PT Ciputra Residence (IFC-33018)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 19, 2013
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PT CIPUTRA RESIDENCE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.19 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 33.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Corporate Actor Documents
Media Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 7, 2020

Disclosed by Bank Apr 1, 2014

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Ten small-scale residential and commercial building developments of less than 150 hectares each in Java, Sumatra, and Kalimantan are expected to be supported through the PCG (the three integrated township projects and ten small-scale projects, together with the “Project”). Ciputra Residence uses local small to medium-size construction contractors, building up to 1,200 houses and shophouses per year.
The Company has two ongoing projects at advanced stages of development located in Jakarta (CitraGarden City) and Tangerang (CitraRaya). The PCG will support the development of a limited number of small scale residential and commercial properties within these developments.

CitraGrand City Palembang: located close to Sultan Mahmud Badaruddin II International Airport, the development is planned to provide residential accommodation for up to 5,000 families on a land area of up to 156 hectares. Construction commenced in 2007 with approximately ten percent of the area having been developed, providing houses to approximately 250 families. 

CitraRaya City Jambi: a joint operation development of a self-contained area with residential areas, infrastructure, a retail commercial district, and recreational areas, located 12 km from the city center of Jambi and 18 km from the Sultan Thaha Airport. It is envisaged that the development will occur over a 30-year period covering a total area of 600 hectares and provide accommodation for up to 15,500 households. Initial construction commenced in late 2012. 

CitraGrand City Pekanbaru: located 10 km north of Pekanbaru's city center, central Sumatra, covering an area of 403 hectares. The Company estimates approximately 100-150 houses to be built per year for a total of up to 1,050 homes in 7 years.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

CR targets to raise up to IDR500bn (US$ 33 million) in a bond issuance and IFC proposes to provide credit enhancement through a partial credit guarantee with an expected amount of up to IDR100bn (US$ 6.6 million).

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

PT Ciputra Development Tbk is one of the largest property developers in Indonesia and is a publicly listed company on the Indonesia Stock Exchange. The company was incorporated in 1981 as a family owned business and was listed in 1994. The current shareholding structure is 61% held by the public and 39% held by Dr. Ir. Ciputra and family.

PT Ciputra Residence is headquartered in Greater Jakarta and has property development projects in Java and Sumatra. The proceeds from the bond issuance are expected to finance new and existing projects in Java, Kalimantan and Sumatra.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PT Ciputra Development Tbk Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

1/The Project Contact

Mr. Agussurja Widjaja, Director
PT Ciputra Residence
Jl. CitraRaya Boulevard Desa Cikupa
Kec. Cikupa, Kab. Tangerang 15710
Jakarta 12940, Indonesia

2/ The IFC Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E-Mail: Webmaster

3/ The Project Documentation

Mr. Agussurja Widjaja, Director
PT Ciputra Residence
Jl. CitraRaya Boulevard Desa Cikupa
Kec. Cikupa, Kab. Tangerang 15710
Indonesia

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works