Farpoint Indo (IFC-43799)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
The Project is located across four sites in Greater Jakarta and Java area.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
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
Mar 15, 2021
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 FARPOINT REALTY INDONESIA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 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.
Loan Amount (USD)
$ 50.00 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.
Project Cost (USD)
$ 364.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 5, 2021

Disclosed by Bank Feb 5, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the bank document, "the proposed investment is a loan for Indonesian Rupiah equivalent of up to US$50 million to Farpoint to support the development of affordable housing projects (a total of around 7,000-8,000 landed houses).

Proceeds of the IFC loan will be used by Farpoint’s subsidiary, Investasi Semesta Indonesia to develop four affordable housing projects viz.: Samanea Hill project (25ha) currently under development and three potential future developments in Parung Panjang (12ha), Batu Malang (20ha), and Cikeas (40ha) or other suitable land sites (the “project”). 

These housing units are expected to be located in the Greater Jakarta and Java area".

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

The total cost of the Project is estimated not to exceed approximately US$364 million and will be funded by a senior loan of up to US$50 million from IFC’s own account.

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.

Established in 1953, PT Gunung Sewu Kencana (GSK) is an Indonesian diversified business conglomerate and operations in the food, insurance, property, manufacturing and other emerging businesses. 

PT Farpoint Realty Indonesia (FRI) is the property arm of GSK, established in 2006 to focus on development and management of residential, commercial, hospitality and retail properties in Jakarta and across Indonesia.  The IFC loan will be used by FRI and its subsidiary PT Investasi Semesta Indonesia (ISI) which develops FRI’s affordable housing sub-projects. 

Both FRI (Borrower 1) and ISI (Borrower 2) are 100% owned by GSK (Sponsor)

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PT Farpoint Realty Indonesia (FRI) Client -
- - - - PT Gunung Sewu Kencana Parent Company -
- - - - PT Investasi Semesta Indonesia (ISI) Subsidiary -

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/ Project Contact

PT Farpoint Realty Indonesia
Heru Sucahyc
Director, Investment
+62 816 1144 738
heru.sucahyo@farpoint.co.id
Sequis Tower Level 37Jl. Jendral Sudirman Kav. 71 SCBD Lot 11B
http://farpoint.co.id/

2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

PT Farpoint Realty Indonesia, Sequis Tower Level 37, Jl. Jendral Sudiman Kav. 71 SCBD Lot 11B

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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