Gading Development in Search of Rp455b Bank Loans
Bareksa • 03 Jul 2014
Newly built government housing estates are seen as part of the Kai Tak Development at the former Kai Tak International Airport area in Hong Kong. (REUTERS/Bobby Yip)
Financing will be done gradually over the course of two years.
Bareksa.com - Gading Development, a property developer, is seeking a Rp 455 billion ($38.3 million) loan to finance the construction of an apartment tower in Ciputat, Tangerang. The project is estimated to cost Rp 650 billion, or roughly 70 percent of the loan.
In Jakarta Globe, Cahyo Satrio Prakoso, a director at Gading Development, said the company has recently secured Rp 30 billion in funds, which will also be used towards the apartment project.