JAKARTA (TheInsiderStories) – The state-owned railway firm, PT Kereta Api Indonesia (KAI) received a syndicated loan worth of Rp4.2 trillion (US$287.67 million) from banks, said the company last week. Part of the funds will uses to build 18 Greater Jakarta Light Rail Transit (LRT) stations and will be completed by the end of 2021.
These banks are PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), and PT Bank Central Asia Tbk (IDX: BBCA), PT Bank CIMB Niaga Tbk (BNGA), PT Sarana Multi Infrastruktur, PT Bank DKI, PT MUFG Bank, PT Bank KEB Hana Indonesia, PT Shinhan Bank Indonesia, PT Bank Sumut, PT Bank Mega Tbk (IDX: MEGA), PT Bank Permata Tbk (IDX: BNLI), PT Bank BJB Tbk (IDX: BJBR), and PT Bank Papua.
The plan is, the PT LRT Jakarta to operate 560 trips per day on weekdays with an average headway of three to six minutes. Each LRT consists of six trains that can be operated without a driver. The train operator is known to bear 60 percent of the funding requirements for the whole LRT development, which amounts to Rp22.8 trillion.
While the remaining 30 percent is borne by publicly listed state-owned builder, PT Adhi Karya Tbk (IDX: ADHI), and 10 percent is funded by the government. The government initially target the projects will be fully operational in July 2021, but Adhi Karya’ Managing Director Budi Harto said the completion will be delayed by December 2021 caused the land acquisition is still a constraint for the project.
Currently, there were still 49 plots of land that had not yet been acquired for the depot in East Bekasi. The company, he said, targets the LRT development to start operating at the end of 2021 and the first LRT train has been placed at Harjamukti Station in Cibubur, East Jakarta
The Greater Jakarta LRT will connecting Cawang – Cibubur in East Jakarta to East Bekasi in West Java. The first phase is 43.3 kilometers long has been built since Sept. 1, 2015. KAI has tested the locomotives and carriages made by PT Industri Kereta Api. If the train ready to operate, then the trials will be conducted in June 2021, said Harto.
In addition to the LRT projects, currently, Adhi Karya is conducting a study to create a loop line (elevated railway) around the Jakarta region to reduce the congestion between the road and the train door. The elevated railway is planned to be built 20 kilometers with an estimated investment Rp15 trillion.
“We have obtained permission from the Governor of Jakarta and PT Jaya Construction (Jakon) to study the project,” said the CEO.
Another project that will be developed is a transit-oriented development (TOD). This year, Adhi Karya plans to build 18 TOD along the LRT lines. The project is planned to be carried out by its subsidiary PT Adhi Commuter Property (ACP). The unit has been injected with an initial capital Rp2 trillion.
These investments will be funded from various sources such as the establishment of equity funds, bond issuance at the end of this year, list it subsidiaries shares and a capital injection from the government. ACP planned to go IPO in the first quarter of this year.
The Great Jakarta LRT is projected to be able to serve 116,000 users per day at the beginning of its operation, and is expected to increase to 474,000 users per day by 2071.
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