Intiland Looks to Loans to Fund Reclamation Project
Jakarta. Intiland Development, a listed property company, is seeking Rp 2.8 trillion ($209 million) from bank loans and joint ventures to support its reclamation project off the north coast of Jakarta, says corporate secretary Theresia Rustandi.
Intiland has set aside Rp 1.9 trillion in cash and from marketing sales of the reclamation, which will cover 63 hectares off the coast. The company plans to build an integrated complex on the reclaimed land, Theresia said.
Initial projections of the project value was Rp 7.5 trillion but the company has changed its development plan, which will increase the value, Theresia said, although she did not give a figure.
Intiland said it would need three years to carry out the reclamation project before construction of any buildings could commence.
"The company will start selling landed house on the reclaimed island, which can be completed sooner than high-rise buildings," said Archied Noto Pradono, the director of capital and investment management at Intiland.
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