NISP Modernland to team up with China Harbour in Rp200.0bn property project (MDLN, Rp280)

Modernland Realty (MDLN) will team up with China Harbour Engineering (CHEC) to develop its Rp200.0bn Green Central superblock project in West Jakarta. The superblock itself will consist of 2 apartment towers, a commercial area and 2 hotel towers. Moreover, the company plans to spend Rp600.0bn to develop its land bank in Tangerang.

For this year, the company plans to spend Rp125.0bn of capex at maximum to develop its property projects. The company is currently in negotiation process to obtain Rp37.5bn loan from a bank consortium to finance the capex budget.