Unit of public listed property developer PT Ciputra Development Tkb (IDX: CTRA), PT Ciputra Residence, secured senior loans from International Finance Corporation worth US$30 million to finance the residential and commercial property development projects in Java, Batam, Sulawesi, Sumatra, and Kalimantan province. The projects is estimating need investment US$441 million. The remaining funding will come from the Company’s internally generated cash and other banks. At present, Ciputra Group ant its unit have over 45 residential and commercial projects in 25 cities spread across the country. Another unit of CTRA, public listed PT Ciputra Property (IDX: CTRP) also plans to raises fund Rp5 trillion (US$358.06 million) from real estate investment trusts, known as REITs.
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