200 small houses and 1,000 medium houses. (04)