Ciputra Secures $14m Mandiri Loan for Development Projects
Jakarta. Property developer Ciputra Development has secured Rp 200 billion ($14 million) worth of loans from state-owned Bank Mandiri, the country's largest lender, to support expansion after it scrapped its plan to raise funds by listing on the Jakarta bourse.
Ciputra Development intends to use the loan to acquire 100 hectares of land and launch 10 new projects by the end of this year, Tulus Santoso, a director at Ciputra Development, said on Wednesday.
"The [development] projects are [located in] Malang [East Java], Samarinda [East Kalimantan], Bali, Surabaya and Jakarta. They are all residential," Tulus said.
Ciputra Development expects sales of property units from its unfinished development projects to reach Rp 9.48 trillion this year. To date, the company has booked Rp 5.3 trillion resulting from marketing sales in the January-June period this year.
The company cancelled its plan last month, citing poor prospects of raising capital.
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