Tuesday, August 12, 2008

Mandiri to Finance Lippo's St Moritz Penthouse and Residence

Lippo Group has opted Mandiri Bank to be the apartment mortgagee for St Moritz Penthouse and Residence in St Moritz Central Business District, West Jakarta. The 100 hectare superblock project cost USD 1.1 billion, while the three apartment tower financed by Mandiri cost USD 102 million.

Director of PT Lippo Kawaraci, Michael Riyadi said that the three tower comprising 500 units will cost USD 102 million for the first phase, and they have been 100% sold out. That’s a significant amount of money. Mandiri Bank is the only bank provides the financing for them.

The nephew of Mochtar Riyadi, the founder of Lippo Group added that St Moritz superblock will be a Global City with facilities; Business center, entertainment, health and education facility are available at one place. The project is projected to be completed in 2012.

The St Moritz complex will consist of 17 skyscrapers aimed for high class people and expatriates. Michael predicted that in 5 – 7 years property value in Jakarta will rapidly rise and competitive to the ones in Hongkong and Singapore.

Agus Martowardjojo, the Chairman of Bank Mandiri revealed that Mandiri has cooperated with 300 developers in more than 400 residential projects. Mandiri has delivered financing of USD 1.112 billion, 23.6% up compared to last year.

Mandiri has revised their credit target growing from 22% to 18% for year 2008.

In the first semester, Mandiri’s credit has grown 28% to be USD 13.67 billion.

Related Post(s):
St Moritz, the Tallest Building in Indonesia

gusriharso wrote this article for indonesianproperty.blogspot.com, a website about property in indonesia

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